At present, blockchain is becoming the frontier of global technology development. The application of blockchain technology covers digital finance, the Internet of Things, intelligent manufacturing, supply chain management, digital asset trading and other fields. Major countries around the world are accelerating the development of blockchain technology. Domatters takes you to understand what do you need to do to do a blockchain project in China and the problems you face in the face of the fierce development of the blockchain?

First, Domatters takes you to understand what a blockchain is.

Blockchain is an innovative application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms in the Internet era. Blockchain technology is considered to be a disruptive innovation in computing models after mainframes, personal computers, and the Internet.

After the United Nations, the International Monetary Fund,the United Kingdom, Germany and other countries had upgraded blockchain as a national development strategy, the importance of blockchain technology in China has also risen to an unprecedented level. In recent years, blockchain technology and its application have attracted extensive attention in many industries in China, with different forms of alliances successively established in cities such as Beijing, Shanghai and shenzhen.The application and development practice of blockchain has been gradually carried out in the field represented by fintech, and meanwhile, a heated discussion has been triggered by the media.Blockchain technology is likely to lead to a new technological innovation and industrial transformation on a global scale.

The most widely used development of blockchain is digital currency.

How to define digital currency?

“Cryptocurrency is digital currency.” We can say this in general. This currency is decentralized, and there is no bank government involvement, and direct peer-to-peer transactions.

Such as the well-known BTC, fire COINS, ETH and so on.Before bitcoin, humans could never fully control the direction of “interests”;After the emergence of bitcoin, people can finally program the transfer of “interests”, which will bring infinite possibilities to the future of mankind.Decentralized, distributed existence and the basic form of human society are the premise of individual exchange.The reason why blockchain is proposed is not because the technology is so advanced, but because the existing technology is too backward.Everything that goes against humanity will be overturned.

No one wants to be restricted. Leave your destiny to the hands of a third party and let him at your mercy, you will not be happy. Therefore, server-centric applications will gradually come to an end, which is only a matter of time.

In China, nothing is developing faster than mining technology.

Why is Chinese mining boom so rapid?First, there are several factors.Energy sources in China, such as hydropower in the southwest, are mostly cheap, and Chinese large population could speed up the process.The butterfly effect that follows when an area makes money will accelerate the development of blockchain.Prices in Chinese mid – and low-end hardware industries are pushing each other down, making costs relatively low.

The development of blockchain in China is closely related to the development of the new generation of information technologies, such as cloud computing, big data,the Internet of things, next generation networks, artificial intelligence and encryption technology.In the future, you can make a difference in China and lead the trend of the times by investing in these fields or working in them.

What are the difficulties in building a blockchain in China?

Ren Kai, executive director of China Blockchain Application Research Center, said that blockchain is divided into two layers: the first layer is the underlying public chain layer, and the second layer is the application layer. When many people discuss applications, they forget the public chain layer. Bitcoin can be trusted and immutable through a set of algorithms and digital technologies. When we explore other blockchains, we encounter great difficulties in structuring the underlying public chain layer.

• Digital identity with trusted blockchain construction

As blockchain technology continues to mature, today’s blockchain is not just point-to-point storage accounting so simple, but also can store procedures, can store logic.We could call it a smart contract.

People are the main body behind the network. In order to apply blockchain technology more securely, today the standard for trusted blockchains has become one of the largest blockchain standards in China. A very important point of a trusted blockchain is that the underlying identity must be trusted. First,the people are true, then the correspondence between people and data is true. In the third step, we can guarantee that its data is true.

Deng Di, director of the Blockchain Special Committee of the All-China Federation of Industry and Commerce Mergers and Acquisitions Association and chairman of Taiyi Cloud Technology Co., Ltd., who has been committed to the research of trusted blockchains, places digital identity applications in a very important position. He said that digital identity can ensure that the underlying identity of the blockchain is trustworthy and protect personal privacy. It is a basic chain that can serve Chinese society.

Starting from digital identities, blockchain application scenarios include account login, confirmation of personal data, privacy protection, personal certificates, personal points, private domain space and national digital currency. At present, under the guidance and support of the government and expert team, China is accelerating the construction of three major platforms for the digital identity economy-contract registration platform, data confirmation platform, and points exchange platform. Moreover, China is actively promoting marketization to realize the healthy and orderly development of the digital identity economy industry.

What else can blockchain do without cryptocurrency in China?

The Beijing Financial Bureau proposed a currencyless blockchain. Isn’t it impossible to have no currency?

Not necessarily. A large number of young people with good minds in China have created a lot of non-currency blockchain applications.

For example, Guo Yuhang, the director of Psychology in Chinese Blockchain Research, introduced his practice in the field of justice, how to bring evidence to the chain, and how to reduce the cost of litigation in the judicial system. He said that the current evidence certification uses a large number of third-party inspection centers, which is time-consuming and labor-intensive. Especially in the process of small economic litigation, a dispute of only 500 yuan requires three judges to spend half a day in court to operate, which is a huge waste of social resources. By using smart contracts on the blockchain, it can automatically execute disputes between small amounts of economic behavior, which can reduce the cost of the entire society.

There are a lot of blockchain companies in China now providing various technical services. However, Domatters found that a currencyless blockchain requires a public infrastructure to maximize its value. Otherwise, it is just an instrumental application that cannot be turned into a disruptive application. To become a disruptive application of the blockchain, first of all, a public channel for data exchange is required. We hope that the digital identity chain can become such a channel. Now, all kinds of big data, such as government public data, corporate credit data, personal credit data, and Internet of Things data, can apply digital identity as a platform for data exchange.

Some other application scenarios of the blockchain, such as its natural fit-finance. But this requires a credit system to endorse. This integrity includes personal integrity and the integrity system of SMEs. Because of the immutable nature of the blockchain, it is very meaningful to apply it to public management to allow data to run more and consumers to run less.

The application of blockchain in industrial manufacturing is expected. For example, smart manufacturing and flexible manufacturing. In fact, blockchain technology can enable everyone to trust data and work together in different units. This is one aspect.

In terms of social governance, in fact, from the point of view of blockchain technology, many people discuss 2B and 2C. Domatters thinks it may also be 2G (government). Working. ”

The future of the blockchain makes people look forward to and makes people imaginative. The application of blockchain actually requires extraordinary imagination. It is a future world. For example, it will lead to changes in the company or social organization, and it is more convenient for everyone to go in and out; distribution can be achieved more reasonably through the use of blockchain technology, or there may be a larger-scale collaborative implementation of human beings.