What is the concept of blockchain? What is blockchain really? Three minutes to understand!

　　On October 25, 2019, Xinwen Lianbo conveyed a very important signal: the country will vigorously develop blockchain. After that, blockchain became a social media sensation, with the word ‘blockchain’ floating in the streets and alleys. In fact, many technology companies have already laid out in blockchain technology.

　　Although blockchain is very popular, many people are not very familiar with it.

　　What is blockchain?

　　Let’s first see how Duanna explains it. According to Baidu Encyclopedia, blockchain is a new application model of computer technology, including distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, and so on.

　　Why is blockchain called blockchain?

　　Blockchain is composed of individual blocks linked together, and a block is a storage unit, recording the communication information of each block node. Blocks are similar to database records, and each time data is written, a new block is created. As information exchange expands, blocks are linked together to form what is known as a blockchain.

　　What are the characteristics of blockchain?

　　Blockchain mainly has the following characteristics:

　　1. Decentralization: In the blockchain system, each node has equal rights and obligations, and there is no central control. Decentralization has established a good trust connection between people, even though there is no central management organization, people can collaborate and trust each other. This mainly applies the distributed ledger technology of blockchain.

　　2. Openness: Blockchain data is open to everyone, except for some encrypted information that is not open. Everyone can find data here.

　　3. Independence: The entire blockchain system does not rely on any third party. All nodes can automatically and securely verify and exchange data within the system without any human intervention.

　　4. Security: Blockchain has certain security and non-tamperability. Because everyone in the blockchain system has the same account book, if someone wants to tamper with it, they must control more than 51% of the accounting nodes to possibly fabricate a non-existent record. Of course, this is basically impossible. This is mainly due to the core technology of blockchain: consensus mechanism, which has the characteristics of ‘majority rules’ and ‘equality among all participants’.

　　5. Anonymity: Many people think that since blockchain is so open and transparent, do we have no privacy? In fact, it’s not. Although transaction information in the blockchain is public and transparent, the account identity information is encrypted. Only authorized individuals can access it.

　　Now I will tell you a story to help you better understand blockchain.

　　There are three people in the family: the father, mother, and elder brother and younger brother. Last year, the father was responsible for the family’s account book, and he was the only one responsible for all the income and expenditure at home.

　　However, on Singles’ Day, the thrifty mother wanted to buy a beautiful dress for herself on Taobao. After checking the account book, she found something wrong. It should be said that, except for the money deposited in the bank and some investment, the source of the daily consumption money at home should be recorded in this account book. But however she looked at it, it didn’t seem right. Some consumption that was not even recorded was listed in the account.

　　Later, the father confessed voluntarily, saying that he couldn’t resist buying a pack of cigarettes.

　　Later, the mother changed the strategy, and everyone in the family kept accounts. Each month, everyone recorded their consumption and expenditure in their own account books. Whenever a transaction or consumption occurred at home, the mother would shout, ‘Accounting time!’ and everyone would record the transaction in their own account book. This is the decentralized accounting mode, where everyone is the center, and everyone has an account book in their hands.

　　The previous father’s accounting mode was centralized accounting. If the father wanted to do something dishonest alone, it was difficult for anyone to notice. Decentralized accounting mode has effectively solved the disadvantages of centralized accounting, making it very difficult for the father to tamper with the account book.

　　For example, if Dad wants to take some money from the ledger to secretly buy cigarettes, the amount of money is limited, and to take money, he has to change the ledger. But it is not enough to change his own ledger; he has to change the ledger of three people including himself. And that is undoubtedly more difficult than climbing to heaven.

　　So, after many times, Dad had the idea of smoking, but unfortunately the situation was so, had to give up this idea.

　　Is blockchain and Bitcoin the same thing?

　　In fact, blockchain and Bitcoin are not the same thing. It is just the underlying technology of Bitcoin, and Bitcoin is just the first application of lottery and How to find it.

　　In 2008, Satoshi Nakamoto first proposed the concept of blockchain, and in the following years, it became an integral part of the electronic currency Bitcoin, serving as the public ledger for all transactions. And blockchain was first applied to Bitcoin.

　　The origin of blockchain is to solve the problem of trust, and blockchain’s most successful application is lottery and How to find it. Bitcoin can be said to be the most successful application of blockchain so far.

　　What are the applications of blockchain?

　　The application of blockchain is actually very extensive. In addition to lottery and How to find it, the future application of Bitcoin is still very extensive. Blockchain technology has been widely applied in various industries. Such as product traceability, copyright protection and trading, payment and settlement, Internet of Things, digital marketing, medical care, etc., promoting different industries to quickly enter the ‘blockchain+’ era.

　　1. Payment and Settlement: Blockchain can abandon the role of intermediary banks, realize point-to-point payment, reduce intermediary fees, and accelerate the utilization of capital.

　　2. Product Traceability: For example, when we buy a piece of clothing on Taobao, we can see the past and present of this piece of clothing.

　　3. Securities Trading: Traditional securities trading requires coordination work by four major institutions, which is inefficient and costly. Blockchain technology can independently complete a one-stop service.

　　4. Supply Chain: Introducing blockchain technology into the supply chain system, the system can synchronize information internally, control all links, better complete division of labor and cooperation, and facilitate post-event accountability.

　　5. Intellectual Property: The copyright is linked, and our photographic works, musical works, literary works, etc., will become our information, and the ownership of information can be confirmed, becoming our property. What does blockchain mean?

　　Blockchain is a new application model of computer technology, including distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. Blockchain is an important concept of Bitcoin.

　　It is essentially a decentralized database, and as the underlying technology of Bitcoin, it is a series of data blocks generated by cryptographic methods and associated with each other. Each data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity (anti-counterfeiting) of the information and generate the next block.

　　Blockchain is closely related to the production and life of the people in fields such as public management, energy, hotel operation, transportation, and so on. However, the centralized characteristics of these fields also bring some problems that can be transformed using blockchain.

　　Decentralized completely distributed DNS services can achieve domain name query and resolution through point-to-point data transmission services among various points in the network. It can be used for operating systems and firmware of some important infrastructure that have not been tampered with, to monitor the status and initial state of monitoring software, detect malicious tampering, and ensure that the data transmitted by systems using Internet of Things technology has not been tampered with.

　　The above content is referenced from百度百科 – A simple explanation of blockchain?

　　Blockchain is a term in the field of information technology. Essentially, it is a shared database. The data or information stored in it has characteristics such as ‘non-forgery’, ‘全过程 traceability’, ‘traceability’, ‘openness and transparency’, and ‘collective maintenance’. Based on these characteristics, blockchain technology has laid a solid ‘trust’ foundation, created a reliable ‘cooperation’ mechanism, and has a broad application prospect.

　　On January 10, 2019, the National Internet Information Office issued the ‘Administrative Measures for Blockchain Information Services’. Blockchain entered the public’s field of vision and became a social focus. From a technological perspective, blockchain involves many scientific and technological issues such as mathematics, cryptography, the Internet, and computer programming.

　　Expansion materials:

　　From the perspective of application, in short, blockchain is a distributed shared ledger and database with characteristics of decentralization, non-tampering, full traceability, traceability, collective maintenance, and openness and transparency. These features ensure the ‘honesty’ and ‘transparency’ of blockchain and lay the foundation for building trust on the blockchain. The rich application scenarios of blockchain are basically based on the ability of blockchain to solve the problem of information asymmetry, realize cooperative trust and collaborative actions among multiple subjects.

　　Blockchain is a new application mode of computer technology, including distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm, etc. Blockchain is an important concept of Bitcoin. Essentially, it is a decentralized database. At the same time, as the underlying technology of Bitcoin, it is a series of data blocks associated with cryptographic methods. Each data block contains a batch of transaction information of the Bitcoin network to verify the validity of its information (anti-counterfeiting) and generate the next data block [8]. In fact, the word ‘blockchain’ did not appear in the original English Bitcoin white paper, but rather ‘blockchain’. In the Chinese translation of the earliest Bitcoin white paper [9], ‘blockchain’ was translated as ‘区块链语’. This is the earliest time the word ‘区块链’ appeared in Chinese. What is blockchain? Explanation of blockchain technology?

　　Blockchain is a new application mode of computer technology, including distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. Blockchain (Blockchain), is an important concept of Bitcoin, which is essentially a decentralized database.

　　At the same time, as the underlying technology of Bitcoin, it is a series of data blocks generated by cryptographic methods. Each data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity (anti-counterfeiting) of the information and to generate the next block.

　　Blockchain is a public data list, where each record is called a block. These blocks are linked together like a chain, forming a blockchain. Just like the idiom chain, there must be some kind of connection between adjacent words to form a word chain. Blockchain is the same, except that the connection between blocks is much more complex.

　　Extended information

　　Blockchain technology innovation does not mean speculation on Online casino and How to find it, and we should prevent behaviors such as issuing Online casino and How to find it, speculating on air coins, and so on. At the same time, we should also see that blockchain is still in the early stage of development, and further development and improvement are needed in terms of security, standards, and supervision.

　　The general direction is not wrong, but we should avoid a rush to the front and redundant construction, and open up the imagination space of blockchain in an orderly competition. China has a good foundation in the field of blockchain, some large Internet companies have already made arrangements, the talent reserve is relatively sufficient, the application scenarios are relatively rich, and there is a good condition to achieve a leading position in this new track.

　　From a broader perspective, human civilization has developed because of effective cooperation among large-scale populations. Adam Smith’s ‘invisible hand’ is also the division of labor and cooperation in human society realized through the market mechanism.

　　From this perspective, blockchain has greatly expanded the breadth and depth of human trust and collaboration. Perhaps, blockchain is not only the next generation of Internet technology, but also the next generation of cooperative mechanism and organizational form.

　　Reference source:百度百科-区块链 What is blockchain?

　　Blockchain is a new application model of computer technology, including distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, and so on. It is an important concept of Bitcoin, which is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated by cryptographic methods. Each data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity and anti-counterfeiting of the information and to generate the next block. It is a mathematical architecture for data storage that is almost impossible to forge or tamper with, and can be used to store various valuable data.

　　The Internet has entered the era of ecology, and its applications have penetrated into many fields such as financial services, the Internet of Things, supply chain management, digital asset trading, and e-commerce. The emergence of blockchain has transformed the development of the Internet from an information Internet to a value Internet and an order Internet. Its ‘distributed business’ model, characterized by shared economy and value linkage, will催生大量的跨机构新型创新合作场景, build a new industrial ecosystem with blockchain technology as the virtual center, and have a subversive impact on social and economic governance, industrial transformation and innovation. What is the meaning of blockchain?

　　Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc.

　　1. Blockchain is a chain-like data structure that combines data blocks in a sequential manner according to time order, and is guaranteed to be immutable and unforgeable by cryptographic methods.

　　2. Blockchain is an important concept of Bitcoin, which is essentially a decentralized database. As the underlying technology of Bitcoin, it is a sequence of data blocks generated by cryptographic methods.

　　Extended information:

　　1. The peer-to-peer network of Bitcoin stores all transaction histories in the ‘blockchain’ (blockchain). The blockchain is continuously extending, and once a new block is added to the blockchain, it will no longer be removed.

　　2. The shared value system of blockchain was first imitated by many encrypted currencies, and improvements were made in terms of proof of work and algorithms, such as adopting proof of stake and SCrypt algorithm.

　　3. In fact, blockchain is a group of distributed user-end nodes and a distributed database composed of all participants, which is a record of all Bitcoin transaction histories.

　　4. Blockchain technology will be applied to credit investigation, transaction security, and information security in the financial industry. Blockchain can form a point-to-point digital value transfer in the financial field, thereby enhancing the security of transmission and transactions.

　　Reference materials:百度百科_区块链??百度百科_比特币??百度百科_区块

　　What is ‘blockchain’?

　　Blockchain has two meanings:

　　1. Blockchain (Blockchain) is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. The so-called consensus mechanism is a mathematical algorithm that enables different nodes in the blockchain system to establish trust and obtain rights and interests.

　　2. Blockchain is the underlying technology of Bitcoin, like a database ledger, recording all transaction records. This technology has also gradually gained attention from the banking and financial industries due to its security and convenience.

　　In a narrow sense, blockchain is a chain-like data structure that combines data blocks in a sequential manner according to time order, and is guaranteed to be immutable and unforgeable by cryptographic methods.

　　In a broad sense, blockchain technology is a brand new distributed infrastructure and computing method that uses block chain data structure to verify and store data, distributed node consensus algorithm to generate and update data, cryptographic methods to ensure the security of data transmission and access, and smart contracts composed of automated script code to program and operate data.

　　Does the state support blockchain?

　　As a new technology, blockchain has received corresponding policy support from countries around the world, with a wide range of radiation—looking at this year, more than half of the provinces and cities in China have included blockchain in their 2020 government work reports. Excluding the first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, cities in the central and western regions such as Gansu, Ningxia, and Xinjiang have also joined the ranks of blockchain technology research and application. Eastern developed cities continue to play a leading role in technology攻关 and application innovation; central and western cities combine new technologies with local conditions to accelerate the digital transformation of the digital economy. The support is strong—this year, the People’s Bank of China, the Ministry of Transport, the State Administration of Foreign Exchange, the General Administration of Radio, Film, and Television, the Ministry of Justice, the Ministry of Agriculture and Rural Affairs, and others have proposed to use blockchain technology to accelerate the development and application of various fields. Other provinces and cities are also continuously issuing new policies, most of which are special support policies for blockchain, and it is expected that more industrial parks will be built and more government application scenarios will be opened. The direction is clearer—under the big direction of blockchain helping traditional industries to transform and upgrade and empowering the digital economy, there are more detailed details, transportation, agriculture, intellectual property rights, evidence, and other application scenarios have become the first batch of experimental directions, and the government affairs aspect is an important breakthrough and has been implemented. Beijing’s ‘touchless approval’, Jiangxi Province’s exploration of ‘blockchain + no-certificate processing’, Fujian Province’s implementation of the ‘Chain Government’ project, Gansu Province’s accelerated construction of ‘Digital Gansu’, and Shandong and Hainan’s dedication to e-government and other fields. It can be expected that the future blockchain e-government scenarios are worth looking forward to.

　　Legal basis:

　　Regulations for the Administration of Blockchain Information Services

　　The National Internet Information Office is responsible for the supervision and law enforcement of the nationwide blockchain information service according to its duties. The Internet Information Offices of provinces, autonomous regions, and direct-controlled municipalities are responsible for the supervision and law enforcement of blockchain information services within their administrative regions.

　　Article 4: It is encouraged that blockchain industry organizations strengthen industry self-regulation, establish and improve industry self-regulation systems and industry norms, guide blockchain information service providers to establish and improve service norms, promote the construction of industry credit evaluation systems, urge blockchain information service providers to provide services in accordance with the law and accept social supervision, improve the professional quality of blockchain information service professionals, and promote the healthy and orderly development of the industry.

　　Article 5: Blockchain information service providers shall implement the management responsibilities for information content security, establish and improve user registration, information review, emergency response, and security protection management systems.

　　Article 6: Blockchain information service providers shall have technical conditions that are appropriate for their services. For information content prohibited by laws and administrative regulations, they shall have the ability to promptly and effectively respond to its release, recording, storage, and dissemination, and the technical scheme shall comply with national relevant standards and specifications.

　　The seventh provision requires that blockchain information service providers shall formulate and publicly disclose management rules and platform conventions, sign service agreements with blockchain information service users, clarify the rights and obligations of both parties, and require them to commit to comply with the provisions of the law and platform conventions. What is blockchain? The most easily understandable explanation.

　　In recent years, blockchain has become very popular, with continuous rising attention and exposure. Many domestic giants have warmly embraced blockchain, treating it as a great disruptive innovation of the internet era and studying how to turn blockchain into a tool to seize the commercial opportunity.

　　So, what is the blockchain technology? Individually, each character is recognizable, but when put together, it is not clear what the meaning is. For the mysterious blockchain that everyone feels, there is now a most easily understandable explanation method.

　　What is blockchain? We first use the love that everyone loves to talk about as a simple example.

　　If we set up a simple blockchain model, then in this blockchain model, dating will appear the following situations.

　　In the future, the entire process of love and marriage commitments of all eligible young men and women will be recognized by all other eligible young men and women, and all the stories that happen between the two will form a block.

　　All other men and women are the chain. If a third party interferes or if one party violates the other’s half, others can see it, and it will be impossible to find a partner in the future.

　　Blockchain, to be precise, is a ‘full-center’ system, where each node on the chain is a center.

　　Couples trying marriage get involved in dating, posting on WeChat Moments, showing affection, promising to love each other for life, and being known to all eligible bachelors and bachelorettes is the application of blockchain. If one party breaks the promise one day, don’t think that deleting photos will help, because everything is recorded by all eligible bachelors and bachelorettes.

　　Not deletable, not alterable, that is the blockchain technology.

　　If this technology is applied to the commercial field, its ‘purification’ effect on the commercial environment can be imagined, which also explains why blockchain technology is so popular.

　　The internet has entered the era of ecology, and its applications have permeated into many fields such as financial services, the Internet of Things, supply chain management, digital asset trading, and e-commerce. The emergence of blockchain has transformed the development of the internet from information internet to value internet and order internet. Its ‘distributed business’ model, characterized by shared economy and value linkage, will give rise to a large number of cross-institutional innovative cooperation scenarios and build a new industrial ecosystem with blockchain technology as the virtual center, which will have a disruptive impact on social and economic governance, industrial transformation, and innovation.

　　Based on this, the Grass Community, founded on blockchain technology, has developed projects such as GrassMail, GrassMerchant, GrassIsland, and GrassLove. These projects consist of a new internet ecosystem composed of founder nodes, institutional nodes, partner nodes, first-level nodes, second-level and lower nodes, and ordinary members. It outlines an environment that is fully in line with the current national policy and allows users to participate in blockchain technology. Users can earn Grass coins by participating in community work, and the Grass coins they receive can be exchanged for GrassMail CT or traded on trading platforms, realizing the circulation and appreciation of Grass coins.

　　This is the first blockchain technology applied to the entity industrial ecosystem, and it is also a historic innovation in the de-centralized reconstruction of the traditional commercial financial system according to the Chinese characteristics of financial thought and the national conditions, which deeply fits the commercial financial environment by using blockchain technology. What disruptions does blockchain bring, and why can it become a national strategy?

　　Asia Business College

　　New economy · New thinking · New strength

　　Blockchain has risen to the national strategy, what is it really?

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　　Another major policy利好 has been released, and blockchain has once again become a hot topic.

　　According to Xinhua News Agency, the Political Bureau of the Central Committee held the eighteenth collective study on the current situation and trends of blockchain technology development on the afternoon of October 24. The collective study emphasized that the integrated application of blockchain technology plays an important role in the new technological innovation and industrial transformation.

　　We should take blockchain as an important breakthrough in independent innovation of core technologies, clarify the main attack direction, increase investment efforts, and strive to overcome a batch of key core technologies, and accelerate the innovative development of blockchain technology and industry.

　　Many experts and industry insiders say that China is taking the lead in the development of blockchain technology.

　　Chinese enterprises are increasingly emphasizing the control of the most core ‘hard technology’, and from the perspective of government policy guidance, they also encourage enterprises to carry out independent innovation in core blockchain technologies. The number of blockchain patent applications in China has now reached the first place in the world, and blockchain technology will have a broader application prospect in many fields such as finance, people’s livelihood, and government affairs in the future.

　　Why Blockchain Has Become a National Strategy

　　In essence, blockchain is a decentralized distributed ledger database, which is a chain of data blocks generated by cryptography. Each data block contains information about multiple valid transactions confirmed.

　　Decentralized distributed storage brings openness and transparency, and also allows data to directly generate value; the non-tamperability and traceability of information bring security and honesty, and also make people more trustworthy with each other. Blockchain is considered to be another major wave after the Internet, which will bring huge opportunities for transformation to all walks of life as an infrastructure.

　　Currently, the blockchain technology and industry in various countries around the world are all in the early stage of rapid development, and no country has an absolute advantage. This is an important opportunity for China to achieve ‘fast tracking’ in the field of science and technology.

　　Professor Chen Chun, a professor at Zhejiang University and an academician of the Chinese Academy of Engineering, who gave an explanation during the collective study of the Political Bureau of the Central Committee, said at the 2019CCF Blockchain Technology Conference hosted by the China Computer Federation on October 12 that the development of the domestic blockchain industry is ushering in a ‘spring breeze’, and the research hotspots of China’s blockchain technology will focus on the two aspects of key technologies of consortium blockchain and blockchain regulatory technologies.

　　Blockchain makes value symmetry

　　All the obstacles in the development of human society are largely due to ‘distrust’, because in a society of mutual distrust, people will guess at each other, hearts are not aligned, and even everyone is in danger, at this time, the operation efficiency of society will be very low. Especially various economic and financial crises.

　　The essence of economic and financial crises is actually the collapse of a social credit system. For example, the 2008 US subprime mortgage crisis was caused by many institutions providing credit fraud to people without the ability to repay, leading to collective default in the end.

　　Looking back at human history, why could the earliest Homo sapiens unite humanity?

　　Because the emergence of language has given people the most basic ‘contract’ spirit, people can make promises and exchanges with each other, thus having great collaboration, and groups without this ability are eliminated!

　　Credit is the cornerstone of human civilization, and the essence of credit is value storage.

　　The birth of the Internet has solved the problem of information asymmetry, but has not solved the problem of value asymmetry.

　　To put it another way, the Internet has helped me find you, and helped everyone find their own position. Now the problem is that I not only have to find you, but everyone not only has to find themselves, but the wealth everyone gets must also be equal to the value they create.

　　Because there are too many特权者, speculators who possess a large amount of wealth in this world. The Internet can only tell us where these people are, who they are, but cannot carry out a great social wealth reorganization.

　　Now that blockchain has been born, the value of blockchain is to directly equate the wealth return and value creation of each person. The Internet solves the problem of information asymmetry, while blockchain is solving the problem of value asymmetry.

　　How do we understand this?

　　Blockchain makes decentralization a reality

　　Blockchain has smart contracts, and the execution of smart contracts is impartial, because it is executed in computer language rather than legal language. As long as a pre-programmed condition is triggered, the corresponding clauses can be automatically completed. When the conditions set in advance are sequentially completed, the system task is automatically completed.

　　Moreover, neither party of the contract can tamper with or manipulate the contract. It is unlike the traditional court when adjudicating cases, if you bribe the judge, then he will be used by you. The control over the execution of smart contracts is not in the hands of any single party, nor in third-party institutions such as courts. It is recorded by different traders on different computers, which is called distributed accounting, and only when most people recognize it will it be automatically executed.

　　These data are distributed in large numbers and evenly across many computer databases, which is the real ‘decentralization’. If a public transaction is participated in by 100,000 people, the records will be stored on 100,000 computers, and the chance of being modified is negligible.

　　From another perspective, these data are recorded in the order of the occurrence of events, and if the previous data is modified, the subsequent data cannot be matched.

　　Of course, there will still be bad people thinking about altering others’ records, or even robbing others’ value. However, even if you have the power of God, it will be of no help, because only by modifying more than 51% of the node data in the entire network can these data be altered, and these data are simply too numerous. With the fastest computers available today, it would take several centuries or even thousands of years to modify a single transaction.

　　For example, the popular news on the internet about ‘how to prove that my mother is my mother’ was actually a problem derived from an imperfect social credit mechanism. In fact, this problem can be easily solved with blockchain:

　　Now our birth certificates, property certificates, marriage certificates, and so on are all in the records of relevant institutions, and these institutions do not share resources with each other. For example, the bank needs you to go to the police station to get a certificate before you can get your business done.

　　If blockchain is applied, our birth certificates, property certificates, marriage certificates, and so on can be notarized on the blockchain, becoming something globally trusted. Not to mention ‘your mother is your mother’, your ancestors for generations can be clearly seen.

　　In a mature blockchain society, those who truly have the ability and can create value have no need to worry about falling behind the times, because the value of blockchain exists to realize the value you create.

　　Blockchain

　　A more perfect revolution

　　The essence of blockchain is value transmission, which allows people to transmit value as conveniently and at a low cost as chatting online. The faster the flow of social value, the higher the operational efficiency. Because of the value internet, human society will also usher in a more perfect revolution.

　　Think about the current state of the internet again. It claims to be decentralized, but in fact, it transfers many powers originally belonging to the government into its own hands. For example, Taobao’s transaction data are all in Alibaba’s data center, and it is as easy as pie to alter the data. Therefore, Taobao can shut down a store, and Tencent can shut down a public account… Because the servers are private, the internet inevitably moves towards oligarchy and totalitarianism.

　　In a mature blockchain society, we do not need any flowery language stories, sophisticated marketing, nor solemn promises. We also do not need reinforced concrete to vouch for us. Everything is done according to the agreement, and speculators,特权者, and mischief-makers will have no way to interfere.

　　In a mature blockchain society, those who truly have the ability and can create value have no need to worry about falling behind the times, because the value of blockchain exists to realize the value you create.

　　So we have no need to worry about the blockchain revolution. As long as we do what we should do, and as long as we can create value for the world, we will definitely have the value of existence.

　　Therefore, humanity is transitioning to the great era of the value internet from the information internet.

　　This is the highest level of a credit society. Humanity is facing a brand new great upgrade. Every individual, as a value creator, can have their created value accurately recorded and receive corresponding rewards, and the situation of mutual interference will become less and less. People are truly moving towards independence and equality! What policies promote the development of blockchain?

　　Legal analysis: On October 25, the national leader presided over a collective study meeting of the Political Bureau of the Central Committee, listing blockchain as an important breakthrough in independent innovation technology.

　　In the following 19 days, local governments across the country jointly issued 44 policies to encourage the development of blockchain, involving 20 provinces.

　　Government affairs, healthcare, finance, and smart cities have all become the most valued areas for the landing of blockchain by local governments.

　　In the process of actively promoting the landing of blockchain, local governments are also trying to combine their own advantages and local characteristics. For example, in Shanxi, energy has become a key area for the landing of blockchain.

　　Legal basis: Article 3 of the Guiding Opinions on the 14th Five-Year Plan for National Economic and Social Development and Long-Range Objectives Through the Year 2035 of the People’s Republic of China, strategic orientation for the ’14th Five-Year Plan’ period to promote high-quality development must be based on the new stage of development, implement the new concept of development, and build a new development pattern. Grasping the new stage of development is the realistic basis for implementing the new concept of development and building a new development pattern. Implementing the new concept of development provides a guide for action to grasp the new stage of development and build a new development pattern. Building a new development pattern is a strategic choice to respond to the opportunities and challenges of the new stage of development and implement the new concept of development. It is necessary to persist in deepening supply-side structural reforms, drive innovation, lead and create new demand with high-quality supply, enhance the resilience of the supply system and its adaptability to domestic demand. It is necessary to establish effective systems to expand domestic demand, accelerate the cultivation of a complete domestic demand system, strengthen demand-side management, and build a strong domestic market. It is necessary to unwaveringly advance reforms, remove institutional obstacles that restrict the economic cycle, and promote the organic connection of all links in the circulation of production factors, production, distribution, circulation, and consumption. It is necessary to unwaveringly expand opening up, continuously deepen the opening up of factor mobility, steadily expand institutional opening up, and rely on the domestic economic circulation system to form a powerful gravitational field for global factor resources. It is necessary to strengthen the leading role of the domestic major circulation, use international circulation to improve the efficiency and level of the domestic major circulation, and achieve the mutual promotion and progress of the domestic and international dual circulation. How should the definition of blockchain technology be understood?

　　The definition of blockchain technology analyzed by Chongqing Jinwowa is as follows:

　　1. Blockchain is a distributed database (system) placed in an insecure environment.

　　2. Blockchain uses cryptographic methods to ensure that existing data cannot be tampered with.

　　3. Blockchain adopts consensus algorithms to reach consensus on new data.

　　A system with the above three characteristics is blockchain.

　　Is blockchain legal in China?

　　At present, there is no clear legal evidence in China that blockchain investment is legal, nor is there any law that prohibits the development of blockchain. However, blockchain investment also carries significant legal risks under the appearance of high returns, and caution is needed.

　　Firstly, due to its lack of supervision, its circulation and trading forms are mostly similar to the issuance and listing of securities, and there are also behaviors of establishing exchanges for trading. Firstly, due to its lack of supervision, its circulation and trading forms are mostly similar to the issuance and listing of securities, and there are also behaviors of establishing exchanges for trading.

　　Its transaction process and transaction results are not transparent, and it is difficult to regulate when problems arise.

　　Legal basis:

　　Article 12 of the Company Law of the People’s Republic of China:

　　The articles of association of a company are stipulated by the company itself and registered in accordance with the law. A company may amend its articles of association and change its scope of business, but it shall handle the change of registration.

　　For projects that require approval according to laws and administrative regulations, the scope of business of a company shall be approved in accordance with the law.

　　Does the state support blockchain?

　　As a new technology, blockchain has received corresponding policy support from countries around the world, with a wide range of radiation—looking at this year, more than half of the provinces and cities in China have included blockchain in their 2020 government work reports. Excluding the first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, cities in the central and western regions such as Gansu, Ningxia, and Xinjiang have also joined the ranks of blockchain technology research and application. Eastern developed cities continue to play a leading role in technology攻关 and application innovation; central and western cities combine new technologies with local conditions to accelerate the digital transformation of the digital economy. The support is strong—this year, the People’s Bank of China, the Ministry of Transport, the State Administration of Foreign Exchange, the General Administration of Radio, Film, and Television, the Ministry of Justice, the Ministry of Agriculture and Rural Affairs, and others have proposed to use blockchain technology to accelerate the development and application of various fields. Other provinces and cities are also continuously issuing new policies, most of which are special support policies for blockchain, and it is expected that more industrial parks will be built and more government application scenarios will be opened. The direction is clearer—under the big direction of blockchain helping traditional industries to transform and upgrade and empowering the digital economy, there are more detailed details, transportation, agriculture, intellectual property rights, evidence, and other application scenarios have become the first batch of experimental directions, and the government affairs aspect is an important breakthrough and has been implemented. Beijing’s ‘touchless approval’, Jiangxi Province’s exploration of ‘blockchain + no-certificate processing’, Fujian Province’s implementation of the ‘Chain Government’ project, Gansu Province’s accelerated construction of ‘Digital Gansu’, and Shandong and Hainan’s dedication to e-government and other fields. It can be expected that the future blockchain e-government scenarios are worth looking forward to.

　　Legal basis:

　　Regulations for the Administration of Blockchain Information Services

　　The National Internet Information Office is responsible for the supervision and law enforcement of the nationwide blockchain information service according to its duties. The Internet Information Offices of provinces, autonomous regions, and direct-controlled municipalities are responsible for the supervision and law enforcement of blockchain information services within their administrative regions.

　　Article 4: It is encouraged that blockchain industry organizations strengthen industry self-regulation, establish and improve industry self-regulation systems and industry norms, guide blockchain information service providers to establish and improve service norms, promote the construction of industry credit evaluation systems, urge blockchain information service providers to provide services in accordance with the law and accept social supervision, improve the professional quality of blockchain information service professionals, and promote the healthy and orderly development of the industry.

　　Article 5: Blockchain information service providers shall implement the management responsibilities for information content security, establish and improve user registration, information review, emergency response, and security protection management systems.

　　Article 6: Blockchain information service providers shall have technical conditions that are appropriate for their services. For information content prohibited by laws and administrative regulations, they shall have the ability to promptly and effectively respond to its release, recording, storage, and dissemination, and the technical scheme shall comply with national relevant standards and specifications.

　　Article 7: Blockchain information service providers shall formulate and publicly disclose management rules and platform conventions, sign service agreements with blockchain information service users, clarify the rights and obligations of both parties, and require them to commit to complying with laws and regulations and platform conventions. Is blockchain lottery and how to find it legal?

　　Blockchain lottery and how to find it is illegal in China. As early as September 2017, the central bank and the China Banking Regulatory Commission and other official departments issued documents prohibiting the circulation and trading of lottery and how to find it in China. Therefore, lottery and how to find it is illegal in China.

　　The country recognizes blockchain technology, but due to the lack of a sound regulatory mechanism for blockchain lottery and how to find it transactions in our country, the state has temporarily banned the trading of lottery and how to find it to protect the legitimate rights and interests of the general public. In fact, the country acknowledges the benefits of blockchain, but the emergence of blockchain has provided opportunities for unscrupulous individuals. Since most people are not familiar with blockchain, they are deceived by unscrupulous individuals and give their funds ‘away’ to them. It is precisely because of this that the country has stopped the development of blockchain lottery and how to find it transactions, mainly to protect the public.

　　However, the National Internet Information Office issued the ‘Regulations on the Management of Blockchain Information Services’ on January 10, 2019, and it began to take effect on February 15, 2019. In the ‘Regulations on the Management of Blockchain Information Services’, the state clarified the management measures for blockchain information services, promoting the healthy development of blockchain technology and related services. It indicates that the country has established a sound management system for blockchain, and it is believed that in the near future, blockchain lottery and how to find it will become a legal project in China. Why does the country promote blockchain technology again?

　　Every place has its characteristic industry, and the national promotion of blockchain is to integrate these high-tech things. What disruptions does blockchain bring, and why can it become a national strategy?

　　Asia Business College

　　New economy · New thinking · New strength

　　Blockchain has risen to the national strategy, what is it really?

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　　Another major policy利好 has been released, and blockchain has once again become a hot topic.

　　According to Xinhua News Agency, the Political Bureau of the Central Committee held the eighteenth collective study on the current situation and trends of blockchain technology development on the afternoon of October 24. The collective study emphasized that the integrated application of blockchain technology plays an important role in the new technological innovation and industrial transformation.

　　We should take blockchain as an important breakthrough in independent innovation of core technologies, clarify the main attack direction, increase investment efforts, and strive to overcome a batch of key core technologies, and accelerate the innovative development of blockchain technology and industry.

　　Many experts and industry insiders say that China is taking the lead in the development of blockchain technology.

　　Chinese enterprises are increasingly emphasizing the control of the most core ‘hard technology’, and from the perspective of government policy guidance, they also encourage enterprises to carry out independent innovation in core blockchain technologies. The number of blockchain patent applications in China has now reached the first place in the world, and blockchain technology will have a broader application prospect in many fields such as finance, people’s livelihood, and government affairs in the future.
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　　Why Blockchain Has Become a National Strategy

　　In essence, blockchain is a decentralized distributed ledger database, which is a chain of data blocks generated by cryptography. Each data block contains information about multiple valid transactions confirmed.

　　Decentralized distributed storage brings openness and transparency, and also allows data to directly generate value; the non-tamperability and traceability of information bring security and honesty, and also make people more trustworthy with each other. Blockchain is considered to be another major wave after the Internet, which will bring huge opportunities for transformation to all walks of life as an infrastructure.

　　Currently, the blockchain technology and industry in various countries around the world are all in the early stage of rapid development, and no country has an absolute advantage. This is an important opportunity for China to achieve ‘fast tracking’ in the field of science and technology.

　　Professor Chen Chun, a professor at Zhejiang University and an academician of the Chinese Academy of Engineering, who gave an explanation during the collective study of the Political Bureau of the Central Committee, said at the 2019CCF Blockchain Technology Conference hosted by the China Computer Federation on October 12 that the development of the domestic blockchain industry is ushering in a ‘spring breeze’, and the research hotspots of China’s blockchain technology will focus on the two aspects of key technologies of consortium blockchain and blockchain regulatory technologies.

　　Blockchain makes value symmetry

　　All the obstacles in the development of human society are largely due to ‘distrust’, because in a society of mutual distrust, people will guess at each other, hearts are not aligned, and even everyone is in danger, at this time, the operation efficiency of society will be very low. Especially various economic and financial crises.

　　The essence of economic and financial crises is actually the collapse of a social credit system. For example, the 2008 US subprime mortgage crisis was caused by many institutions providing credit fraud to people without the ability to repay, leading to collective default in the end.

　　Looking back at human history, why could the earliest Homo sapiens unite humanity?

　　Because the emergence of language has given people the most basic ‘contract’ spirit, people can make promises and exchanges with each other, thus having great collaboration, and groups without this ability are eliminated!

　　Credit is the cornerstone of human civilization, and the essence of credit is value storage.

　　The birth of the Internet has solved the problem of information asymmetry, but has not solved the problem of value asymmetry.

　　To put it another way, the Internet has helped me find you, and helped everyone find their own position. Now the problem is that I not only have to find you, but everyone not only has to find themselves, but the wealth everyone gets must also be equal to the value they create.

　　Because there are too many特权者, speculators who possess a large amount of wealth in this world. The Internet can only tell us where these people are, who they are, but cannot carry out a great social wealth reorganization.

　　Now that blockchain has been born, the value of blockchain is to directly equate the wealth return and value creation of each person. The Internet solves the problem of information asymmetry, while blockchain is solving the problem of value asymmetry.

　　How do we understand this?

　　Blockchain makes decentralization a reality
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　　Blockchain has smart contracts, and the execution of smart contracts is impartial, because it is executed in computer language rather than legal language. As long as a pre-programmed condition is triggered, the corresponding clauses can be automatically completed. When the conditions set in advance are sequentially completed, the system task is automatically completed.

　　Moreover, neither party of the contract can tamper with or manipulate the contract. It is unlike the traditional court when adjudicating cases, if you bribe the judge, then he will be used by you. The control over the execution of smart contracts is not in the hands of any single party, nor in third-party institutions such as courts. It is recorded by different traders on different computers, which is called distributed accounting, and only when most people recognize it will it be automatically executed.

　　These data are distributed in large numbers and evenly across many computer databases, which is the real ‘decentralization’. If a public transaction is participated in by 100,000 people, the records will be stored on 100,000 computers, and the chance of being modified is negligible.

　　From another perspective, these data are recorded in the order of the occurrence of events, and if the previous data is modified, the subsequent data cannot be matched.

　　Of course, there will still be bad people thinking about altering others’ records, or even robbing others’ value. However, even if you have the power of God, it will be of no help, because only by modifying more than 51% of the node data in the entire network can these data be altered, and these data are simply too numerous. With the fastest computers available today, it would take several centuries or even thousands of years to modify a single transaction.

　　For example, the popular news on the internet about ‘how to prove that my mother is my mother’ was actually a problem derived from an imperfect social credit mechanism. In fact, this problem can be easily solved with blockchain:

　　Now our birth certificates, property certificates, marriage certificates, and so on are all in the records of relevant institutions, and these institutions do not share resources with each other. For example, the bank needs you to go to the police station to get a certificate before you can get your business done.

　　If blockchain is applied, our birth certificates, property certificates, marriage certificates, and so on can be notarized on the blockchain, becoming something globally trusted. Not to mention ‘your mother is your mother’, your ancestors for generations can be clearly seen.

　　In a mature blockchain society, those who truly have the ability and can create value have no need to worry about falling behind the times, because the value of blockchain exists to realize the value you create.

　　Blockchain

　　A more perfect revolution

　　The essence of blockchain is value transmission, which allows people to transmit value as conveniently and at a low cost as chatting online. The faster the flow of social value, the higher the operational efficiency. Because of the value internet, human society will also usher in a more perfect revolution.

　　Think about the current state of the internet again. It claims to be decentralized, but in fact, it transfers many powers originally belonging to the government into its own hands. For example, Taobao’s transaction data are all in Alibaba’s data center, and it is as easy as pie to alter the data. Therefore, Taobao can shut down a store, and Tencent can shut down a public account… Because the servers are private, the internet inevitably moves towards oligarchy and totalitarianism.

　　In a mature blockchain society, we do not need any flowery language stories, sophisticated marketing, nor solemn promises. We also do not need reinforced concrete to vouch for us. Everything is done according to the agreement, and speculators,特权者, and mischief-makers will have no way to interfere.

　　In a mature blockchain society, those who truly have the ability and can create value have no need to worry about falling behind the times, because the value of blockchain exists to realize the value you create.

　　So we have no need to worry about the blockchain revolution. As long as we do what we should do, and as long as we can create value for the world, we will definitely have the value of existence.

　　Therefore, humanity is transitioning to the great era of the value internet from the information internet.

　　This is the highest level of a credit society. Human society is facing a brand new great upgrade, where every individual as a value creator can have their created value accurately recorded and receive corresponding rewards. The interference between people will also become less and less, and people are truly moving towards independence and equality!