Blockchain technology will meet the "application trend" Xu Xingxing: can be divided into tools and subversion

In June this year, Beijing released several Opinions on Accelerating the Cultivation and Growth of New Business Forms and Models to Promote High-quality Economic Development in Beijing, in which blockchain was mentioned 24 times as a national key focus area. It is not hard to see that the block chain technology is a sunrise field that the country pays attention to at present. In the context of new infrastructure construction, it is not hard to imagine that the block chain resources will be rapidly integrated and usher in a new wave of landing applications.

So what exactly is a blockchain? Where is the technology now? Where is the future going? Earlier, Xu Mingxing, founder, chairman and CEO of Oco Group and founding director of China Blockchain Application Research Center, gave an "answer" in his speech on "The Present and future of Blockchain Technology".

Xu Mingxing said, One of its core characteristics is decentralization, or point to point database, the database are made by a particular center management and operation, block chain database is a large number of nodes on the Internet, it is a combination of the modern Internet on a database, the decentralized network is not in order to efficiently, because today's borrowing costs of Internet transmission speed has been very strong, we have already don't care about the Internet transmission efficiency, and build up this kind of point to point network, benefit is a piece of failure after the network application is not affected, Even if a third of the nodes fail, the storage of the data transferred throughout the network will not be affected, so the blockchain is a database built on a point-to-point network that holds a full amount of data, nothing more.

In addition, Mr. Xu Mingxing pointed out that there are many misunderstandings about the blockchain concept. For example, it's rumored that Bitcoin exists to subvert legal COINS, which it doesn't. It's just a commodity that has a consensus within a certain population and within a certain range. It's not that different from the familiar game equipment and virtual point CARDS, except that it USES the blockchain to find a global audience.

Decentralisation itself is a very neutral word in English, but blockchain networks have a powerful centre that is the architect of the rule. His de-intermediation is to remove the link from the designer to the executor, which minimizes the intermediate loss in the traditional process. If it is used to implement some national policies, it will be beneficial.

How does blockchain work? Mr. Xu Xingxing thinks it can be divided into instrumental application and subversive application.

For instrumental applications, it can be compared to the Internet, which has become a tool in our daily life. The emergence of blockchain also has many applications, such as judicial recognition of the evidence on the blockchain, future certificates of education and so on. Under such applications, people living in it do not perceive it as a blockchain, but behind it is a blockchain.

Bitcoin is the first of many blockchain disrupters, as is Facebook's Libra last year. Globally, there will be more and more such disruptive applications. Digital assets, small remittances, the use of blockchain to elect a President, as well as financial auditing and compliance blockchain are all well suited.

Government supervision in the blockchain is still to be improved. Some worry that a decentralised system will be left unregulated. Not really. As long as the stability coin based on the blockchain, the regulator requires the stability coin service providers to provide a super key. Although point to point, mathematicians can also control it in various ways. In addition, Oco group has been making real-name system on the blockchain, anti-quantization security calculation and so on, which is actually to solve future supervision problems with technology.

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