The rise of cryptocurrency has made blockchain technology a concern and controversy. However, since 2018 blockchain technology has begun to reveal application potential in more areas. How will this technology develop?
At the conference which held in Beijing on 19th, experts said that blockchain technology provides more solutions information sharing for government, reduction cost of trading, product traceability, and media copyright certification. Use the open minded to understanding and accept this technology.
Liu Quan, Dean of the CCID Block Research Institute, said that the extension of blockchain technology has far exceeded the scope of cryptocurrency. It can allow uncooperative partners to trust each other without the involvement of authorities. This kind of technology, which is commonly understood as “distributed accounting”, can solve many transactions that were originally represented by intermediaries, because it can establish a technical mechanism of mutual trust, thereby reducing transaction costs.
Liu Quan believes that blockchain technology also provides a revolutionary means for information anti-counterfeiting and data tracking. The data blocks in the blockchain are connected in sequence to form a data chain, which can prevent human tampering time and trace back time information. Blockchain technology Encryption algorithms and electronic signature applications, etc., can also solve the problem of information protection and authorized access; the problem of misappropriation of charitable funds and subsidies will be reduced due to the application of blockchain technology, because the programmable features of the technology are used. Embedding a piece of code at the same time as asset transfer can stipulate the future use of the asset and prevent misappropriation.
Yu Tuo, founder of the Fifty-six Finance, believes that blockchain technology also has huge application scenarios in traditional industries, such as traceability of agricultural products, media copyright certification, and supply chain finance. With the rapid deployment of more and more technology giants in the blockchain field, the application of blockchain technology is accelerating, and in the accelerated integration of the new economy and the old economy, the blockchain economy may play a very important role.
The application of blockchain technology in the Internet of Things has also shown signs. The US “Fortune” magazine recently reported that the trend of a major technology evolution in 2018 is the Internet of Things has become a blockchain Internet of Things. Blockchains can make it more useful. It creates digital records for hundreds of millions of computers, dramatically reducing the risk of hacking.
“Fortune” magazine believes that the blockchain Internet of Things can bring a whole new set of services and business models. For example, it can be used to track the transportation of medicines, and it can also be used to create smart cities. In smart cities, blockchain IoT heating systems can better control energy use.
In Hyderabad, a city in south-central India, the local government is building a technology park that uses new payment systems and blockchain technology to attract more technology companies. Governments such as the United Kingdom are testing the use of blockchain technology for public service systems, such as blockchain land registration.
The broad prospects of blockchain technology have unlimited potential. However, experts at the meeting believe that the development of blockchain technology is still in its infancy, and it is also necessary to pay attention to some shortcomings when paying attention to its development trends with an open attitude.
Liu Quan said that the development of blockchain technology is currently facing the problems of lack of top-level design, core technology breakthroughs, and short-term talents, but the most important issue remains security.