Blockchain blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm for realizing trust and acquiring rights between different nodes in the blockchain system.
Blockchain is an important concept of Bitcoin. Firecoin Network and the Internet Finance Lab of Wudaokou Finance College of Tsinghua University and the “2014-2016 Global Bitcoin Development Research Report†released by Sina Technology mentioned that the blockchain is a bit. The underlying technology and infrastructure of the currency. Essentially a decentralized database, as the underlying technology for Bitcoin. A blockchain is a string of data blocks generated using cryptographic methods. Each block contains information about a bitcoin network transaction for verifying the validity of its information (anti-counterfeiting) and generating the next block.
Second, the basic principle of blockchainThe basic principles of blockchain are not difficult to understand. The basic concepts include:
TransacTIon: A single operation that causes a change in the status of the ledger, such as adding a record;
Block: Recording transactions and status results that occur over a period of time is a consensus on the current state of the ledger;
Chain: A series of blocks that are connected in series in order of occurrence, which is a log record of the entire state change.
If the blockchain is used as a state machine, each transaction is an attempt to change the state once, and each time the consensus generated block is the participant confirms the result of the state change caused by all the transaction contents in the block.
1. Public blockchain (PublicBlockChains)
A public blockchain means that any individual or group in the world can send a transaction, and the transaction can obtain a valid confirmation of the blockchain, and anyone can participate in the consensus process. The public blockchain is the earliest blockchain and is the most widely used blockchain. The virtual digital currency of each bitcoins series is based on the public blockchain. There are only one block corresponding to this currency in the world. chain.
2. Joint (industry) blockchain (ConsorTIumBlockChains)
Industry blockchain: multiple pre-selected nodes are designated as billers within a group. The generation of each block is determined by all pre-selected nodes (pre-selected nodes participate in the consensus process), and other access nodes can participate in transactions, but But ask the accounting process (essentially managed accounting, just become distributed accounting, how many pre-selected nodes, how to determine the biller of each block becomes the main risk point of the blockchain), anyone else can The qualified query is performed through the API of the blockchain opening.
3. Private blockchain (privateBlockChains)
Private blockchain: only use the blockchain general ledger technology for accounting, it can be a company or an individual, and enjoy the write permission of the blockchain. This chain is not much different from other distributed storage solutions. the difference. At present (Dec2015) conservative giants (traditional finance) are trying to experiment with private blockchains, while public chain applications such as bitcoin have been industrialized, and private-chain applications are still being explored.
Fourth, the advantages of blockchain technology1. Decentralization
Due to the use of distributed accounting and storage, there is no centralized hardware or management organization, the rights and obligations of any node are equal, and the data blocks in the system are jointly maintained by the nodes with maintenance functions in the whole system.
2, openness
The system is open. In addition to the private information of the parties to the transaction being encrypted, the blockchain data is open to everyone. Anyone can query blockchain data and develop related applications through a public interface, so the entire system information is highly transparent. .
3. Autonomy
The blockchain uses consensus-based specifications and protocols (such as a set of transparent and transparent algorithms) to enable all nodes in the entire system to exchange data freely and securely in a trusted environment, so that trust in "people" is changed to The trust of the machine, any human intervention does not work.
4, information can not be tampered with
Once the information is verified and added to the blockchain, it will be stored permanently. Unless more than 51% of the nodes in the system can be controlled at the same time, the modification of the database on a single node is invalid, so the data of the blockchain is stable. Sexual and reliable.
5, anonymity
Since the exchange between nodes follows a fixed algorithm, the data interaction does not need to be trusted (the program rules in the blockchain will judge whether the activity is valid), so the counterparty does not need to open the identity to let the other party generate trust. The accumulation of credit is very helpful.
1. Not falsified or revoked
This is both an advantage and a disadvantage. There is no regret in the blockchain. You can hardly change the data of the blockchain. It is mainly reflected in: if the transfer address is filled incorrectly, it will directly cause permanent loss and cannot be revoked; if the key is lost, the same Will cause permanent losses irreparable. In reality, if your bank card is lost or your password is forgotten, you can still go to the bank's business office and your money is still there.
2. The transaction book must be made public
The blockchain is distributed. In the public chain, it is equal to each person has a complete account book, and because the blockchain calculates the balance, verify the validity of the transaction, etc., it is necessary to trace each account, so the transaction data is Open and transparent, if I know someone's account, I can know all his wealth and every transaction, no privacy.
3. When the data is larger, the performance problem is accompanied.
As I said before, everyone has a complete book, and sometimes it is necessary to trace each record, so as time goes by, when the transaction data is too large, there will be performance problems, such as the first use of the download history. All transaction records will work properly, and each transaction needs to be traced back to historical transactions to calculate the balance in order to verify that you do have enough money. Although performance issues can be mitigated by some technical means such as indexing, the problem is obvious.
4. Blockchain delay
The blockchain transaction is delayed. Take Bitcoin as an example. The validity of the currently generated transaction is affected by the network transmission, because the majority of the nodes on the network know the transaction and wait until the next accounting cycle. (Bitcoin is controlled in about 10 minutes), that is, the transaction is to be recognized by most nodes. Also affected by a small probability event, when two or more nodes on the network compete for accounting power, then two or more blockchain branches will be generated in the network. At this time, the data recorded by that branch is recorded. If it is valid, it will wait for the next billing cycle, which is ultimately determined by the longest blockchain branch. Therefore, the transaction data of the blockchain is delayed.
Sixth, the problems faced by the development of blockchainThe first question is whether the blockchain can be widely used. The key depends on whether its technology can continue to expand to a more stable and efficient level. For example, skilbil is a very important issue that everyone is very concerned about. It also includes its storage.
The second step is a clear regulatory attitude. In the G20 summit held in Shanghai, they talked about the problems faced by the supervision. Two of them are easy to solve. One is that once the smart contract reaches the blockchain, where is the arbitration right, is the implementation of the entire contract a paper contract? It's as stable.
The second is how existing financial regulation can be expressed in the design and use of blockchains. Security and privacy control, nowadays we talk about more scenes is a scene of Bitcoin application, it is also a very stable, long-running scene. But if we put all the data on an open platform, if you are willing to put all the home products, it is worth considering.
The fourth integration with the existing system, if everyone in the traditional financial institutions do, must have spent tens of millions of dollars every year from the 1990s to invest in the system you are already running, If all these systems are overthrown and reused with blockchains, it is obviously impossible. How to find the location in the blockchain application and integrate it with the traditional system for further development is a very worthwhile exploration. . The success of the blockchain of the Deloitte team and the Bank of Ireland, which made a final customer transaction two weeks ago, is the most typical case in this regard.
The fifth challenge is the existing values. When we talk about decentralization, when the first half of this year or even the second half of last year was decentralized with regulators, many people said that our structure and operation mode are centralized. If you go to centralization, is it that I don't exist? So in this respect, the changes brought by the blockchain and our current operating mode and management mode have a process of friction.
Sixth, cost. Although the blockchain is a brand new technology, we also hope that it can bring more efficiency in compliance operation, but it is a new technology after all. When investing, it must spend a lot of research and development expenses. Whether the investment is that every individual or everyone is willing to bear and is willing to invest is a very worthwhile consideration.
Seven, the future trend of blockchain technologyA new species or phenomenon often greatly promotes the expansion of theoretical boundaries. The emergence of Bitcoin has created a new dimension of software systems. It is foreseeable that there will be a new field between the two poles of centralization and decentralization in the future. Various blockchain systems have different degrees of decentralization to meet the specific needs of different scenarios.
In addition to creating new blockchain systems based on new theories, how to maximize the potential of existing blockchain systems is equally important. In order to solve the performance bottleneck problem, "Lightning Network" is a possible development direction. The Lightning Network moves a large amount of tiny payments outside the main chain to form multiple payment processing centers. Through the "Lightning Network", the Bitcoin main chain sinks to the RTGS (Real Time Full Payment System) level application, which can greatly improve the efficiency of the blockchain; "StateChannel" is the "Lightning Network" in the payment scenario. R3CEV's Corda is more thorough, and only uses the blockchain as the last resort for dispute arbitration and enforcement, and overcomes the disadvantages of the blockchain in terms of performance and privacy.
In the security arena, although the security of the Bitcoin blockchain itself has stood the test of many years, it still needs constant attention. The blockchain does not address all traditional information security issues. Blind trust in blockchain security capabilities can have serious consequences, such as the use of smart contract vulnerabilities to cause digital asset loss. Therefore, new cryptographic schemes, key technologies in the field of traditional information security, and blockchain technology integration are needed to go hand in hand and develop synergistically. If we design a hybrid database combining traditional database and blockchain, differentiating and processing different data and giving full play to their respective advantages is of great significance for the popularization of blockchain systems.
As more and more digital assets migrate to the blockchain for cross-chain operations, interconnection between different blockchains will become inevitable. The tasks faced by regulators are even more arduous. It is necessary to simultaneously consider the formulation of corresponding laws, regulations and technical standards to strengthen supervision and prevent risks. Can the blockchain become the underlying technology for a new generation of financial infrastructure?
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