Application and development of blockchain in North America
1. Germination stage: the real germination stage of blockchain was from 2007 to 2009. In 2008, a Japanese American with the pseudonym of Nakamoto first expounded a new fantasy report on electronic money in the form of a synonym on the cryptography discussion group, and bitcoin came out. As early as 2007, Nakamoto began to explore a series of new technologies to create a new currency. On October 31, 2008, bitcoin white paper was released, and on January 3, 2009, bitcoin system officially began to operate
the main technologies supporting bitcoin system include hash function, distributed ledger, blockchain and asymmetric encryption; It can be seen that these technologies build the initial version of the blockchain, and it can also be said that the blockchain is the underlying technology of bitcoin. During the three years from 2007 to 2009, bitcoin was an experimental stage in which a very small number of people participated, and the real commercial activities had not really started
2. "Geek" niche stage: here, "geek" refers to people who are crazy about Internet technology and take technological innovation as fashion and life. On February 6, 2010, the first exchange of bitcoin appeared. On May 22 of the same year, someone bought two hamburgers with 10000 bitcoins. On July 17 of the same year, the exchange Mt. GOx was established, marking the official inflow of bitcoin into the market. Nevertheless, the only people who can really understand and enter the market to participate in bitcoin trading are geeks who are keen on Internet technology. They discuss bitcoin technology on the forum, mine for bitcoin on their own computers, and then buy and sell bitcoin on Mt. GOx. Now these geeks have become billionaires
3. Market brewing stage: the price of bitcoin was $13 at the beginning of 2013, but on March 18 of the same year, the government of Cyprus closed the bank and stock market e to the financial crisis, which made the price of bitcoin soar, and the highest price rose to $266 in April. On August 20 of the same year, the German government confirmed the currency status of bitcoin. On October 14, China network announced the opening of bitcoin payment channel. In November, the US Senate hearing also confirmed the legitimacy of bitcoin. On November 19, the price of bitcoin rose to US $1242, forming a new high. Nevertheless, the foundation for blockchain to enter the mainstream social economy is not yet available, and the soaring price of bitcoin is only e to over optimistic expectations. The containment of China's banking system, the collapse of Mt. GOx and other events made the price of bitcoin continue to fall. At the beginning of 2015, the price of bitcoin has dropped below $200. From 2013 to the beginning of 2015, the public began to understand bitcoin and blockchain
4. The mainstream period of blockchain: on June 23, 2016, the United Kingdom left the European Union, the fifth nuclear test of North Korea in September, Trump's election in November and other events, the uncertainty of the world's mainstream economy led to the recovery of bitcoin with the function of risk aversion. The market demand was large, and the increase of trading volume made the price of bitcoin soar from $400 in 2016 to $20000 in 2017, The wealth effect of bitcoin and the transaction overflow caused by network congestion of bitcoin have led to the outbreak of other series of virtual currencies, as well as a variety of blockchain applications, resulting in the emergence of a large number of blockchain assets that are 100 times, even 1000 times and 10000 times, which has aroused the crazy pursuit of the world, Subsequently, the Chicago Mercantile Exchange launched bitcoin futures trading, marking that bitcoin has officially entered the mainstream investment proct series, and bitcoin and blockchain have entered the global attention
5. Instry landing stage: after the market frenzy in 2017, the virtual currency and blockchain have been adjusted in terms of market, supervision, cognition, etc. in 2018, returning to rationality. In 2017, many blockchain projects that follow the blockchain technology will graally die out with the cooling of the market, and the projects with real blockchain applications will be initially implemented. 2018 is not only the first year of the blockchain, but also a gold rush period for the blockchain. After the waves wash away the sand, what remains is relatively good gold
from the perspective of the history of blockchain development, blockchain technology is not yet mature and is currently in the growth period. The specific practical application of blockchain is only used in the financial field. It still needs a long way to go to apply blockchain from other instries. However, we should grasp the trend of blockchain and actively learn from the new field of blockchain.
Blockchain classification:
1 private chain
refers to the blockchain with certain centralized control. Only the general ledger technology of blockchain is used for bookkeeping. It can be a company or an indivial who enjoys the exclusive write permission of the blockchain. This blockchain is not very different from other distributed storage schemes. The participating nodes are only users themselves, and the access and use of data have strict authority management. Due to the existence of centralized control, alliance chain can also be considered as a private chain
features: because the user has the final say, the data inside can not be changed, and there is not much protection for the third party. Generally used for internal audit. The vice president of fire coin technology believes: there are indeed a large number of scenarios in the private chain that can meet the needs of the real world. Limited decentralization makes it easier to reach a consensus, which can make the transaction faster and more efficient, and can provide more controlled functions. Decentralization is the core value of blockchain technology. If the private chain can not make full use of the decentralized trust base constructed by the public chain in practice, its development space will be limited
2public chain
public blockchain is the earliest blockchain and the most widely used one at present. It refers to a completely decentralized blockchain like bitcoin blockchain, which is not controlled by any organization. Any indivial or group in the world can send a transaction, and the transaction can be effectively confirmed by the blockchain, and anyone can participate in the consensus process. Participants in the consensus process maintain database security through cryptography and built-in economic incentives
features: completely open, uncontrolled, rely on encryption technology to ensure security
3 alliance chain
multiple preselected nodes are designated as bookkeepers within a certain group. The generation of each block is jointly determined by all preselected nodes. Other access nodes can participate in the transaction, but not the bookkeeping process (in essence, it's still managed bookkeeping, but it's just distributed bookkeeping. How many preselected nodes are there, How to decide the bookkeeper of each block becomes the main risk point of the blockchain). Anyone else can make limited query through the open API of the blockchain
the nodes participating in the blockchain are selected in advance, and the nodes are likely to have good network connections. Other consensus algorithms without workload proof can be used on such a blockchain. For example, a blockchain has been established among 100 financial institutions, and more than 67 institutions must agree to reach a consensus
Prospect:
the development of blockchain technology has also brought changes in the operation concepts of various instries. New technologies and new concepts have promoted the new development of various instries. This driving force has a huge impact on society and the promotion of economic activities. Many new instrial phenomena will occur one after another, and the public will wait and see, It is expected that this new technology will be used by all instries and benefit all instries better
driven by policy and market, China's blockchain related instries are expected to move from virtual to real
in the context of rapid development of blockchain, China should comply with the needs of globalization, keep up with the international pace, and actively promote the research, standardization and instrialization development of domestic blockchain related fields. Compared with the increasingly stringent supervision of bitcoin and other digital currencies, the support and encouragement of blockchain technology has reached a consensus in the world, and the domestic blockchain technology will also receive national and local policy support in the next few years. Driven by policy and market, blockchain related instries are expected to move from virtual to real, and blockchain technology will accelerate the exploration of possible application scenarios< According to the data of the "in depth analysis report on business model innovation and investment opportunities of blockchain instry" released by foresight Instry Research Institute, the global blockchain market scale is expected to increase from US $411.5 million in 2017 to US $7683.7 million in 2022, with a compound annual growth rate of 79.6%. In view of the wide application range of distributed ledger, the rising market value of cryptocurrency, the strong demand for improving transparency, security, efficiency and simplifying process, and the popularity of blockchain as a service (
baas), the blockchain market will expand rapidly. In addition, communication services, international trade, supply chain management, programming platform, payment, smart contract, digital authentication and so on are also in urgent need of blockchain technology, which will create a lot of growth opportunities
as an integrated application of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other technologies, blockchain has become a research hotspot of the United Nations, the International Monetary Fund and other international organizations as well as many national governments in recent years, and the instry has also increased investment. At present, the application of blockchain has extended to the Internet of things, intelligent manufacturing, supply chain management, digital asset trading and other fields, which will bring new opportunities for the development of cloud computing, big data, mobile Internet and other new generation information technology, and have the ability to trigger a new round of technological innovation and instrial change
by 2022, the payment sector may occupy the largest share of the blockchain market
relying on blockchain technology, real-time payment of assets can be realized, which not only has the characteristics of tamper proof and digital authentication, but also can greatly save the cost of settlement for financial institutions and banks. In addition, blockchain makes payment automation possible, eliminates the need for middlemen, and saves labor costs and time for buyers and sellers. Thanks to the above advantages, it is expected that the payment sector will be the heaviest one in the whole blockchain market
the fastest growing region will be the Asia Pacific region.
blockchain service providers in the Asia Pacific region are good at designing and developing cryptocurrency platforms with friendly interface, cost saving and high speed, and extending the application of blockchain in many instries. Both large enterprises and small and medium-sized enterprises are actively seeking risk financing, investing in and developing the most cutting-edge blockchain technology. In addition, the real estate instry of some countries in the Asia Pacific region is expected to rapidly transform from translucency to full transparency, which also helps to enhance the development prospects of blockchain in the Asia Pacific region.
"the times 03 / Jan / 2009 Chancellor on brink of second low for banks (on January 3, 2009, the chancellor of the exchequer was on the verge of implementing the second round of bank emergency assistance)."
at that time, the British Chancellor of the exchequer, darling, was forced to consider a second attempt to relieve the banking crisis, which was the headline of the front page article of the times that day
the time stamp service and existence proof of blockchain, the time generated by the first blockchain and the events that happened at that time are permanently preserved
BTCC, a bitcoin company, launched a service "Millennium chain" in 2015, namely blockchain lettering service, which is based on the above principles. Users can use this service to engrave text on the blockchain and save it permanently
bitcoin, Ruitai coin, Laite coin, dogcoin, Ethereum and other digital currencies will use blockchain technology.
I. blockchain 1.0 cryptocurrency era (2008-2013)
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in 2008, Nakamoto first proposed the concepts of bitcoin and blockchain, and then in January 2009, the first blockchain came out. At this stage, people pay more attention to the transaction of cryptocurrency, and blockchain is only used as the underlying technology to act as a "public account book"< br />
2. Blockchain 2.0 smart contract era (2014-2017)
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in 2014, & quot; Blockchain 2.0 "has become the pronoun of decentralized blockchain database. At this stage, people mainly focus on the application of the platform. Anyone can upload and execute the smart contract on the blockchain, and will be rewarded automatically after the execution. Because this transaction process does not need any intermediary, so people's privacy has been greatly protected< br />
III. blockchain 3.0 large scale application era (2018 -)
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at this stage, people begin to build a completely decentralized data network, and the application of blockchain technology is no longer limited to the economic field, but expanded to the fields of art, law, real estate, hospital, human resources and so on.
The application prospects of blockchain are mainly in the fields of finance, Internet of things and logistics, public services, digital rights and insurance
1. Blockchain has great potential applications in international exchange, letter of credit, equity registration, stock exchange and other financial fields. The application of blockchain technology in the financial instry can eliminate the third-party intermediary link and realize the point-to-point direct docking
2. Blockchain can also be naturally combined in the field of Internet of things and logistics, which is considered as a promising application direction of blockchain. The establishment of credit resources in the blockchain can double improve the security of transactions and improve the convenience of Internet of things transactions. It can save time and cost for the application of intelligent logistics mode
3. Blockchain is closely related to people's proction and life in public management, energy, transportation and other fields. The decentralized and fully distributed DNS service provided by blockchain can realize the query and resolution of domain name through the point-to-point data transmission service between nodes in the network
4. Through blockchain technology, works can be authenticated to prove the existence of text, video, audio and other works and ensure the authenticity and uniqueness of ownership. After the works are confirmed on the blockchain, the subsequent transactions will be recorded in real time to realize the full life cycle management of digital rights, and can also be used as a technical guarantee in judicial evidence collection
5. In terms of insurance claims, insurance institutions are responsible for fund collection, investment and claims settlement, and often have higher management and operation costs. Through the application of smart contract, there is no need for the applicant to apply or the insurance company to approve. As long as the claim conditions are triggered, the automatic claim settlement of the policy can be realized
extended data:
the core technology of blockchain
1. Consensus mechanism, through the voting of special nodes, completes the verification and confirmation of transactions in a very short time; For a transaction, if several nodes with unrelated interests can reach a consensus, it can be considered that the whole network can also reach a consensus. The goal of blockchain consensus mechanism is to make all honest nodes keep consistent blockchain views
2. Asymmetric encryption requires two keys for encryption and decryption, which are public key and private key. The public key corresponds to the private key. The public key is used in the process of data encryption, and only the corresponding private key can be used to decrypt; On the contrary, the private key is used to encrypt the data, and only the corresponding public key can be used to decrypt the data
Blockchain instry development trend analysis technology has broad application prospects
with the characteristics of point-to-point payment, openness and transparency, the most direct application field of blockchain technology application is payment field. However, there are many pain points in domestic ticketing instry, such as too many agent levels, rampant scalpers, selling more than one ticket, fake tickets, lack of credit, etc, It can be solved by blockchain technology. The traditional ticketing mode needs the support of centralized facilities such as the third-party ticketing platform, and the information is extremely asymmetric. The new ticketing mode based on blockchain technology can realize point-to-point transaction, and the whole process is transparent and traceable
blockchain e-ticketing platform
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data source: the financial field of blockchain + application sorted out by prospective instry research institute is reshaping the financial instry pattern
the open and tamperable attribute of blockchain technology provides the possibility for decentralized trust mechanism,
has the potential to change the financial infrastructure. All kinds of financial assets, such as equity, bonds, bills, warehouse receipts, fund shares, etc., can be integrated into the blockchain ledger to become digital assets on the blockchain. They can be stored, transferred and traded on the blockchain, which makes them have a very broad application prospect in the financial field
by recing the cost of cross-border payment, securities trading and compliance, blockchain technology can save banks $15 billion to $20 billion a year
through the application of intelligent contract, blockchain + insurance can realize automatic claim settlement of insurance policy. Insurance institutions have high management and operation costs, and the data on the blockchain is true and reliable, which can effectively simplify the processing process of policy claims. In addition, the blockchain technology can realize the digital management of personal data, simplify information authentication, and help to trace the history of data
entertainment of blockchain + application: the development ecology of blockchain has taken shape, and the media instry may become the main beneficiary
blockchain technology can be widely used in news, games, picture right and other entertainment fields
blockchain technology will bring great changes to the underlying structure of the game and have a great impact on the current game instry. Gamers now have gatekeepers (centralized organizations) to decide prices, tax, censor users, control content, and profit from data. Through the decentralized platform, consumers can socialize and trade without mediation, providing more control and flexibility for game players in the game experience
blockchain + applied supply chain: it can improve the transparency of the supply chain, establish a new supply chain system
blockchain technology can improve the transparency, traceability and security of the supply chain, and promote a kind of trust and integrity. 1) At present, the supply chain has many disadvantages, such as long chain, many intermediate links, many interest joints, opaque and so on; 2)
the distributed bookkeeping technology of blockchain can register the transfer of goods on the ledger as a transaction, and determine the participants related to the proction chain management, as well as the proct price, date and location
In 2014, Barry Silbert, founder of secondmarket, separated the bitcoin investment fund from the original company and established grayscale investments
in 2015, gray investment company was merged into the newly established digital currency group (DCG). DCG is not only focused on digital currency and blockchain investment, but also an incubator for start-ups. In addition to gray investment company, DCG also has two subsidiaries, namely, genesis, a cryptocurrency OTC broker, coindesk, a blockchain news and information website, and more than 150 other blockchain companies / projects invested
after years of development, gray investment company has become the largest cryptocurrency asset management company in the world, and its cryptocurrency trust scale has reached US $2.58 billion
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extended information:
in 2013, Barry Silbert, the founder, convinced the board of directors of secondmarket company to set up a bitcoin investment fund called bitcoin investment trust, which is the predecessor of gray scale bitcoin trust. It was not until September 2017 that gray investment's bitcoin trust fund began to grow explosively
it has become the largest bitcoin investment trust in the world, with more than 408500 bitcoins, nearly 2% of the total. In addition to bitcoin trust funds, gray investment company also launched BCH, ETH, etc, horizon, LTC, XLM, XRP and Zec trust funds, as well as grayscale digital large capital fund with mainstream currencies. Gray investment company's cryptocurrency trust procts provide convenience for institutional users to purchase cryptocurrency
The sudden epidemic situation has pressed the "pause" button for many instries, but science and technology is the most effective means to fight against disasters. Blockchain technology has realized the combination with finance, logistics, supply chain, government affairs, public welfare, urban management and other application fields. At the same time, e to the imperfect development of technology, the role of blockchain in the prevention and control of the epidemic is very limited, so we need to explore deeper scenario applications
from the survey data, the main application directions of instrial blockchain in the post epidemic period include: traceability, financial (including insurance) supervision, collaborative sharing. Deposit certificate, digitization, credit investigation, digital asset transaction, etc
in the main application direction of instrial blockchain in the post epidemic period, more than 70% of enterprises choose traceability and financial (including insurance) supervision, in addition to collaborative sharing and certificate deposit. Digital also has more than 60% of the enterprise choice, compared with the low choice rate of credit reference and digital asset transaction, in which the choice rate of digital asset transaction is less than 50%, only 48%
to avoid risks and promote the healthy development of instrial blockchain
as an emerging technology development direction and instrial development field, blockchain has been widely concerned. The application of instrial blockchain is accelerating, which is mainly reflected in two aspects:
first, in the past, open source systems were represented in technology, and most of them were open source projects oriented to consumers, but now many projects oriented to instry and enterprise characteristics have been added; At the same time, more and more enterprises such as Internet giants and high-tech enterprises begin to enter this field, indicating that the era of instrial blockchain has come
secondly, the emergence of blockchain reces the threshold of trust and the cost of realization, enabling some financial and trade scenarios that could not be realized before to be realized. In this way, some new financial forms can be derived, providing more space for financial innovation
although the application of instrial blockchain is speeding up, it is still in an early stage of development. This is mainly reflected in the fact that blockchain technology alone can not fully solve the trust problems and information island problems between entities, and the emergence of blockchain technology also puts forward new problems for the current law and regulation
because of its decentralized and difficult to tamper with characteristics, blockchain has become a comprehensive subject driven by technology and deeply affecting economy, finance, society, organizational form and governance. In addition, blockchain technology is not yet fully mature in system stability, application security, business model and other aspects, which puts forward requirements for privacy protection and storage capacity of data on the chain
it should be noted that the current blockchain instry has been involved in many technical fields such as it, communication, security, cryptography and so on. What it needs is a kind of compound talents, which poses new challenges to personnel training and school ecation
the short-term impact of blockchain should be treated calmly to avoid overestimation. At the same time, it is necessary to further strengthen laws and regulations and supervision to avoid the possible risks of blockchain technology, so as to promote the healthy development of instrial blockchain
- for more data sources and analysis, please refer to the analysis report on China's blockchain instry market outlook and investment strategic planning of foresight Instry Research Institute