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Blockchain signer
Publish: 2021-05-19 07:05:00
1. In many cases of blockchain commercial application, we can always see the word baas. Baas is the abbreviation of blockchain as a service, which is translated into "blockchain as a service" in Chinese. So what is blockchain as a service baas? With this question, we will follow Xiao Wang of Renren blockchain technology team to discuss it carefully
according to Xiao Wang, the concept of blockchain as a service (baas) is mainly proposed by Microsoft and IBM. To put it bluntly, it is actually a new type of cloud service, a cloud service combined with blockchain technology. For example, Microsoft's azure cloud computing platform and IBM's bluemix garage cloud platform all provide blockchain as a service baas
blockchain as a service (baas) is a space created by enterprises such as Microsoft and IBM from their own cloud service network to run a blockchain node. Compared with ordinary nodes and exchange nodes, the main purpose of baas nodes is to quickly establish the development environment they need, and provide a series of operation services based on blockchain, such as search query, transaction submission, data analysis, etc. these services can be centralized or decentralized to help developers verify their concepts and models faster. The service of baas node is reflected in: it is more instrumental and easy to create, deploy, run and monitor blockchain.
according to Xiao Wang, the concept of blockchain as a service (baas) is mainly proposed by Microsoft and IBM. To put it bluntly, it is actually a new type of cloud service, a cloud service combined with blockchain technology. For example, Microsoft's azure cloud computing platform and IBM's bluemix garage cloud platform all provide blockchain as a service baas
blockchain as a service (baas) is a space created by enterprises such as Microsoft and IBM from their own cloud service network to run a blockchain node. Compared with ordinary nodes and exchange nodes, the main purpose of baas nodes is to quickly establish the development environment they need, and provide a series of operation services based on blockchain, such as search query, transaction submission, data analysis, etc. these services can be centralized or decentralized to help developers verify their concepts and models faster. The service of baas node is reflected in: it is more instrumental and easy to create, deploy, run and monitor blockchain.
2. Basically, the principle is the same. Take baopin.com as an example, baopin.com's video blockchain authentication is actually DAPP. First, it takes a screenshot of the video's key frames per minute, then transcodes it into a string of unique numbers, and then uploads and records it into the Ethereum blockchain.
3. Since the blockchain upsurge in China, the whole instry has been exploring various landing scenarios. It can be said that there are so many blockchains, which have attracted countless entrepreneurs. So what are the advantages of blockchain in the supply chain finance? What are the pain points of the traditional model? What new business models can blockchain create to solve these problems? How should blockchain start-ups enter this field
Moody's, the world's famous bond rating agency, has given 127 blockchain cases, from points to transaction clearing, from document storage to supply chain management, from cross-border payment to supply chain finance, and various applications emerge in endlessly
among so many applications, supply chain finance has attracted much attention, and its commercialization has made rapid progress
this is because, first of all, the supply chain finance scene has a trillion level market scale, and the ceiling is high enough. Secondly, this scene naturally needs multi-party cooperation, but there is no traditional centralized institution in governance, and it needs to use blockchain to build trust. At the same time, technically, this scene does not need high concurrency, and the current blockchain technology can meet it
1. Supply chain finance is a trillion level market
supply chain finance refers to the comprehensive financial procts and services provided to the upstream and downstream enterprises in the supply chain by taking the core enterprises and their related upstream and downstream enterprises as a whole, relying on the core enterprises, taking real trade as the premise, and using the method of self compensating trade financing
according to the different financing collateral, financial institutions divide the supply chain finance into accounts receivable, prepayment and inventory financing, among which the scale of accounts receivable is particularly large< According to the data from the National Bureau of statistics, at the end of 2016, the accounts receivable of China's Instrial Enterprises above designated size were 12.6 trillion yuan, an increase of 10% over the same period of last year, which generated a huge financing demand for enterprises. Compared with the huge accounts receivable, China's annual commercial factoring volume was only about 200 billion yuan in 2015. It can be seen that there is still a large number of supply chain demand has not been met, so the development space of supply chain finance instry is huge
2. How to solve the pain point of supply chain finance with blockchain
pain point 1: the financing of small and medium-sized enterprises in the supply chain is difficult and the cost is high
because banks rely on the ability to control goods and regulate sales of core enterprises, for the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to primary suppliers) with direct accounts payable obligations of core enterprises, Or provide advance payment or inventory financing to its downstream distributors (primary suppliers)
as a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and SMEs can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system
blockchain solution:
we issue and run a kind of digital bill on the blockchain, which can be split and transferred freely in the case of transparency and multi-party witness
this model is equivalent to making the credit in the whole business system conctive and traceable, providing financing opportunities for a large number of SMEs that could not have been financed, greatly improving the efficiency and flexibility of bill circulation, and recing the capital cost of SMEs
according to statistics, in the past, traditional supply chain finance companies could only provide financing services for about 15% of suppliers (small and medium-sized enterprises) in the supply chain, while after adopting blockchain technology, 85% of suppliers could enjoy financing convenience
pain point 2: as the main financing tool of supply chain finance, the use of commercial bills and bank bills at this stage is limited, and the transfer is difficult
the use of commercial bills is subject to the reputation of enterprises, and it is difficult to control the arrival time of bank bill discount. At the same time, if we want to transfer these bonds, the difficulty is not small
because in the actual financial operation, banks are very concerned about the legal effect of "Notice of transfer" of accounts receivable claims. If the core enterprise cannot sign back, banks will not be willing to extend credit. It is understood that the bank is very cautious about the legal effect of signing the "Notice of assignment" of creditor's rights, and even requires the legal representative of the core enterprise to go to the bank to sign it face to face. Obviously, this way of operation is extremely difficult
blockchain solution:
an alliance chain can be built between banks and core enterprises, which can be used by all member enterprises in the supply chain. By using the characteristics of multi-party signature and tamper proof of blockchain, the transfer of creditor's rights can get multi-party consensus and rece the difficulty of operation
of course, the system design should be able to achieve the legal notice effect of bond transfer. At the same time, the bank can trace the transactions of each node and draw a visible transaction flow chart
pain point 3: it is difficult for the supply chain financial platform / core enterprise system to prove its innocence, resulting in high risk control cost of the capital side
in the current supply chain financial business, banks or other capital sides are concerned about the authenticity of the transaction information itself in addition to the repayment ability and willingness of the enterprise, and the transaction information is recorded by the ERP system of the core enterprise
although ERP tampering is difficult, it is not absolutely credible. Banks are still worried that core enterprises and suppliers / dealers collude to modify information, so they need to invest manpower and material resources to verify the authenticity of the transaction, which increases the additional cost of risk control
blockchain solution:
as a "trusted machine", blockchain has the characteristics of traceability, consensus and decentralization, and the data on the blockchain has a time stamp, so even if the data of a node is modified, it can not cover the sky. Therefore, blockchain can provide an absolutely trusted environment and rece the cost of risk control on the capital side, Solve the bank's doubts about being tampered with information
3. How should blockchain companies cut into supply chain finance
in terms of market choice, we believe that blockchain start-ups should choose the segments with high enough ceiling, such as household appliances, automobile, retail, clothing, pharmaceutical instry, etc. On the one hand, these instries have a broad market, on the other hand, their supply chain management infrastructure is relatively perfect, and the early cost of block chain is relatively small
we believe that there are two modes for blockchain companies to enter supply chain finance
the first is to directly cooperate with core enterprises / platforms to provide them with the underlying solutions of blockchain. After accumulating enough data, they can provide financial services to the investors by building alliance chain Alliance chain mode)
in view of the fact that the blockchain itself can not solve the problem of risk control, enterprise level risk control still needs to focus on strong core enterprises at the present stage. At the same time, obtaining the support of core enterprises can also effectively solve the problem of customer acquisition, because a large core enterprise generally has thousands of various suppliers
at present, domestic blockchain companies start from core enterprises, including Bubi and Wanglu technology. Bubi has launched an alliance chain "Bunuo" for supply chain finance, linking banks, core enterprises and factoring companies. Bunuo is based in Guangzhou and Shenzhen, radiating southeast business, and digging deep into the field of supply chain finance, Previously, it signed a strategic cooperation agreement with Yigang
the second mode is to provide supply chain management services, such as traceability, tracking, visualization, etc., to integrate information flow, logistics and capital flow, and then engage in financial services Private chain mode)
this mode is equivalent to building an application scenario with blockchain. Just like Alipay, if Ma Yun did Alipay directly, it would be difficult to do so because there was no application scenario, so Taobao first served the real economy. With Taobao, Alipay emerged as a centralization trust scenario and grafted other applications on Alipay before accomplishments.
at present, among the domestic blockchain companies, bitse and food premium are the ones that adopt the supply chain service mode
for example, vechain provides a method of anti-counterfeiting and traceability, by implanting an NFC chip into each commodity, registering the commodity on the blockchain, so that it has a digital identity, and then recording all the information of the digital identity through the account book maintained jointly, so as to achieve the verification effect. At present, vechain procts have been connected with more than 10 instry benchmark customers, and millions of IDS are running on the chain
4. Build a supply chain financial exchange in three steps
from the perspective of implementation path, the application of blockchain in the field of supply chain finance can be realized in three steps
as a prerequisite, we need to build a blockchain + supply chain finance alliance, whose participants include supply chain finance platform, core enterprises, professional financial intermediaries, financiers, factoring institutions, etc
each participant needs to undertake corresponding obligations. For example, the platform is responsible for providing basic services such as supply chain information and customer information, while the core enterprise understands the instry situation, has control over the enterprises in the supply chain, and is responsible for risk control
professional financial intermediaries can integrate and analyze the platform information, and provide customized supply chain financial procts, such as personalized blockchain electronic bills. The fund side includes banks, Internet financial institutions and other customers who are responsible for docking the corresponding risk preference
after the establishment of alliance chain, we can start the three-step strategy
the first step is to put the data in the supply chain alliance on the chain, use the characteristics of blockchain to make it tamperable, and provide services such as data authentication and traceability
the second step is asset digitization, which turns warehouse receipts, contracts, and blockchain bills that can represent financing needs into digital assets, which are unique, tamper proof, and non reprocible
the third step is the transaction of digital assets. The supply chain financial platform will be transformed into a financial asset exchange, which will transform the non-standard enterprise loan demand into standardized financial procts for token, docking investment and financing demand, and concting value trading
finally, blockchain technology will effectively enhance the liquidity of supply chain financial assets, mobilize new financing tools and risk control system, help cover the long tail market of SME financing, and promote supply chain finance as a service.
Moody's, the world's famous bond rating agency, has given 127 blockchain cases, from points to transaction clearing, from document storage to supply chain management, from cross-border payment to supply chain finance, and various applications emerge in endlessly
among so many applications, supply chain finance has attracted much attention, and its commercialization has made rapid progress
this is because, first of all, the supply chain finance scene has a trillion level market scale, and the ceiling is high enough. Secondly, this scene naturally needs multi-party cooperation, but there is no traditional centralized institution in governance, and it needs to use blockchain to build trust. At the same time, technically, this scene does not need high concurrency, and the current blockchain technology can meet it
1. Supply chain finance is a trillion level market
supply chain finance refers to the comprehensive financial procts and services provided to the upstream and downstream enterprises in the supply chain by taking the core enterprises and their related upstream and downstream enterprises as a whole, relying on the core enterprises, taking real trade as the premise, and using the method of self compensating trade financing
according to the different financing collateral, financial institutions divide the supply chain finance into accounts receivable, prepayment and inventory financing, among which the scale of accounts receivable is particularly large< According to the data from the National Bureau of statistics, at the end of 2016, the accounts receivable of China's Instrial Enterprises above designated size were 12.6 trillion yuan, an increase of 10% over the same period of last year, which generated a huge financing demand for enterprises. Compared with the huge accounts receivable, China's annual commercial factoring volume was only about 200 billion yuan in 2015. It can be seen that there is still a large number of supply chain demand has not been met, so the development space of supply chain finance instry is huge
2. How to solve the pain point of supply chain finance with blockchain
pain point 1: the financing of small and medium-sized enterprises in the supply chain is difficult and the cost is high
because banks rely on the ability to control goods and regulate sales of core enterprises, for the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to primary suppliers) with direct accounts payable obligations of core enterprises, Or provide advance payment or inventory financing to its downstream distributors (primary suppliers)
as a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and SMEs can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system
blockchain solution:
we issue and run a kind of digital bill on the blockchain, which can be split and transferred freely in the case of transparency and multi-party witness
this model is equivalent to making the credit in the whole business system conctive and traceable, providing financing opportunities for a large number of SMEs that could not have been financed, greatly improving the efficiency and flexibility of bill circulation, and recing the capital cost of SMEs
according to statistics, in the past, traditional supply chain finance companies could only provide financing services for about 15% of suppliers (small and medium-sized enterprises) in the supply chain, while after adopting blockchain technology, 85% of suppliers could enjoy financing convenience
pain point 2: as the main financing tool of supply chain finance, the use of commercial bills and bank bills at this stage is limited, and the transfer is difficult
the use of commercial bills is subject to the reputation of enterprises, and it is difficult to control the arrival time of bank bill discount. At the same time, if we want to transfer these bonds, the difficulty is not small
because in the actual financial operation, banks are very concerned about the legal effect of "Notice of transfer" of accounts receivable claims. If the core enterprise cannot sign back, banks will not be willing to extend credit. It is understood that the bank is very cautious about the legal effect of signing the "Notice of assignment" of creditor's rights, and even requires the legal representative of the core enterprise to go to the bank to sign it face to face. Obviously, this way of operation is extremely difficult
blockchain solution:
an alliance chain can be built between banks and core enterprises, which can be used by all member enterprises in the supply chain. By using the characteristics of multi-party signature and tamper proof of blockchain, the transfer of creditor's rights can get multi-party consensus and rece the difficulty of operation
of course, the system design should be able to achieve the legal notice effect of bond transfer. At the same time, the bank can trace the transactions of each node and draw a visible transaction flow chart
pain point 3: it is difficult for the supply chain financial platform / core enterprise system to prove its innocence, resulting in high risk control cost of the capital side
in the current supply chain financial business, banks or other capital sides are concerned about the authenticity of the transaction information itself in addition to the repayment ability and willingness of the enterprise, and the transaction information is recorded by the ERP system of the core enterprise
although ERP tampering is difficult, it is not absolutely credible. Banks are still worried that core enterprises and suppliers / dealers collude to modify information, so they need to invest manpower and material resources to verify the authenticity of the transaction, which increases the additional cost of risk control
blockchain solution:
as a "trusted machine", blockchain has the characteristics of traceability, consensus and decentralization, and the data on the blockchain has a time stamp, so even if the data of a node is modified, it can not cover the sky. Therefore, blockchain can provide an absolutely trusted environment and rece the cost of risk control on the capital side, Solve the bank's doubts about being tampered with information
3. How should blockchain companies cut into supply chain finance
in terms of market choice, we believe that blockchain start-ups should choose the segments with high enough ceiling, such as household appliances, automobile, retail, clothing, pharmaceutical instry, etc. On the one hand, these instries have a broad market, on the other hand, their supply chain management infrastructure is relatively perfect, and the early cost of block chain is relatively small
we believe that there are two modes for blockchain companies to enter supply chain finance
the first is to directly cooperate with core enterprises / platforms to provide them with the underlying solutions of blockchain. After accumulating enough data, they can provide financial services to the investors by building alliance chain Alliance chain mode)
in view of the fact that the blockchain itself can not solve the problem of risk control, enterprise level risk control still needs to focus on strong core enterprises at the present stage. At the same time, obtaining the support of core enterprises can also effectively solve the problem of customer acquisition, because a large core enterprise generally has thousands of various suppliers
at present, domestic blockchain companies start from core enterprises, including Bubi and Wanglu technology. Bubi has launched an alliance chain "Bunuo" for supply chain finance, linking banks, core enterprises and factoring companies. Bunuo is based in Guangzhou and Shenzhen, radiating southeast business, and digging deep into the field of supply chain finance, Previously, it signed a strategic cooperation agreement with Yigang
the second mode is to provide supply chain management services, such as traceability, tracking, visualization, etc., to integrate information flow, logistics and capital flow, and then engage in financial services Private chain mode)
this mode is equivalent to building an application scenario with blockchain. Just like Alipay, if Ma Yun did Alipay directly, it would be difficult to do so because there was no application scenario, so Taobao first served the real economy. With Taobao, Alipay emerged as a centralization trust scenario and grafted other applications on Alipay before accomplishments.
at present, among the domestic blockchain companies, bitse and food premium are the ones that adopt the supply chain service mode
for example, vechain provides a method of anti-counterfeiting and traceability, by implanting an NFC chip into each commodity, registering the commodity on the blockchain, so that it has a digital identity, and then recording all the information of the digital identity through the account book maintained jointly, so as to achieve the verification effect. At present, vechain procts have been connected with more than 10 instry benchmark customers, and millions of IDS are running on the chain
4. Build a supply chain financial exchange in three steps
from the perspective of implementation path, the application of blockchain in the field of supply chain finance can be realized in three steps
as a prerequisite, we need to build a blockchain + supply chain finance alliance, whose participants include supply chain finance platform, core enterprises, professional financial intermediaries, financiers, factoring institutions, etc
each participant needs to undertake corresponding obligations. For example, the platform is responsible for providing basic services such as supply chain information and customer information, while the core enterprise understands the instry situation, has control over the enterprises in the supply chain, and is responsible for risk control
professional financial intermediaries can integrate and analyze the platform information, and provide customized supply chain financial procts, such as personalized blockchain electronic bills. The fund side includes banks, Internet financial institutions and other customers who are responsible for docking the corresponding risk preference
after the establishment of alliance chain, we can start the three-step strategy
the first step is to put the data in the supply chain alliance on the chain, use the characteristics of blockchain to make it tamperable, and provide services such as data authentication and traceability
the second step is asset digitization, which turns warehouse receipts, contracts, and blockchain bills that can represent financing needs into digital assets, which are unique, tamper proof, and non reprocible
the third step is the transaction of digital assets. The supply chain financial platform will be transformed into a financial asset exchange, which will transform the non-standard enterprise loan demand into standardized financial procts for token, docking investment and financing demand, and concting value trading
finally, blockchain technology will effectively enhance the liquidity of supply chain financial assets, mobilize new financing tools and risk control system, help cover the long tail market of SME financing, and promote supply chain finance as a service.
4.
in the distributed network of blockchain, the communication and trust between nodes need to rely on digital signature technology, which mainly realizes the identity confirmation and information authenticity and integrity verification
digital signature
digital signature (also known as public key digital signature, electronic signature) is a kind of common physical signature written on paper, but it uses the technology in the field of public key encryption to identify digital information. A digital signature usually defines two complementary operations, one for signature and the other for verification. Only the sender of information can proce a digital string which can not be forged by others. This digital string is also an effective proof of the authenticity of the information sent by the sender. Simply prove that "I am who I am."
5. Master yuan, the father of Xia Zongchang and Yuan Shaoyun, invited master Daonan to send a female cotton demon in front of him to lure him to live, suck his essence Yang, and he was found out; He also manipulated clay figurines and paper men with magic to kill and defeat them. Yu Sheng finds master Daonan and subes him. When he learns the truth, he vows to fight to death to defeat yuan Shaoyun.
6. 1> If you have more wuxingshi, you can make money by natural synthesis of high-grade wuxingshi (the unit price of grade 6 is between 600-700g, which may be different in different areas), consume less energy, and the demand is stable< br />2> If you don't have a lot of Wuxing stones on hand, the new version of mining is OK for the time being. Zhenshan iron mine and Yutong copper mine are in demand for 80-90 forging and punching skills, as well as ingots for advanced equipment forging and enchanting. The price of each ingot is 700-900g. However, a single 90 mining specialization consumes 40 physical strength and proces 2-4 ingots each time, so it consumes a lot of physical strength. Later mining is certainly not as stable as wuxingshi market
it is suggested to find a guild to mine in zhurongshan regularly, but don't forget to leave some physical strength value to reset the .
it is suggested to find a guild to mine in zhurongshan regularly, but don't forget to leave some physical strength value to reset the .
7. [verify signature]
jump out of the verification interface, click the return button in the upper left corner, and then upgrade to the latest version to refresh the node. Or uninstall again and restore the account with mnemonics Refresh node] in free communication, the + sign in the upper right corner, "node detection & quot;
jump out of the verification interface, click the return button in the upper left corner, and then upgrade to the latest version to refresh the node. Or uninstall again and restore the account with mnemonics Refresh node] in free communication, the + sign in the upper right corner, "node detection & quot;
8.
E sign treasure. The e-signature market has been deeply cultivated for many years, and e-signature has obvious advantages
In the interview, Jin Hongzhou, CEO of e-sign-a-treasure, said that by October of 2017, e-sign-a-treasure had gained 400000 enterprise users and 60 million + indivial users, with more than 1 billion signatures and seals in total, and it is expected to reach break even in 2017 In addition, e-signbo has 52 rights and 16 invention patents, participated in the formulation of a number of national and local instry standards, and obtained the most complete professional qualification recognition from the Ministry of public security, the State Secrets Bureau, the court, the Arbitration Commission, the notary office and other departments
market level, e signed the treasure to build a direct selling team. The business expansion mode is mainly based on the large business customers, opening up Alipay, Vanke and other head customers. In addition, on the basis of the existing application scenarios, e signed treasure is also constantly looking for new social application based service scenarios, striving to e signing electronic signatures, electronic contracts, Electronic data storage and other technologies are rooted in the business of various instries
up to now, e-signbo has formed three proct lines, which are electronic signature proct line, blockchain electronic data storage proct line and electronic contract proct line, and provides value-added legal services based on these three procts< br />
9. First, you need to understand what "private key" and "public key" are and how they work
in order to ensure the data security of users, the blockchain system is implemented through a cryptographic algorithm. Specifically, it is implemented through a public cryptographic algorithm mechanism. We all know how a cryptographic algorithm can have a secret key, and the public secret key algorithm is a pair of (that is, two) secret keys, just like tiger amulet, which are used together. One is called public key, which can be disclosed to others. The private key should be kept by itself. In the blockchain system, the public key is used to identify the identity, and the private key is equivalent to the key to decrypt. But the difference is that a public key is only for a unique private key, that is to say, if you forget the private key, it will not be retrieved for you, In the blockchain system, it will not help you retrieve the private key, so you should keep the private key properly
in the blockchain system structure, the data encrypted with public key must be decrypted with the corresponding private key, while the data encrypted with private key
must be decrypted with the corresponding public key, so the data encrypted with private key (usually called "signature") must be decrypted with the corresponding public key, which can play a great role
for a simple example, if Zhang San wants to send a check to Li Si, how can it be sent? In the past, it would be taken by the bookkeeper, so Zhang San thought of a way. He encrypted the check with Li Si's public key, and then signed his name (signed with his private key). At this time, other people would not use it even if they got the check, because only Li Si had his private key, That is, only Li Si can use this check. This function design is called "script system" in the blockchain system
therefore, the private key encrypted by the blockchain digital signature cannot be decrypted by the original encrypted private key, but must be decrypted by the corresponding public key.
in order to ensure the data security of users, the blockchain system is implemented through a cryptographic algorithm. Specifically, it is implemented through a public cryptographic algorithm mechanism. We all know how a cryptographic algorithm can have a secret key, and the public secret key algorithm is a pair of (that is, two) secret keys, just like tiger amulet, which are used together. One is called public key, which can be disclosed to others. The private key should be kept by itself. In the blockchain system, the public key is used to identify the identity, and the private key is equivalent to the key to decrypt. But the difference is that a public key is only for a unique private key, that is to say, if you forget the private key, it will not be retrieved for you, In the blockchain system, it will not help you retrieve the private key, so you should keep the private key properly
in the blockchain system structure, the data encrypted with public key must be decrypted with the corresponding private key, while the data encrypted with private key
must be decrypted with the corresponding public key, so the data encrypted with private key (usually called "signature") must be decrypted with the corresponding public key, which can play a great role
for a simple example, if Zhang San wants to send a check to Li Si, how can it be sent? In the past, it would be taken by the bookkeeper, so Zhang San thought of a way. He encrypted the check with Li Si's public key, and then signed his name (signed with his private key). At this time, other people would not use it even if they got the check, because only Li Si had his private key, That is, only Li Si can use this check. This function design is called "script system" in the blockchain system
therefore, the private key encrypted by the blockchain digital signature cannot be decrypted by the original encrypted private key, but must be decrypted by the corresponding public key.
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