Introduction: The emergence of technological revolutions such as smartphones and cloud computing has changed many industries. The first to bear the brunt of these revolutions is the technology industry itself. The same is true for blockchain, and as blockchain technology becomes more widely used, it will once again transform many industries.
Until now, the blockchain has only changed our thinking in most cases, and we don’t even know what problems the blockchain can solve, let alone find the answer to the problem. Now, the concept of blockchain has been gradually integrated into peoples thinking, and it is necessary to consider what problems the blockchain can solve in the future. The Maoqiu Technology Research Department will take everyone to find out the influencing factors and answers that affect blockchain technology.
Is blockchain brewing a technology-driven global business and socio-economic revolution? This question has been lingering in our minds, just like the Internet at the beginning, we didnt know it would have such a big impact, from the initial doubts to the final compromise, so that we cannot do without him now.
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Blockchain, the emergence of a disruptor
As a technology, blockchain, if added to the existing technology mix, could cause ripple effects throughout the global economic system across business models, business processes, supply chains and customer relationships. That is to say, like 3D printing, the sharing economy and the Internet of Things, the blockchain is also expected to promote the development of the current technological revolution to a higher level, causing explosive critical reactions.
According to statistics, in the past 5 years, the blockchain has launched a wide range of pilot projects in different fields such as financial services, energy, agriculture and the Internet of Things, and the blockchain has grown from an obscure concept technology to more than 1.1 billion US dollars venture capital.
The development speed of the blockchain is faster than we expected. Maybe we don’t feel it yet, but if we think that it is still far away from us and think that thinking about these issues is a bit worrying, then this kind of thinking is very dangerous.
Although the early blockchain focus was on the financial industry and existed in response to Bitcoin, banks, traders, exchanges, and regulators participated in many pilot projects and launched multiple industry consortia to study the area. Uses of the blockchain, such as autonomous agricultural sensors controlling water flow in fields, providing automated ordering of detergent for connected washing machines. …
All in all, blockchain is capturing the imaginations of technology developers and corporate executives alike. With different periods of blockchain development, it will have different impacts on different industries, and this process will also be accompanied by different opportunities and risks. These risks may interfere with existing business models and operations, and may also have an impact on taxation, laws and policies.
Of course, with risks often come opportunities. As EY Global Leader Gregory Cudahy saidWhen some disruptive technologies appear, you must be clear about your goals. With the transformation and transformation of the industry, the outlet cannot always be there, and it is very important to be clear about your ultimate goals.
At the same time, according to the survey of EY Company, the critical scale of the blockchain application and financial service technology industry is expected to reach within 3-5 years, and other industries will gradually follow. However, Angus Champion, head of financial services blockchain and distributed infrastructure strategy at Ernst Young LLP, pointed out: The development of blockchain is faster than we expected, and if you think that the impact on your industry is still far away , which would be a more dangerous idea.
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Blockchain could have an existential impact on companies in many tech sectors
If blockchain technology disrupts an industry, the company must face the problem of business restructuring. Especially for technology veteran companies, it is necessary to consider how to add value in blockchain-based industry solutions to meet new development needs.
Companies that are in the business of technology solutions should be the hardest hit by the technology wave, whether its financial services, energy, healthcare or agriculture. Blockchain technology makes new business models and simplified business processes possible. If the blockchain develops as expected, customers of technology companies will consider blockchain-based technical solutions to replace existing solutions. plan.
For example, if the blockchain can really prove to reduce costs and increase the trust of financial transactions, then financial companies will definitely replace the existing transaction processing technology and quickly migrate to the blockchain.
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How Blockchain Distributes, Secures, and Automates Trust
Blockchain can create anonymous peer-to-peer trust, and can also provide a low-cost computing method. With the help of blockchain, devices can communicate with each other securely on a peer-to-peer basis network to manage large and complex networks, rather than through Build expensive data centers to process and store data loads.
Through this distributed cloud approach to process and store data loads,The cost is 90%-95% cheaper than that of the data center,Especially with the rise of the Internet of Things, there will be billions of high-performance computers distributed all over the world. Using blockchain to link these computers into a huge distributed network, if successful, will be a huge achievement of blockchain technology .
IBM Vice President Brody once saidIoT and blockchain technology are made for each other.Blockchain security, tamper-proof digital record technology and smart contracts may have a significant impact on the development of the IoT ecosystem, as the attributes of the blockchain match the IoT, and thus may become the underlying infrastructure of many IoT networks .
There may be thousands, millions, or even billions of small devices in the Internet of Things, and valuable data is distributed among them, so the security issue is an issue that the Internet of Things must pay attention to. IoT also faces management challenges in coordinating and acting on information generated by the network, and accounting challenges in determining and sharing the value created by network participants. These problems and challenges require elements such as blockchain trust, security, and smart contracts to be resolved.
So how can the blockchain solve these problems and challenges of the Internet of Things? Maoqiu Technology believes that we should start with how the blockchain distributes, protects and automates trust.
A blockchain is essentially a public or private distributed database that contains a record of every transaction made between participants in a given network, encrypted into time-stamped blocks by a cryptographic hash function. The hash result of each block is a unique identifier and is incorporated into the next block for integrity verification.
The blockchain further protects data integrity by distributing a complete copy of the database to each participant, and modifications must be approved by a majority of participants.
Blockchain hash functions coupled with multi-party consensus are a powerful new way to keep information safe. Brody once said, Blockchain changes network security from relying on one person to relying on many people, and a large number of people are more trustworthy than any one person.
One thing that needs to be mentioned is the smart contract technology of the blockchain.
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The current blockchain is still in the early stage of exploration. In the future, the blockchain and its related applications will show explosive growth, and after interacting with other technologies, it will change the existing business model and contextualized applications.
References:
References:
1. Wang Xiaodan. Looking at the Future of Blockchain from the Perspective of Enterprises
2. Chen Xiuhui. Will the future of blockchain be the next Internet?
3. Dong Jing. Debating Blockchain
