People's Bank of China Digital Currency Research Institute: Blockchain is not yet suitable for high-concurrency scenarios such as traditional retail payments

On February 21, the Blockchain Research Group of the Digital Currency Research Institute of the People's Bank of China published an article "Development and Management of Blockchain Technology", which states that the blockchain comes at the cost of simultaneous storage and co-calculation of a large amount of redundant data. It sacrifices system processing efficiency and some customer privacy, and is not yet suitable for high-concurrency scenarios such as traditional retail payment; however, in areas that require higher levels of trusted information sharing and lower requirements for concurrency, such as transaction settlement, trade finance, Blockchain has been widely used for property rights transfer. In order to guide the healthy and orderly development of the blockchain industry, the article recommends: First, to eliminate fakes and store truth, "coin" and "chain" should not be confused; second, to promote pragmatically, and not to carry out image projects for the blockchain; Recognize the systematic, long-term, and complex characteristics of the application of blockchain technology. Fourth, we must first standardize and guide the orderly development of the blockchain industry.