Comment: Developing blockchain technology is both positive and secure

Source: People's Daily Overseas Edition (November 12, 2019, 05th Edition)

Author: Dong Ximiao (The author is principal investigator of the new network bank, principal investigator of Zhongguancun Internet Finance Research Center)

On the afternoon of October 24th, the Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development, and the blockchain technology was once again eagerly aroused by the whole society. For blockchain technology, we should adhere to a scientific attitude. On the one hand, we should strengthen research and actively develop, so that blockchain technology can better empower the real economy; on the other hand, we must maintain rationality, eliminate speculation, and guard against blockchain. The banner carries out various frauds. In short, the blockchain should be objective and rational, neither overestimating the current blockchain technology nor underestimating the future of blockchain technology.

Based on historical perspectives, blockchain technology has been in development for more than a decade. In January 2009, the blockchain was proposed by Nakamoto Satoshi, and it basically went through three stages of development.

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The first phase is the virtual currency phase. Virtual currency has the advantages of fixed circulation, free circulation, decentralization, etc., so there have been many types of virtual currency in the world. This is the main application area of ​​blockchain technology in the past.

The second phase is the financial application phase. Due to the characteristics of the technology itself, the blockchain has significant advantages in the registration, payment settlement, exchange and transmission of financial asset transactions, and has gradually begun to be applied in the financial field in recent years. In some business scenarios, the blockchain has gradually moved from proof of concept to business practice, including supply chain finance, cross-border payments, asset securitization, and securities settlement.

The third stage is to expand the application phase. With the advancement of technology and deepening understanding, the application scope of blockchain has been further broadened, and people began to explore its comprehensive application value. Blockchain technology began to play a role in public services, social governance and supply chain management. For example, in the medical field, the blockchain technology empowers the medical insurance platform, and initially realizes traceability, real-time viewing, anti-tampering, and anti-counterfeiting of medical electronic invoices.

It should be said that blockchain technology has broad application prospects in digital finance, public services and social governance due to its advantages of openness, transparency, difficulty in tampering, open interconnection, easy traceability, and algorithmic trust.

In the next step, China should increase the research and application of blockchain technology, and take blockchain as an important breakthrough for independent innovation of core technologies. From the application direction, in addition to further expansion and deepening application in the field of digital finance, we should vigorously promote the deep integration of blockchain technology and the real economy, and play its role in education, employment, pension, precision poverty alleviation, medical health, commodity anti-counterfeiting, food. The positive role in the fields of security, public welfare, and social assistance will empower the real economy and benefit the people's livelihood. From the application form, according to the scope of scalable nodes, the blockchain is divided into four application forms: public chain, alliance chain, private chain and side chain. The alliance chain will become the main form of future blockchain application, and the chain should be solved step by step. Issues such as data collaboration under the chain, focusing on strengthening the research and development of the alliance chain. At the same time, it is necessary to strengthen the top-level planning and institutional arrangements for the application of blockchain technology, accelerate the construction of relevant standards systems such as the underlying platform and business applications, and on the other hand, to better participate in international competition, on the one hand, to prevent the opportunity to deify and speculate the blockchain.

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