Half-monthly article: What is the blockchain of the Central Political Bureau collective learning?

In late October, the Political Bureau of the CPC Central Committee conducted collective learning on the status quo and trends of blockchain technology development. In his presiding study, General Secretary Xi Jinping emphasized that it is necessary to accelerate the development of blockchain technology and industrial innovation, and actively promote the development of blockchain and economic and social integration.

What is the magic of the blockchain, let the Central Political Bureau learn collectively?

What is a blockchain?

The blockchain is essentially a decentralized distributed database, which is an innovative application mode of multiple technologies such as distributed data storage, multi-center point-to-point transmission, consensus mechanism and encryption algorithm in the Internet age.

We can compare the blockchain to a "book." The traditional ledger is “centralized” by one party. This new “book” can be shared and shared by multiple parties on the Internet. Each participant can “book” and back up, and each backup is a “block”. Each "block" is linearly connected to the next "block" in chronological order, and its structural features prevent the record from being tampered with and forged.

• Decentralized Identity (DID) Research Report: An Important Practice for Web 3.0 Development
• Why Libra may be "in the womb": talk about the trend of digital currency, the rise and fall of the monetary system and the evolution of the international monetary system
• Hangzhou Financial Office hosted the blockchain training matchmaking meeting, Babbitt Ma Qianli 45 minutes to explain what is the blockchain

For example, Zhang San of the same village borrowed money from Li Si, and the big broadcast in the village immediately conveyed the news to all the villagers. The villagers cross-checked each other and verified the situation. They then recorded the time and amount of the loan, the name of the borrower and the payee, and other important information in their own books. Since the villagers’ accounts in the village have records, it is very difficult for Zhang San’s account, or Li Si’s money to be paid.

Single-point initiation, network-wide broadcasting, cross-audit, and common accounting. The blockchain “book” solves the problem of “intermediary credit”, which enables all participants to have complete, open and non-tamperable transaction information. At the same time, distributed data also ensures that the "book" is highly secure. Since there is no centralized "book", the attacker can't find a single entry and the data can't be destroyed.

Where is it used?

The "account" of blockchain is not only transaction information in a narrow sense, but also any information that can be represented by code. Therefore, it has broad application prospects in finance, social life, and government management.

Due to the very close business requirements of the financial system, blockchain technology has been applied in the fields of payment and settlement, credit financing, financial transactions, securities, insurance, and leasing. Taking the provident fund management system of the Ministry of Housing and Construction and China Construction Bank as an example, the management of the provident fund in 491 cities across the country is based on blockchain technology, which is equivalent to achieving a point-to-point connection of 491 nodes. Any city's provident fund and individuals under the jurisdiction of any provident fund can conduct related business operations in different places. Such a scenario is difficult to implement without a blockchain.

In areas such as trade and consumption, blockchain can help achieve high traceability, and regulators, parties or consumers can verify the true source of a product. In a global supply chain, this technology helps increase the reliability of transactions and increase regulatory efficiency.

In the manufacturing sector, blockchains facilitate the collaboration and streamlining of complex supply chains. For example, manufacturing an aircraft may require tens of thousands of parts from around the world. Blockchain technology can help manufacturers understand the information of multi-level suppliers and raw materials, while improving efficiency while reducing costs.

In addition, in e-government, the blockchain can help information integration between multiple departments and real-time sharing of data, so that the government can be a “store small two”; in the field of charity, the blockchain allows every donation to be Tracking, the public interest account becomes transparent and trustworthy…

Why pay attention to it?

The blockchain has become a frontier for global technological development, and the global technology giants are stepping up their presence in this area. In July of this year, the US Senate Committee on Commerce, Science and Transportation passed the Blockchain Promotion Act; the German government released the blockchain strategy in September this year, hoping to tap the potential of blockchain technology to promote economic and social digital transformation; Think of the blockchain as part of financial technology, and attach great importance to…

In the face of the megatrend, China cannot fall behind. General Secretary Xi Jinping emphasized that the integrated application of blockchain technology plays an important role in new technological innovations and industrial changes. It is necessary to pay attention to the status quo and trend of blockchain technology development, improve the application and management of blockchain technology capabilities, and make blockchain technology play a greater role in building network power, developing digital economy, and assisting economic and social development.

Technology is a double-edged sword, and it is crucial to get rid of the disadvantages. The technology and industrial application of the blockchain is still in its infancy, and there is still a long-term landing. For example, the performance of the blockchain needs to be improved, and the gap of professional talents is also large, such as efficiency and security issues, data under the chain. Collaborative issues, regulatory issues, etc., also need to be highly valued by us. Therefore, only by strengthening the guidance and regulation of blockchain technology, strengthening the research and analysis of blockchain security risks, and promoting the safe and orderly development of blockchains, blockchains can truly serve the country and benefit the people.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!