Part 4: The Value of Blockchain Application

Bid data transaction with Blockchain

Nowadays, the high quality data often hailed by the government, such as high density, high value data, like medical data, population data and so on. The general trend with the openness, government data will promote the development of economic society. However, the main difficulty and challenge of the openness data is how to ensure the protection of personal privacy.         

The most commonly used mode is managed transaction, and each business agency will own the data interface managed to the transaction system, then matched market with the external. By the managed data interface, the data centre owning the actual control of data, then the subsequent retrieval and application of data has nothing to do with agencies, such as the transaction amount and object. The rights and interests are completely dependent on the integrity of centre.

Data is a special commodity, essentially different from the ordinary commodity, and mainly with the characteristics like the clearness ownership, replication means owning and so on. All of these determine the traditional transaction mode of commodity cannot meet the requirements of data sharing, exchange and transaction. 

Digital assets circulation + Privacy protection     

Blockchain technology can ensure the data notarization and ownership right with non tampered. As an asset for the transaction, data should be cleared the powers of ownership, disposal and transaction. On the blockchain, the hash value of the data packet is unique, used for verifying the authenticity and confirming the original ownership. All of the transaction records are recognized by the whole network with transparency and traceability, including the source of digital assets, the ownership, the use right and circulation path.

Blockchain is the distributed technology for digital assets circulation, recording each digital asset transaction, then establish the digital asset transaction environment by consensus algorithm, getting rid of data reproduction, so as to protect the legal rights of the data owner.

Blockchain can realize the application of data privacy protection and data encryption. The main data security includes data confidentiality, authenticity, integrity and prevent unauthorized copying. Blockchain technology combines the technology of data security and privacy protection involving SHA256, RSA and some other encryption algorithms. Hash algorithm can protect the data privacy and integrity with non-tampered; Asymmetric encryption can verify the data source and protect data security; Zero-knowledge proof can protect personal privacy by anonymous algorithm, prevent information from leakage.