In November 23, the scientist chief Wang Maolu of Shuqin Tech was invited by Zheshang Securities, making the technical sharing for the topic of Blockchain technology & application in the financial field.
Doctor Wang started from the beginning of the first application — Bitcoin, then analysed the principle and value of such technology. As the underlying technology of Bitcoin, Blockchain is a distributed ledger that based on Internet, and “Blockchain” is just a name.
Wang Maolu also introduced the Blockchain industry, combined with the policies and standards of China’s blockchain development, there has the following features:
- Distributed
Due to the use of distributed computing and storage, there is no centralized hardware or management organization. The rights and obligations of any node are all equal, and all the data blocks in the system are maintained by the whole network nodes.
- Openess
The system is open, besides the encrypted information of the both transaction parties, all data of the blockchain is open to everyone. Anyone can check the blockchain data and related application through the open interface, so the whole system information is highly transparent.
- Self-governing
Blockchain uses the consensus specification and protocol based on a set of transparent algorithm, which makes all nodes can exchange data in the free and secure environment, then changing the person’s trust to the machine’ trust.
- Immutability
Creating immutable ledgers is one of the main value propositions for blockchains. Any centralized database can be corrupted and generally requires trust in a third party to keep the information accurate. Blockchains like Bitcoin keep the ledger in a perpetual state of forward momentum because millions of dollars worth of hashing power confirm new transactions that are recorded. To change the history of Bitcoin’s ledger would require controlling at least 51% of the hashing power. As well, the further back one tries to go on the ledger, the more expensive the attack will be.
- Anonymity
All the exchange between the nodes should follow a fixed algorithm, so the counterparties can create trust without the public identity, which is helpful for the accumulation of credit.
Finally, Wang Maolu showed the core value of Blockchain— the digitization of the trust relationship. With the characteristics of Blockchain, it can automatically performs the process without the third party, and then to solve the involved trust problems effectively.
Zhejiang Shuqin Technology Co., Ltd was founded on 2016, is a blockchain based R&D and application service provider. Core team started the research of cryptocurrency and non-currency blockchain applications since 2013, and have made certain effort on the aspects such as blockchain infrastructure, consensus algorithms, digital assets exchange, trustworthy electronic certificate, etc. Based on the practical experiences and team experts, Shuqin tech has discovered a new way for blockchain technology to be applied on real user cases. Shuqin tech has developed an open middle tier, by fusion up the technical advances for blockchain and overcome the capacity issue of public blockchain we provided a “Blockchain+” technical solutions, and established a trustworthy electronic certificate service platform – Baoquan.com.
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