Analysis of future development trends of blockchain technology

Focus on technology in 2020: Blockchain technology has become the highlight of innovation and development

In 2019, blockchain technology gradually thrived in the fertile soil of technology. For example, the 2019 annual reports of many banks show that blockchain covers many areas in finance. Among them, the transaction volume of CCB’s blockchain trade finance platform exceeded 400 billion yuan.

For many people, blockchain has the benefits of decentralization and trustlessness, because blockchain can provide distributed accounting, data cannot be deleted, and cannot be tampered with. From a technical perspective, it is safe. But how to transform the technical benefits into reasonable scenarios for practical application is the real problem that everyone needs to solve.

Analysis of future development trends of blockchain technology
Blockchain technology

At present, my country’s consortium chain application scenarios are rich and developing rapidly, and they have been effectively implemented in data storage, electronic bills, trade financing, supply chain finance, power settlement, etc. Many companies have already enjoyed the financing convenience brought by blockchain applications. It has good performance in terms of social efficiency, trust mechanism and data security.

At the same time, according to calculations by business management consulting firm McKinsey, the application of blockchain technology in B2B cross-border payment and settlement business can save about 40% of the cost of each transaction. In addition, blockchain technology can also It helps digital currency achieve system advantages such as point-to-point trust transactions, 24-hour real-time payment, real-time payment, and no hidden costs.

Blockchain technology not only transforms the current industry, but the entire process will also lead to changes in infrastructure, organizational relationships, social order, etc. Most organizations are currently developing their own blockchain or distributed ledger technology. Due to insufficiently developed standards, security, privacy and operability specifications, as well as other problems, many developers are The company’s peers lack experience and cannot fully apply this technology to achieve industrial implementation.

Moreover, considering that the current development of blockchain technology is essentially based on the existing network system framework, instances of information security issues on the Internet also occur from time to time, so for security issues on the blockchain system , has not yet been clearly resolved. In the financial field, credit determines transactions, and an equally efficient and secure payment system is the basis for the status of the mainstream currency system. If blockchain technology is to be fully applied to the financial system, security and performance are the primary considerations.

Blockchain technology is not a single technological innovation, but a distributed ledger technology that is realized through the deep integration of P2P network technology, smart contracts, consensus mechanisms, chaining, cryptography and other technologies.

Blockchain technology helps realize the transformation of major small and medium-sized enterprises, adapt to the trend of digital transformation as soon as possible, make full use of innovative technology, accelerate the upgrade of smart systems, enrich people’s livelihood services, improve business efficiency, improve industry quality, and help achieve a win-win situation for users and enterprises.

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