Blockchain, a technology that can prevent data tampering and denying, establishes reliable point to point trust in the network and removes interference of intermediaries in value transfer, improving value interaction efficiency and reduces costs, and becomes the cornerstone during the process of building a value internet.
Blockchain is as equally important as papermaking, industrial revolution, and it is leading humankind into the next stage. Human being will enter a critical point again.
The open and unchangeable property of blockchain technology provides the decentralized trust mechanism with opportunities to change the infrastructure in finance. Various types of financial assets such as equity, bonds, notes, warehouse receipts, fund shares, etc. can be integrated into the blockchain ledger and subsequently stored, transferred and traded as a digital asset on the blockchain. In this way, the blockchain has a bright future in the financial sector. For example, there are typical applications in cross-border payments, insurance claims, securities transactions, and bills.
All devices are connected through the cloud server due to the reliance on centralized network management architecture of the current ecosystem of things. With the expansion of the network, services on centralized cloud server, large server and network device will be highly expensive. In the vison of decentralized Internet of Things, blockchain is the framework that facilitates transaction processing and collaboration among devices that can interact with each other, and at the same time each device on the network can operate as an independent and micro-business entity.
Public service is a factor that promotes economic growth and social progress. The supply of public services exerts a major impact on various subjects and systems, cultures, attitudes and behaviors in political, economic and social development. The traditional notary relies on the government, but the limited data dimension and the loss of historical data often failed to form complete and effective information for schools and governments. Blockchain can create a digital proof that cannot be tampered with. A brand new mechanism can be built in copyright, intellectual property, and certification to improve the management of public services.
The data stored on the block chain is highly reliable and cannot be tampered with, which means that the data is naturally suitable for social welfare. The relevant information in the public welfare process, such as donation items, details of fundraising, capital flow and recipient's feedback, can be stored in the blockchain. And data can be reviled under the premise of protecting the privacy of participants and confirming to applicable laws and regulations to facilitate public and social supervision and promote the healthy development of social welfare.
The blockchain technology can improve supply chain management efficiency. Since the data is transparent and open to all parties involved in the transaction, a complete and fluent information flow can be formed throughout the supply chain to ensure that all stakeholders can identify problems and come up with solutions in a timely manner in the operation of supply chain. Supply chain disputes can be avoided with the help of blockchain technology. Since the data cannot be tampered with and the proof of the timestamp always exists, the disputes among the participating parties in the supply chain system can be solved and at the same time proofing and accountability can also be achieved. The blockchain can also be applied to eliminate the fake and shoddy problems in the process of product circulation in supply chain system.