How Far Can Blockchain Technology Go?
Published on December 17, 2024 11:05AM EDT By Nancy Miller

Just when many people want to give up the block chain, the industry ushered in a huge turnaround. On October 24, the senior level concentrated on learning the block chain technology, and affirmed the great role of the block chain in economic and social development. A wave of popular learning blockchain boom immediately set off, the media began to rediscuss the technology, listed companies have announced their own blockchain business, once silent currency practitioners began to become active, no one wants to be left behind by this tuyere with the fast forward key.

On the afternoon of November 6, 2018, the official website of the people's Bank of China published a ten-character article entitled "what the blockchain can do, what can not do." one of the authors was Xu Zhong, then director of the Central Bank's Research Bureau. The article makes it clear that block chains have not been widely used in the decade since the advent of Bitcoin, with the exception of the issuance and trading of encrypted currencies. Without application scenarios, there is no personal experience, which is one of the reasons why many people still do not know what block chains are after reading a lot of reports about block chains. With the promotion of policy, the application scenarios of this technology include There may be an outbreak. The high-level meeting put forward that it is necessary to explore the application of "block chain" in the field of people's livelihood, and promote the application of block chain in the fields of education, employment, providing for the aged, accurately lifting out of poverty, medical and health, commodity security, food safety, public welfare, social assistance, and so on. The wide application of block chain also needs the improvement of supervision ability.

In fact, these are two completely different craze. The heat of two years ago was the fever of scrambling coins; this time the heat was the heat of technology. More than 2,000 digital currencies around the world have not soared as a result. On the contrary, people are beginning to pay more attention to the technology itself, what is the blockchain. After the test of ice and fire, how far is blockchain technology from large-scale applications?

(Picture Source:Sogou)

It makes a lot of people think of the scene two years ago. At that time, the "block chain" was unusually hot, but it was the pronoun of the "a hoax", the speculators and the entrance of the pyramid, which made the industry a great deal of controversy. Some of the people who have proven their own in the internet industry have been afraid of being in the chain of blockchain industries. The magazine has made a joke: "The block chain is a great thought and technology revolution, and there are two kinds of "block chain" in the world, one in the head of the technology genius, and the other in the WeChat group of the Chinese net friend."

Blockchains are a disruptive technology. But apparently, it's a long way to go.

There is no doubt that the blockchain ushered in the best era. The most striking blockchain projects today are Facebook's Libra and the central bank's digital currency. On June 18, 2019, Facebook launched the Libra website and released a white paper. According to the white paper, Libra's mission is to build a simple, borderless digital currency and a set of financial infrastructure projects for billions of people. Libra's emergence has led mainstream society, especially the mainstream Internet, to rethink blockchain technology. Including Ma Huateng, Wang Xing and other Chinese Internet tycoons have all begun to do so. Talk about Libra, and talk about blockchain. This is rare at the height of the hustle and bustle of the currency circle, where they were once questioned for fear of "touching" the blockchain. The people's Bank of China's research on digital currency is earlier than that of Libra.. As early as January 2017, the central bank set up a special digital monetary research institute. Earlier in 2016, a number of central bank experts wrote a series of papers on block chains and digital currencies. The currency circle believes that the central bank is "hostile" to digital money. It was not until later that the currency circle realized that central bank regulation was in preparation for the healthy and orderly development of digital money. If this line If the right to speak is controlled by speculators, the digital currency of the central bank is also likely to become a tool for speculation. In the second half of 2019, the hustle and bustle of the currency circle has been effectively curbed, and the central bank has gradually introduced the research progress of its digital currency. On July 8, Wang Xin, director of the Central Bank Research Bureau, revealed that the State Council had formally approved the research and development of the central bank's digital currency. The central bank shall engage in the corresponding work in organizing the market institutions; In August, the central bank announced intensively the development of digital money; recently, Huang Qifan, vice chairman of the China Center for International Economic Exchange, also said bluntly in a speech that the people's Bank of China is likely to have a global rate. The digital currency is first introduced. It can be seen that such regulators, such as Facebook, Tencent, Alibaba, and the People's Bank of China, are launching a regional chain of technical heat.

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