The review of the "Draft Data Security Law" may be the most favorable support for the future of Filecoin!

After the release of the Financial Distributed Ledger Technology Security Specification in March this year, the central bank recently issued the Notice on the Promotion of Blockchain Technology Specification Application by Distributed Financial Industry Standards and the Blockchain Technology Financial Application Evaluation Rules (hereinafter referred to as the "Notice" and "Rules"). These two documents are the first regulatory documents issued by China on blockchain. At present, the "Rules" have been reviewed and approved by the National Financial Standardization Technical Committee and have begun to be issued for implementation.

It is understood that the "Rules" were jointly drafted by the Science and Technology Department of the People's Bank of China, the Digital Currency Research Institute of the Central Bank, China UnionPay, as well as a number of banks, insurance companies, securities companies, technology companies, universities, etc.

In fact, these two documents are not so much blockchain-related regulatory documents as they are top-level designs for blockchain systems and applications within the financial system. They seem to focus on the financial industry, but in fact they will affect the future development of the entire blockchain.

In this edition of the Rules, the central bank defined blockchain for the first time as “a technology that is jointly maintained by multiple parties, uses cryptography to ensure transmission and access security, and can achieve data consistency, tamper-proofing, and non-repudiation.”

In recent years, my country's economic development has been extremely fast, and the financial industry has also gradually expanded. If the real economy is a thriving tree, then the financial industry is a river. The two are in a symbiotic and mutually reinforcing relationship. However, in the long-term rapid development, the financial industry has exposed more and more pain points that need to be solved.

For example: it is difficult to verify the authenticity of assets and transaction information, the cost of credit assessment is high, the cross-institutional financial transaction business process is complex, the cycle is long, and the efficiency is low.

The unique trust transmission mechanism of blockchain is the only way to solve financial problems. Therefore, blockchain has been a hot technology in the market in recent years, and this year it has been included in the new infrastructure development strategy. In addition, some concepts have been implemented, such as supply chain finance, trade finance, insurance technology, cross-border payments, asset securitization and other scenarios.

However, blockchain technology is still in its early stages, and many related technologies still have risks, so if we want to advance it pragmatically, we must have relevant rules in place. The purpose of this "Notice" and "Rules" is to avoid the bad habit of getting on the bus first and buying the ticket later, let the rules take precedence, and promote the improvement of blockchain technology.

Nowadays, when talking about blockchain technology, the first thing that comes to mind is "virtual currency - Bitcoin", and the second thing that comes to mind is "fake demand", "scam", and "pyramid scheme". Under such a cognition, there are very few daily active users of other blockchain applications except currency speculation and mining.

In fact, digital cryptocurrency is just a project in blockchain applications, and Bitcoin is the brightest star among them.

However, it is undeniable that most blockchain applications are related to finance, which is actually closely related to storage. Before the construction of storage infrastructure is completed, blockchain applications are really difficult to implement. In addition, today's information transmission has changed from text-image-video, and these data have extremely high requirements for storage. When 5G is about to be fully launched, the acceleration of information speed and the increase in data volume make storage the biggest pain point for the implementation of blockchain applications.

Blockchain + Storage = Filecoin

If you want to combine applications with blockchain, decentralized storage is definitely an unavoidable link, and the emergence of Filecoin is to solve this problem.

Filecoin will do more than just mining in the future. Its future is to build a decentralized storage trading platform, giving data wings to fly, circulate, and trade freely across the entire Internet and blockchain.

Only when data can flow freely, can trusted computing (smart contract blockchain 2.0) and trusted storage (Filecoin) be combined to help blockchain develop further and the application ecosystem be gradually established.

On June 28, 2020, the 20th session of the Standing Committee of the 13th National People's Congress held its first review of the "Data Security Law of the People's Republic of China (Draft)" (hereinafter referred to as the "Data Security Law (Draft)").

Data security issues are all around us. Every data leak, whether at home or abroad, will cause large-scale losses.

Pentagon AWS S3 misconfiguration accidentally exposed 1.8 billion citizens' information

Uber concealed a massive data breach and paid hackers $100,000 in "hush money"

Qudian.com: Millions of students’ data leaked, claims internal staff may have retaliated

Yahoo's 3 billion accounts may have been leaked, and the government supervision agency is involved in the investigation

US credit agency Equifax hacked, nearly half of user information leaked

The largest data leak in South Africa's history, more than 30 million customers' information exposed

South Korean cryptocurrency exchange hacked, 30,000 customer data leaked

In today's context of big data development, personal data is extremely important because big data often knows you better than you know yourself.

From a technical point of view, the mission of IPFS/Filecoin is to protect data security!

When IPFS builds nodes around the world under the incentive model of Filecoin, a peer-to-peer transmission network will be completely formed, allowing us to access data faster, more securely, and more openly.

When we need to store a video in the IPFS network, it will be split into several parts through a special encryption algorithm and scattered in the storage of miners around the world. One part may be in your neighbor's house 20 meters away, or it may be stored on the other side of the earth 20,000 kilometers away.

When you are considering data security , IPFS's fault-tolerance mechanism will ensure that your data is copied enough and stored in different regions. Even if the data is destroyed due to "accidental deletion", "flood", "earthquake", etc., your data can be fully restored through backups in other regions. This greatly ensures the security of storage on the IPFS network.

When you are considering data leakage and data privacy issues , the encrypted data has been divided into small blocks and cannot be viewed by others. No matter they are at the other end of the earth 20,000 kilometers away or their neighbors 20 meters away, they cannot know who they are saving the data for or what data they are saving. This protects privacy better than centralized storage.

When you are considering the download and upload speeds , the advantages of IPFS are highlighted again. As long as one instruction is given to read the data, storage providers from all over the world will quickly send their saved data. The machine will automatically splice it after receiving it. The download speed is no longer affected by the server bandwidth, but depends on your download bandwidth. The access speed is much faster than HTTP.

The data storage dilemma of blockchain is broken by Filecoin; Web3.0 starts with IPFS!