Blockchain Experts Telephone Conference Minutes

[ summary ]

Report highlights Event description Since the second half of 2015 , "blockchain" technology has quickly become popular. Its decentralized and trustless mechanism has been recognized by the global market and is expected to become the basic protocol for the next generation of value Internet. Central banks, major exchanges, international investment banks, and IT giants from many countries have flocked to it, and its application areas are numerous, including digital currency, financial asset trading, fund clearing, smart protocols, intellectual property rights, and the Internet of Things.

This seminar introduced the internal mechanism, technical principles, application areas and business models of blockchain in detail from a global perspective, analyzed the deep-seated reasons why traditional financial companies actively try blockchain technology, and introduced the progress of international giants and start-ups. At the same time, Bitcoin, as the most mature application of blockchain technology, has a complete ecosystem. The recent roundtable meeting in Hong Kong has reached a consensus in technical fields such as block expansion and isolation verification. This seminar has made a prospect and analysis of its future development prospects.

Minutes of the Blockchain Expert Telephone Conference (I) Blockchain 1. Internal Mechanism and Technical Principles Blockchain is a technical solution for collectively maintaining a reliable database in a decentralized and trustless manner. It is essentially a universal accounting method, also known as distributed ledger technology. Behind any computer network is a centralized database, which is maintained by whoever controls it. For example, Alibaba and Taobao need to be maintained by the Alibaba team, and WeChat is maintained by the Tencent team. If the database is regarded as a large ledger, all databases maintain this ledger in a centralized manner. However, in the blockchain system, each node participates in accounting. The system will update the ledger over a period of time, determine the person who records the fastest and best within the time period, write his records into the ledger, and then send the ledger to other people in the system for backup. This is blockchain technology, also known as distributed ledger technology, which gains great security at the expense of a little efficiency. First of all, there is no center, the system cannot be destroyed and is safer. Each node is part of the system, and the nodes have equal rights. Destroying some nodes will not affect the system. Secondly, cheating is prohibited. Unless you can control the computers of a large number of users in the system and modify other people's ledgers in large quantities, otherwise a small amount of modification will be considered invalid by the system, and a small amount of inconsistent ledgers will be automatically ignored. The more and more system nodes there are, the safer and more stable the system will be. The system security of this method will be far greater than the centralized form.