The blockchain is conceptually a flat file. Although people generally hold the idea of ​​“blockchain free”, he still has great risks and uncertainties. Blockchain can be used in any transaction in any field. This is a wrong point of view.

“Blockchain technology provides a way to record transactions or any digital interaction. This approach is designed to be secure, transparent, disruptive, auditable and efficient. The following is a summary of 12 misunderstandings of blockchain technology. ."

Blockchain - distributed ledger technology has become a hot object in the technology industry and other fields. Blockchain technology provides a way to record transactions or any digital interaction that is designed to be secure, transparent, interruptible, auditable, and efficient. This article summarizes the 12 misunderstandings of blockchain technology and hopes to help everyone.

A blockchain is conceptually a flat file - a linear list of simple transaction records. This list is "attached, so the entry will never be deleted, but this file will grow indefinitely and must be replicated in each node of the peer-to-peer network."

Blockchains are not allowed to store any type of physical information, such as Word documents or PDF files. It can only provide a "proven of existence", a distributed ledger can only contain one code, it can prove the existence of a document, not the document itself. However, the file can be stored in the "data lake" and the access rights are controlled by the information owner.

We can use blockchains to conduct complex and technical transactions—such as verifying the authenticity of a diamond or confirming a person's identity. In trade finance, there are also discussions about blockchain applications that are transformative in terms of cost reduction and transaction speed. Although the blockchain can support these cases and mitigate the risk of fraudsters tampering with accounts, it does not eradicate the threat of cyber fraud, and it raises questions about confidentiality. In addition, the use of blockchain techniques is still inefficient in many cases compared to maintaining traditional ledgers.

Although people generally hold the idea that “blockchain is free”, blockchain is neither cheap nor efficient. It involves multiple computers solving mathematical algorithms to achieve a final, non-tamperable result, the so-called "single version truth" (SVT). Each "block" in a blockchain typically requires a large amount of computational capacity to resolve, and someone needs to pay for all of the computer power supplies that support the blockchain service.

There are a number of different technologies now known as blockchains, which come from public and private versions, open and closed source code, and are typically tailored to specific solutions.

A common feature of these blockchains is that they are cryptographically cut, distributed, and have some form of consensus mechanism. Bitcoin blockchain, Ethereum, superbooks, Corda, IBM and Microsoft's "blockchain" services can all be classified as distributed ledger technology.

Although the code is very powerful, it is not magical. Bitcoin and blockchain developers will talk about it, and we can easily understand this. For many people, blockchain is the authority of mathematical operations, not government departments or lawyers. In the minds of some developers, blockchain and smart contracts will one day replace money, lawyers and other arbitration institutions. However, this code is limited to the number of cryptocurrency transactions in the chain itself, and the cryptocurrency is far from mainstream.

No country or business entity owns or controls the blockchain. For this reason, blockchain proponents hope that the private chain can provide basic support for dozens of hundreds of encrypted and trusted cryptocurrencies. On the surface, the Bitcoin blockchain seems to be the leader, however, a recent report by Gartner (Consulting) said that the size of the blockchain and the Nasdaq Network ((US) National Securities Dealers Automated Quotation System Association The scale is quite the same. If the cryptocurrency is successful and the resulting record is increasing, this situation may change. However, for now, the blockchain network is roughly equivalent to the contemporary financial network.

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