- 1 A. Are there any high-quality blockchain learning groups or places to recommend?
- 2 B. Want to promote blockchain on WeChat. How can it be more effective
- 3 C. Where can I find the official blockchain group
- 4 D. Currently Do you have a better WeChat public account about blockchain knowledge? It’s better to be more professional.
- 5 E. Is blockchain a scam?
- 6 F. Is blockchain technology deceptive and does it have any practical connection with our lives?
- 7 G. Recommend virtual currency entrepreneurship exchange group on WeChat (more excellent)
- 8 H. What is the blockchain? Want to enter the VX block Chain exchange group
- 9 I. Is that blockchain technology deceptive In recent years, more and more people see blockchain technology as one of the most promising new technologies in the future. There has been a lot of discussion right now about how cryptocurrencies and blockchain can change the world economy. Despite the unpredictable future of cryptocurrencies, the unwavering status of blockchain may continue to lead the industry in the future. In fact, the blockchain has not only changed the world economy, but even the daily life of ordinary people has been greatly changed by its influence. The emergence of blockchain technology itself is an innovative process. Anyone who understands blockchain technology should know that blockchain is a database that can cooperate on a large scale. It allows many different subjects to work together to complete a task without trusting each other. This is the essence of the blockchain.
- 10 J. What are the reliable and recommended WeChat public accounts and WeChat groups in the blockchain field
A. Are there any high-quality blockchain learning groups or places to recommend?
First of all, if conditions permit, try to choose to study in a first-tier city, after all, it is a technology gathering area. Secondly, we will examine other aspects, such as: faculty, curriculum system, teaching mode, employment salary, tuition hours, etc. Go directly to the audition to check the real situation of the school.
B. Want to promote blockchain on WeChat. How can it be more effective
Yes, now both men, women and children have WeChat. It is very suitable for promoting the blockchain.
However, it is more effective to use the tools around you reasonably. Such as: Transcription Master
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C. Where can I find the official blockchain group
Blockchain Now a lot of products are derived
See the official group of the product you are looking for
There is usually a telegram group, you can find it on the official website of the product you are looking for
D. Currently Do you have a better WeChat public account about blockchain knowledge? It’s better to be more professional.
E. Is blockchain a scam?
also It cannot be said that all of them are deceptive, but they are indeed deceptive.
F. Is blockchain technology deceptive and does it have any practical connection with our lives?
When it comes to blockchain, we have to talk about Bitcoin. Most people in the market start to recognize it through the market influence of Bitcoin, a virtual currency, because Bitcoin was born on the basis of blockchain technology. . Blockchain is simply an innovative application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. Applying this technology to virtual currency transactions can make each transaction generate a corresponding To ensure the authenticity of the information, the biggest advantage is that it cannot be forged, which solves the trust problem in the data transaction environment.
Of course, as blockchain technology becomes more and more mature and stable, it will be unstoppable for more and more applications in various industrial and commercial scenarios, including in finance, social communication, Internet of Things , e-commerce, games and securities trading, etc. For example, our “structural hole investment and financing ecological chain intelligent system” project is the first innovative application of this technology in the field of investment and financing, but from a purely technical perspective, the most important use of blockchain is Ensuring the safe operation of data is the biggest advantage of this technology. Speaking of which, what is the relationship between blockchain technology and virtual currency? Take Bitcoin as an example. Bitcoin is a virtual currency generated by a large number of algorithms based on blockchain technology. Due to its special algorithm and the anti-counterfeiting function of blockchain technology, its total amount will always remain at 2100. 10,000 pieces remain the same. It is precisely because of the rareness that Bitcoin is loved by many people.
So why are there so many virtual currency scams under the banner of blockchain in the market today? This is because these so-called blockchain innovative application companies are issuing virtual currencies. Although they claim that the number is very limited in marketing, and they can increase the price by speculating on the currency to allow investors to earn the difference, but in essence it is virtual. The issuance of currency is controlled by its company and can be changed at will according to its own wishes and needs, for the purpose of making illegal profits. The reason why many investors who don’t know the truth in the market are deceived is basically because they lack financial investment knowledge, and they are speculative to earn the difference income. Once invested, these so-called virtual currencies will be manipulated by the company in the background. Bloodless. When investors enter such a game, they often change from the original intention of speculation to a state of gambling. After buying at a high price and seeing the price continue to fall, they will naturally make up their positions and make additional investments when there is a rebound. Repeatedly being cleaned up and down to cut leeks, in the end, it got deeper and deeper and went bankrupt. It is precisely because the price is controlled by the company that these companies have made quite a lot of profits, even beyond the imagination of ordinary people. What we want to say is that such a market phenomenon is not the fault of the blockchain technology itself, but that the concept was stolen by some illegal people in the market, taking advantage of people’s lack of professional knowledge of blockchain technology and financial investment, Grasp the psychology of greed to get rich.
There are these black sheep in the market, confusing the audio and visuals and disrupting the market, so that those who are really based on blockchain technology for innovative applications in business scenarios, for the social economy Entrepreneurial and innovative projects that develop healthily and create value have brought serious practical obstacles. Just like the “Structure Cave Investment and Financing Ecological Chain Intelligent System” project, it is actually based on blockchain + AI + OKR and other technologies in the investment and financing ecological business scenarios. The innovative application of , redefines the investment and financing business model, the purpose is for the projects in the ecological chainTargets, resource providers and investors provide enabling services to create value and realize value transactions, thereby significantly improving the success rate of investment and financing for the three groups of customers, neither issuing virtual currency nor manipulating the market price of virtual currency, It is a good project that contributes to the healthy development of the social economy and is also affected by this. It is really sad and difficult, but there is no choice but to endure the hardships silently. Today’s point of view is: blockchain scams are guilty, and blockchain technology cannot be innocent.
G. Recommend virtual currency entrepreneurship exchange group on WeChat (more excellent)
A new generation of digital encrypted assets – Yuantongdu adopts a blockchain similar to Bitcoin (BTC) (Blockchain) technology is based on the third-generation blockchain application technology, a point system generated under different mechanisms of POW/POS/DPOS, which is linked to consumption, global circulation transactions, and adopts open source software architecture. It ensures its non-replicability, and the total amount of mining is limited, which ensures its rarity. In-app purchase, private chat for details.
H. What is the blockchain? Want to enter the VX block Chain exchange group
In a broad sense, blockchain technology is to use block chain data structure to verify and store data, use distributed node consensus algorithm to generate and update data, and use cryptography to ensure data. Security of transmission and access, a new distributed infrastructure and computing paradigm that utilizes smart contracts composed of automated script code to program and manipulate data.
Blockchain technology can achieve the following three functions:
First, ensure that the data on the chain cannot be tampered with and cannot be forged, and improve the credibility and credibility of the data;
Second, Realize the traceability of transactions, and achieve traceability supervision and responsibility tracking;
Third, smart contracts can be automatically executed based on contracts, thereby improving work efficiency and reducing operating costs.
I. Is that blockchain technology deceptive In recent years, more and more people see blockchain technology as one of the most promising new technologies in the future. There has been a lot of discussion right now about how cryptocurrencies and blockchain can change the world economy. Despite the unpredictable future of cryptocurrencies, the unwavering status of blockchain may continue to lead the industry in the future. In fact, the blockchain has not only changed the world economy, but even the daily life of ordinary people has been greatly changed by its influence. The emergence of blockchain technology itself is an innovative process. Anyone who understands blockchain technology should know that blockchain is a database that can cooperate on a large scale. It allows many different subjects to work together to complete a task without trusting each other. This is the essence of the blockchain.
There have been countless cases of blockchain technology supporting the resumption of work and production in small and medium-sized enterprises this year.
Here is the combination of China (Fujian) International Trade Single Window and blockchain to illustrate
The protagonist! !
We refer to the China (Fujian) International Trade Single Window
The third phase of the “Case Talk Service” for analysis
Quickly move the small hand and slide down
Full of knowledge, get it quickly~
J. What are the reliable and recommended WeChat public accounts and WeChat groups in the blockchain field
Contracts, transactions and their records form an important part of our socioeconomic, legal and political systems. They protect our assets and define the boundaries of our organization. They form and validate our personal identities and various historical events. They manage a range of activities between nations, organizations, communities and individuals. They direct all administrative and social activities. But these critical tools, and the bureaucracy that governs them, have not kept pace with the digital transformation of the economy. It’s as if the F1 racing process suddenly encountered a big congestion. In a digital world, the way we are regulated and the way we govern must change.
Blockchain has the potential to solve this problem. As the core supporting technology of Bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can effectively record transaction records between two parties, verifiable and permanent. The ledger itself can be programmed to automatically trigger transaction completion.
Five basic principles of blockchain technology
1. Distributed database
Blockchain All data and its full history are available to every party on the No single party can control data or information. Each party can directly verify the records of the parties to the transaction, without the need for an intermediary.
2. Point-to-point communication
Each independent point can communicate directly without going through a central node. Each node can store information and pass all information to all other nodes.
3. Limited transparency
Users who have access to the system can see every transaction and its value. Each node or user on the blockchain has a unique address composed of letters and numbers, which can be used as the user’s identity. Users can choose to remain anonymous or disclose their identities to others. Transactions happen between addresses on the blockchain.
4. Records cannot be changed
Once the transaction results enter the database, the account information will be updated accordingly, and the records cannot be changed, because these information and all previous transaction records are mutually exclusive Association (this is where the term “chain” comes from). Various computational algorithms and methods are used to ensure that the records in the database are permanent, chronologically ordered, and visible to everyone else in the network.
5. Computational logic
The digital nature of this ledger means that blockchain transactions can be linked to computational logic, and can actually be programmed. All users can set algorithms and rules so that transactions can be automatically triggered between nodes.
With blockchain technology, we can imagine a new world where contracts are stored in a transparently shared database in the form of digital programming, which will not be deleted, falsified, revised. In such a world, every agreement, every process, every task and every payment will have a digital record and a digital signature that can be identified, verified, stored and shared. Intermediaries such as lawyers, brokers and bankers are no longer necessary. Individuals, organizations, machines and algorithms are free to interact and transact with each other without friction. This is the limitless potential that blockchain brings.
Virtually everyone has heard that blockchain will revolutionize business, redefining business and the economy. While we remain enthusiastic about the potential of blockchain, we are also concerned that it is a bit exaggerated. It’s not just security issues (like the collapse of a bitcoin exchange in 2014 and the recent hacking attacks) that worry us. The experience of studying technological innovation tells us that if there is a blockchain revolution in the future, there will also be many obstacles – technical, governance, organizational and social obstacles. Reckless application of blockchain technology innovations without a truly thorough understanding of the blockchain is likely to be a big mistake.
We believe it will be many years before blockchain can truly transform businesses and governments. Because blockchain is not a “disruptive” technology, disruptive technology can impact traditional business models with low-cost solutions, while quickly replacing traditional enterprises. We see blockchain as a foundational technology: it has the potential to create new foundations for our economic and social systems. But the implications are so widespread that it will take decades for blockchain to penetrate economic and social infrastructure. The process of blockchain popularization will be gradual, and this process and its strategic implications will be the focus of this article.
Patterns of technology adoption
Before discussing blockchain strategy and investments, let’s recall the following technology adoption we know process, especially the adoption process of other underlying technologies. One of the most relevant examples is the adoption of distributed computer networking technology, the TCP/IP protocol, which laid the foundation for the development of the Internet.
TCP/IP first appeared in 1972 and gained widespread attention in a separate application scenario: it emerged as the basis for sending e-mail between researchers on ARPAnet, which was developed by the U.S. Department of Defense The predecessor of the commercial Internet. Before TCP/IP, the communication system architecture was based on “circuit switching”, and the connection between two parties or two machines had to be preset and maintained through switches. To ensure that any two nodes can communicate, telecommunications service providers and equipment manufacturers invest billions of dollars in private lines.
TCP/IP completely changes the above model. The new protocol digitizes information and breaks it down into many small packets, each of which includes address information. Once released into the network, these packets can take any route to reach the recipient. Data sending and receiving points in the network can break down packets, reassemble them, and interpret the data. This eliminates the need for dedicated lines or large-scale infrastructure. TCP/IP creates an open, shared public network with no central authority or principal responsible for maintenance and updates.
Traditional telecommunications companies and related companies are skeptical of TCP/IP. It is seldom imagined that data, information, audio and video can be established under new systems,�The relevant system will be very secure and will develop rapidly. But from the late 1980s to the 1990s, more and more companies, such as Sun, NeXT, Hewlett-Packard, and Silicon Graphics, used TCP/IP to develop intra-company local area networks. In doing so, they developed related technologies beyond the realm of e-mail, gradually replacing traditional local area network technologies and standards. With the adoption of these newly developed technologies and tools, the production efficiency of enterprises has been greatly improved.
In the mid-1990s, the advent of the World Wide Web made TCP/IP widely available. Newly established high-tech companies began to provide the relevant “tools” – hardware, software and related services, which are necessary to connect and exchange information with the now open network. Netscape commercialized browsers, web servers, and other tools and components. Sun has promoted the development of the application programming language, Java. With the exponential growth of information on the web, Infoseek, Excite, AltaVista, and Yahoo are all leading users to use TCP/IP technology.
Once this rudimentary infrastructure is widely accepted, a new generation of businesses will be able to seize the opportunity presented by low-cost access to There are business models that form an alternative. CNET brings news online. Amazon sells more books than any brick-and-mortar bookstore. Priceline and Expedia make buying tickets easier and more transparent throughout the buying process. These new entrants are expanding their businesses at very low cost, putting traditional businesses such as newspapers and brick-and-mortar retailers under unprecedented pressure.
Relying on the widespread Internet, enterprises create novel and revolutionary applications, which are enough to fundamentally change traditional business models and create value. These businesses are built on new P2P architectures and generate value by coordinating users across a distributed network. Imagine how eBay transformed online retailing through the auction model, Napster transformed the music industry, Skype transformed the telecommunications industry, and Google transformed web search by using user-formed links to provide better search results.
Many businesses are already using blockchain to track goods along the supply chain. Ultimately, it took more than 30 years for TCP/IP to become widely accepted—alone, topically, replacing and transforming—and reshaped our economy. More than half of the world’s most valuable listed companies today have internet-driven, platform-based business models. The foundations of our economy have fundamentally changed. Physical assets and proprietary intellectual property are no longer a guarantee of competitive advantage; businesses that lead economic development can play a key role, especially in their ability to organize, influence, and coordinate a broad network of communities, users, and organizations.
Blockchain—a P2P network at the top of the Internet—became the core foundation of Bitcoin in October 2008 Entering people’s field of vision, Bitcoin is a virtual currency system that does not issue currency, transfer ownership and confirm transactions through a central authority. Bitcoin is the first real-world application of blockchain technology.
The similarities between blockchain and TCP/IP are obvious. Just as email allows people to exchange information, Bitcoin allows people to conduct transactions. The development and maintenance of the blockchain is open, distributed, and shared — just like TCP/IP. A group of volunteers around the world are maintaining its core software. Like email, Bitcoin received enthusiastic support from the start, but only by a relatively small minority.
TCP/IP greatly reduces interconnection costs, thereby creating new value for economic development. Likewise, blockchain can drastically reduce transaction costs. Blockchain has the potential to be the system of record for all transactions. If this becomes a reality, and new types of businesses based on blockchain technology will influence and control emerging industries, the economy will once again undergo fundamental changes.
Let’s take a look at how businesses work today. Recording transactions is a core job that every business must do. These records track past activities and achievements and provide guidance for the future. Not only do they give people a sense of how the business works internally, but they also give people a sense of how the business is connected to the outside world. Every business or organization has its own records, and these records are private and confidential. Many businesses do not have a general ledger record of all the activities of the business; instead, all records are scattered across various branches or departments within the business. The problem is that reconciling transactions between individuals and private ledgers takes a lot of time and is error-prone.
For example, a typical stock trade can be completed in microseconds without human intervention. However, settlement—transferring ownership of shares—may take�� weeks. This is mainly because none of the parties have access to others’ ledgers, and there is no way to automatically prove the owner of the asset, nor to automatically transfer the asset. Instead, many intermediaries are needed to guarantee the existence of the asset and to record the transfer of ownership of the asset.
In a blockchain system, the ledger can be replicated in many identical databases, each party will have a set of data, and stakeholders will also maintain records. When one party’s data changes, all other copies of the ledger are updated at the same time. As soon as a transaction occurs, the asset type and value of the transaction is recorded in all ledgers. No third-party intermediaries are required to prove or transfer ownership. If a stock transaction takes place on a blockchain system, its settlement will be completed in seconds, very secure and verifiable. (The vulnerability in the hack that attacked the Bitcoin exchange was not the blockchain itself, but a separate system using the blockchain to connect the parties.)
A Framework for Wide Acceptance of Blockchain
If Bitcoin is like the early days of email, is it still decades before blockchain can reach its full potential? In our view, the answer is yes. We can’t predict exactly how many years it will take for change to happen, but we can guess what applications will emerge first and how blockchain’s widespread acceptance will eventually become a reality.
How basic technologies gain wide acceptance
There are usually four stages in the popularization of basic technologies. Each stage depends on the innovativeness of the application and the complexity of the coordination effort. Less innovative and less complex applications are accepted first. More innovative and more complex applications take decades to gain widespread acceptance, but can have a revolutionary impact on the economy. TCP/IP technology, introduced by ARPAnet in 1972, has entered a transitional period, but blockchain applications are still in the early stages of development.
In our analysis, history has shown that there are two dimensions that influence the development of underlying technologies and their application scenarios. The first is its innovativeness—how new an app is to the world. The more innovative it is, the more effort it takes to get users to understand its functionality. The second dimension is complexity, represented by the level of ecosystem coordination—how many actors and how diverse actors are needed to use the technology to create value together. For example, a social network with only one user is useless; it is only valuable when all your relationships are on the social network. Other users of the app must work together to create value for participants. For many blockchain applications, the logic is the same. And as the scale and impact of these applications increase, their application will bring about major institutional changes.
We have developed a framework to analyze the development of innovation according to the two dimensions mentioned above, which are grouped into four quadrants. Each quadrant represents a stage of technological development. Knowing which quadrant blockchain innovation falls in can help company executives understand the challenges blockchain faces, the level of coordination and consensus required to adopt blockchain technology, and the legal and regulatory requirements it requires efforts in this regard. It also explains what processes and infrastructure are needed to drive an innovation to adoption. Managers can use it to assess the state of blockchain development in any industry, and to assess the problems companies have with their strategic investments in blockchain.
In the first quadrant, applications are less innovative and less difficult to coordinate, and can provide more Well, lower cost, more professional solution. Email, a low-cost alternative to telephone, fax and traditional letter writing, is an independent application mode of TCP/IP technology (even though its value increases with the number of users). Bitcoin is also in this quadrant. Even in its infancy, Bitcoin was only used as an alternative payment method for a small percentage of the population. (You can think of it as a sophisticated kind of email that transmits not just information, but actual value.) At the end of 2016, Bitcoin’s total market capitalization is expected to reach $92 billion. The overall global payment market size has reached 411 trillion US dollars, and the scale of Bitcoin is still very small, but Bitcoin is developing rapidly, and it is becoming more and more important in instant payment and foreign exchange and asset transactions. There are limitations in the current financial system in these areas sex.
The innovation in the second quadrant is relatively high degree of novelty but only needs a limited number of users to create value , so the popularization of such technologies is relatively easy. If blockchain follows the development path of network technology, we can expect blockchainInnovation can develop local private networks through independent applications, so that multiple organizations can be connected through a distributed ledger.
Many of the initial private blockchain projects are basically in the financial sector, and there are fewer companies within the network, so there is no need for too much coordination costs. Nasdaq is partnering with Chain.com, a blockchain infrastructure provider, to provide technology for processing and confirming financial transactions. Bank of America, Morgan Group, New York Stock Exchange, Fidelity Investments, Standard Chartered Bank are testing blockchain technology in many fields such as trade finance, foreign exchange, cross-border settlement, securities settlement, etc. to replace paper-based manual transaction processing. The Bank of Canada is testing a digital currency called CAD Coin for bank-to-bank transfers. We expect private blockchains to continue to evolve, providing specific service functions for various industries.
The third quadrant contains applications that are relatively less innovative, but require a lot of coordination because these applications Involves a wide range of public use. The purpose of these innovations is to replace traditional business models, so these applications will face many obstacles; such innovations not only require more coordination, but also the processes to be replaced are very mature and deeply integrated with current enterprises and systems. Examples of this include cryptocurrency – a new type of currency that originated with bitcoin payment technology. The key difference is that cryptocurrencies require all parties involved in currency transactions to accept the technology, challenging governments and mechanisms that have long been traditionally governed. Consumers must also change their behavioral patterns and understand how to use them to realize the potential of cryptocurrencies.
A recent MIT experiment highlights the challenges facing the digital currency system. In 2014, the MIT Bitcoin Club offered $100 in Bitcoin to 4,494 MIT undergraduates. Interestingly, 30% of students didn’t even sign up to receive the free funds, and 20% of those who signed up exchanged bitcoin for cash within a few weeks. Even tech-obsessed students struggle to understand how and where to use bitcoin.
One of the most daring alternative blockchain applications is Stellar, a non-profit project to provide affordable financial services to groups who have never had access to financial services, including banks Business, small and micro payments, remittance. Stellar has its own virtual currency, lumens, which also allows users to keep other assets in its system, including other currencies, airtime, digital credits. Stellar initially focused on the African region, especially Nigeria, Africa’s largest economy. There Stellar has gained widespread adoption among its target user base and at a very low cost. But the future will not be smooth, because there are many difficulties in the coordination of the industrial chain. While adoption at the bottom is a testament to Stellar’s viability, to become a banking standard it will also need to influence government policy and convince central banks and large corporations to use it. This can take years of hard work.
The most innovative applications in the last quadrant, if successful, will change the economic, social and political system essence. This will involve the coordination of many parties, as well as the unanimous support of large institutions in terms of standards and processes. The widespread application of such innovations requires major changes in social, legal and political institutions.
“Smart contracts” are currently the most revolutionary blockchain applications. Payments and transfers of money or other assets are done automatically when pre-agreed conditions are met. For example, as soon as the goods are delivered, the smart contract will automatically pay the supplier for the goods. A company can indicate on the blockchain that a certain type of shipment has been delivered—or a product that has GPS positioning on it, automatically completes the location update, which in turn triggers a payment to occur. We are seeing early pilot projects of such self-enforcing contracts in corporate finance, banking and digital equity management.
The meaning of this is very exciting. Companies will be built on contracts, from registration to buyer-supplier relationships to employee relationships. If contracts are self-enforcing, what happens to traditional corporate structures, business processes, and intermediaries like lawyers and accountants? How will the managers be? Their roles will fundamentally change. Before we get too excited, we must remember that we are still decades away from the widespread adoption of smart contracts. This cannot be a reality without the backing of big business. A great deal of coordination and clarification is required regarding the design, verification, implementation, and execution of smart contracts. We believe this will take a long time. And technical problems, especially security issues, are also very difficult.
Methods to guide blockchain investments
�How should executives consider adopting blockchain technology within their businesses? Our framework helps businesses spot the right opportunities.
For many companies, the easiest way is to use the standalone application model, which minimizes risk because it is the least innovative and rarely involves third-party coordination. One strategy is to use Bitcoin as a payment mechanism. The Bitcoin infrastructure and market are very mature, and the adoption of virtual currency will also require many functional departments to strengthen their blockchain technology application capabilities, including information technology, finance, accounting, sales and marketing. Another low-risk approach is to use blockchain internally as a database for applications such as managing physical and digital assets, recording internal transactions, and verifying identities. This is especially useful for businesses that want to collaborate between multiple databases in-house. Testing applications for independent use will help companies develop the skills needed to meet the requirements of more advanced application models in the future. And it’s getting easier to test thanks to the emergence of cloud-based blockchain services from startups and large platforms like Amazon and Microsoft.
Localized applications are the natural choice for the future of enterprises. We also see that many companies are now investing in private blockchain networks, and many projects have only a short-term impact. For example, financial institutions find that they develop a private blockchain network with a limited number of trusted counterparties, which can greatly reduce transaction costs.
Companies can also use localized applications to solve specific problems in cross-border transactions. For example, many companies are using blockchain to track goods in complex supply chains. This is already used in the diamond industry, where gems can be tracked from the mine to the consumer. This technology is available now.
Developing alternative applications requires careful planning because current solutions are difficult to replace. One approach is to focus on alternative models that do not require end users to change their behavior, proposing alternatives to solutions that are expensive and unattractive. At the same time, the alternative must perform the same function as the traditional solution and be easily accepted and adopted by the ecosystem. First Data’s development of blockchain-based gift cards is an example of a well-thought-out alternative product. Retail businesses that provide gift cards to consumers can use blockchain to track the flow of money in their accounts without relying on external payment processors, which can significantly reduce cost per transaction and improve security. These new gift cards even allow balances and transaction permissions to be transferred between merchants.
Blockchain can significantly reduce transaction costs and reshape the economic development model.
Disruptive applications are still far away. But it still makes sense now to assess the potential for disruptive applications to emerge and strengthen early-stage investments. It is very influential when disruptive applications are combined with new business models, under which the value creation and capture model is different from the current way. This business model is difficult to adopt, but it can drive the emergence of future companies.
Consider how law firms can change their adoption of smart contract technology. They need to develop new skills in software and blockchain programming. They may also have to rethink their hourly payment model, considering either a transaction fee model or a contract custodial fee model, just two of the possible models. Either way, company executives must make sure they understand and test the impact of the business model before making changes.
The transformative scenario will emerge last, but it can deliver considerable value. They will have far-reaching implications in two areas: mass public identity systems for entry passport control functions, and algorithm-driven decision-making in preventing money laundering and complex financial transactions involving multiple parties. We don’t expect these applications to gain mass adoption and popularity for at least a decade or more.
Transformative applications will also drive the emergence of new platform-based enterprises that orchestrate and manage new ecosystems. These businesses will be the next generation of Google and Facebook. This requires patience to achieve. While it’s too early to start thinking about large-scale investments, it’s still worthwhile to develop the necessary foundation—tools and standards—for it.
In addition to providing a reference for the popularization of blockchain, TCP/IP also lays the foundation for the development of blockchain foundation. TCP/IP is now ubiquitous, and blockchain applications are built on digitized data, communication, and computing infrastructure, which reduces the cost of experimentation and allows new use cases to emerge quickly.
Using our framework, company executives can figure out where to start to prepare their companies for future blockchain adoption. They need to ensure that company employees understand the�Blockchain, able to develop company-specific application projects in the four quadrants we build, investing in blockchain infrastructure.
But from the perspective of the development path of TCP/IP, time, barriers to technology adoption, technical complexity, etc., company executives should carefully consider the risks that exist in blockchain testing projects . To put it more clearly, it is better to start small. But the size of the investment should depend on the current state of the company and the industry. Financial institutions are doing well in adopting blockchain technology. Manufacturing is not ready yet.
In any case, there is a good chance that blockchain will affect your business, and the biggest issue is time.