Blockchain has slowly approached our lives since 2018. However, many people intuitively equated blockchain with Bitcoin. Treelion is going to tell everyone what is blockchain.
What is blockchain?
To put it in a simple way, blockchain is a shared ledger. Everyone can record all kinds of things you want on this ledger. Everything recorded by each person will travel one block after another, which is like a chain.
Since everyone can see what you have recorded, the blockchain is open, transparent and cannot be tampered with. And because everyone records information and manages information separately, blockchain is also a decentralized record management method.
In the world of blockchain, no one is the big brother anymore. All participants have the right to record, trace, inquire, maintain, and manage the entire chain. Therefore, it is guaranteed that the blockchain is safe, open, honest and transparent, and it is also trustworthy.
Blockchain is originated from Bitcoin, and it has flourished in the virtual currency world, many people will directly think of Bitcoin or other virtual currencies when they mention the blockchain. However, blockchain can also be used on many other sectors.
Policy on blockchain
At the beginning of 2020, under the epidemic, the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee accelerate the construction of new infrastructure such as 5G networks, data centers, and blockchain. Since April, the National Development and Reform Commission have jointly launched the “Digital Transformation Partnership Action” with 17 departments. Local governments have released investment plans for new infrastructure projects in 2020 to promote post-epidemic economic recovery, digital transformation of traditional industries, and digital economic development.
Among them, as an important tool for the official digital development of blockchain, General Secretary Xi Jinping also emphasized in the 18th collective study of the Political Bureau of the Central Committee: take the blockchain as an important breakthrough for independent innovation of core technology and accelerate the promotion of blockchain technology and industrial innovation development. Subsequently, a total of more than 40 blockchain-related guiding policies were issued at the national level, of which the State Council issued 13 blockchain-related guiding policies. This year, Beijing, Hunan, Guizhou, Hainan, Jiangsu, Hebei and other provinces have introduced special blockchain development policies.
Therefore, in addition to coins, blockchain, as a “decentralized” information processing technology actually has a broader sky.
Any other applications of blockchain besides coins?
The most important thing in finance is security. Therefore, the financial field relies heavily on the characteristics of blockchain, such as “decentralization”, “non-tampering”, and “information transparency”. It has huge potential value in financial fields such as international exchange, letter of credit, equity registration and stock exchange. The application of blockchain technology in the financial industry can eliminate third-party intermediary links and achieve direct peer-to-peer connection, thereby greatly reducing costs and quickly completing transaction payments. For example, the Bank of Thailand used blockchain to issue government bonds worth US$1.6 billion in October this year, which can reduce the time and cost of issuing bonds.
Blockchain can also be naturally combined with the Internet and logistics. Through the blockchain, logistics costs can be reduced, the production and delivery processes of items can be traced, and the efficiency of supply chain management can be improved. At the same time, consumers can also see the production and logistics information recorded on the blockchain by scanning the code to avoid getting fake items and to gain more confidence.
In the future, in the era of the Internet, no one knows if the combination of blockchain and logistic may directly eliminate fake items.
Public welfare field
The data stored on the blockchain is highly reliable and cannot be tampered with, which is naturally suitable for using in social welfare scenarios. Relevant information in the public welfare process, such as donation projects, fundraising details, fund flow, feedback from recipients, etc can be stored on the blockchain, and conditionally transparent and publicly announced to facilitate social supervision.
Treelion is applying blockchain technology to green environmental protection business. The platform is based on big data, AI, blockchain and other distributed technologies. While reducing costs and risks, it achieves the standardization of green assets and enhances green assets. The financial attributes and value of the company bring liquidity to green assets that are currently difficult to trade, and aim to finally build a borderless, scalable, and inclusive green financial ecosystem with everyone participating.