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Blockchain is a digital, decentralized public transaction ledger. It is a network of computers that securely records any type of transaction, prevents tampering with those records, and enables individuals and organizations to verify transactions that occurred. It is best known for recording Bitcoin and cryptocurrency transactions, but blockchain can be applied to almost any type of transaction or anything of value. Blockchain can record transactions between two parties in an efficient, verifiable and permanent manner, and once a transaction is recorded on the blockchain, it is difficult to change the data in any way. Many investors want to know what are the application scenarios of blockchain technology? Let the editor of the currency circle introduce it to you.

 What are the application scenarios of blockchain technology?

1. Supply chain field

The supply chain consists of many participating entities, with a large amount of interaction and collaboration. Information is discretely stored in their own systems, lacking transparency. The lack of smooth information makes it difficult for various participating entities to accurately understand the real-time status and existing problems of related matters, affecting the collaborative efficiency of the supply chain. When disputes arise between parties, it is time-consuming and laborious to provide evidence and pursue accountability.

Blockchain can make data open and transparent among various entities, thereby forming a complete, smooth, and non-tamperable information flow throughout the entire supply chain. This can ensure that all entities promptly discover problems arising during the operation of the supply chain system and find targeted solutions, thus improving the overall efficiency of supply chain management.

2.Automobile industry

The partnership was announced last year to build a proof of concept using blockchain to streamline the car rental process and build it into a "click, sign up, and drive" process. Future customers select the car they want to lease, entering it into the blockchain's public ledger Then, sitting in the driver's seat, the customer signs the lease agreement and insurance policy, and the blockchain updates the information simultaneously. It is not imaginary. This type of process may also develop for car sales and car registration. for reality.

3. Stock trading

For years, many companies have made it easier to buy, sell, and trade stocks. Emerging blockchain startups believe that blockchain technology can make this process more secure and automated than any previous solution. Meanwhile, blockchain startup Chain is working with Nasdaq to make this possible through blockchain. Equity transactions in private companies.

4. Government management

Government affairs information, project bidding and other information are open and transparent, and government work is usually subject to public attention and supervision. Since blockchain technology can ensure the transparency and immutability of information, it plays a great role in the implementation of transparent government management. There is a certain degree of information opacity in government project bidding, and companies also have the risk of information leakage during the sealed bidding process. Blockchain can ensure that bidding information cannot be tampered with, ensure the transparency of information, and form a trust consensus among competitors who do not trust each other. It can also arrange subsequent smart contracts through the blockchain to ensure the construction progress of the project and prevent the growth of corruption to a certain extent.

 Advantages of blockchain technology

1. Decentralization

The blockchain uses distributed computing and storage, and there is no centralized hardware or management organization, so the rights and obligations of any node are equal.

2. Openness principle

The blockchain system has an open nature. In addition to the private information of the transaction parties being encrypted, the blockchain data is open to everyone.

3. Autonomy

In the blockchain, any human intervention is ineffective, and trust in "people" is changed to trust in machines. This enables all nodes in the entire system to exchange data freely and securely in a trustless environment.

4. Information cannot be tampered with

Once the information is verified and added to the block in the blockchain, it is stored permanently and cannot be modified.

The above is the detailed explanation of the application scenarios of blockchain technology by the editor of the currency circle. In fact, unlike traditional databases, there is no central entity that manages information and protects the data in permissioned blockchains. However, all parties on the blockchain control, maintain, and protect the information posted to it, providing an additional layer of control if one of the parties attempts to alter or alter previously agreed-upon information. The distribution of shared information is achieved by allowing each party to access the information at the same time, which provides a layer of trust for all parties on the blockchain. This also reduces the risk that any party can change the data that affects all parties in the blockchain. .