The Birth of Trust Machine — Evolution and Application of Blockchain
Blockchain 1.0 — Digital Currency
In November 2007, an individual known as Satoshi Nakamoto publishes an article entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” describing the structure and concept of an electronic cash system constructed under the foundation of P2P network technology, encryption technology, timestamp, distributed algorithm, and consensus agreement; and the concept of bitcoin and blockchain thus emerged. Such theories intrigued certain groups of individuals; therefore, the theories subsequently entered into the practice stage. In January 2009, blockchain was born with “chain” formed by the connection between the №0 Genesis Block and the №1 Block. As such, the blockchain focused on the decentralized application of digital currencies and payment system.
Blockchain 2.0 — Digital Assets and Smart Contract
In 2013, Vitalik Buterin put forward his opinion on problems arising from the implementation of bitcoins and extended the concept of bitcoins to fields beyond currencies to elaborate his prospects on the “Ethereum.” The “Ethereum White Paper” illustrates the goal of a decentralized program, that is, to develop a human community on the platform and for the entrepreneurs to construct distributed applications for the blockchain. Such faith goes way beyond currencies and extends to the smart contract, even the distributed autonomy organization of blockchain.
Blockchain 3.0 — More Complex Contract Application
Through the development of blockchain technology, its application scope has become more extensive, and the application scope for the smart contract has expanded accordingly. The public currently has applied blockchain beyond the fields of finance. Together with the Big Data analysis, the Internet of Thing, and AI, blockchain may function more extensively and bring more changes for different industries.
Current Application Practice for Blockchain
Digital Currency Exchange in Different Countries
Utilize the decentralization, non-alteration, and traceable features of blockchain to set up a safe, fast, and convenient digital currency exchange, protecting the digital assets of users.
Digital Music Copyright: KKBOX -Muzeum
Use blockchain technology to deal with the problem of distributed music authorization and establish an open database to keep complete records of relevant information on digital contents and distribution of exercisable rights, including author information, previous works, obligee distribution, and related scope of authorization. Information records for each music block would be comprehensively encrypted and protected, so as to ensure the digital contents cannot be altered after being written into the block.
Blockchain Management: Owting Market & Booking
The online farmers’ market creates the blockchain production profile and utilizes the blockchain to establish a hotel management system for resolving the over-sale problem of rooms to reduce the expenses on labor costs.
Medical Record Management: Pokitdok
Alter the communication way between stakeholders for healthcare through blockchain, and users may obtain the distributed technology connected to healthcare. The system may provide seamless communication for payees, medical system, and technology companies.
Energy Tracking: SunContract
The smart contract platform may directly connect renewable energy producers and consumers to the energy pool. Support a globalized and self-sufficient energy community that based on renewable energy through the digitalized electricity.
However, blockchain technology may have further applications and that there shall be more information available on the internet. It is expected that our lives can be more convenient and splendid leveraging on the new ear, new technology, and new revolution.
