Sep 5, 2018 · 4 min read
Four major trends in the development of blockchain technology compliance

Blockchain is considered to be the machine that creates trust, from centralized storage to distributed storage and from single-party maintenance to multi-party maintenance... As an integrated technological innovation, blockchain essentially provides a trusted channel for exchange of information and value in the untrusted network.It is repeatedly emphasized that in this channel it is impossible to copy and difficult to tamper with information. Technologies such as peer-to-peer transmission, consensus algorithms, and cryptography together form a decentralized, transparent, tamper-proof trust system.So, in the future, where will the development of blockchain technology go?Trend 1: Speed up the standardization of blockchai

Now countries are working hard to develop relevant standards for blockchain, including Japan, the United States, the European Union and various well-known blockchain standards organizations. Traditional standardization organizations include IEEE, ITU-T, ISO/TC 307, R3CEV, and W3C, etc.We also joined the Central Bank's Digital Money Institute to provide solutions on behalf of the industry – the “Trusted Blockchain” program, an evaluation system distributed architecture, “hoping to make blockchain technology and blockchain industry more transparent and open in a transparent and open way.”In the competition of global blockchain standardization rights: European countries and Asia-Pacific countries are at the forefront; the United States is steadily stabilizing with accumulated advantages, but gradually loses its leadership, hoping to incorporate European and Asia-Pacific research into its blockchain standard institutes. Singapore and Australia have become two dark horses in the Asia Pacific region.Trend 2: Solution to blockchain security problem

In October 2016, The DAO, a venture capital organization based on the Ethereum public blockchain platform, suffered loss of ETH worth $50 million stolen due to system vulnerabilities. In the following, Parity wallet was attacked; there came the eclipse attack against nodes and even "one line of code ruined all" ... a variety of security incidents, involving attacks against wallets, exchanges, chains, and smart contracts. In addition to these new types of attacks, blockchains face some traditional security issues, such as private key protection. Therefore, the security issues of blockchain has become an undisputed hotspot.From our observations, from 2011 to April 2018, global losses due to blockchain security incidents amounted to as much as 2.864 billion US dollars. It is worth noting that the loss quota has shown an upward trend since 2017. Since 2018, the amount of losses has reached $1.9 billion.Trend 3: Blockchain in Internet of Things will expand in patent layout

At present, the blockchain patent is mainly applied for by enterprise, and there is no market leader. China and the United States have an absolute advantage.After 2017, blockchain patent applications from China and the United States have risen sharply, reaching a high level. In January 2018, the number of global blockchain patent applicants increased directly to 675. Compared with that in August 2017, the number of patents has nearly doubled. The blockchain patents of China's central bank rank first in the world.Another feature is the diversified application of blockchain in the Internet of Things. The realization of the Internet of Things will extend blockchain technology to many fields, and there is great value in patent in the automotive industry.Trend 4: Blockchain boosts RegTech

The current blockchain’s public chain system is anti-censorship, which means that it can be anonymous. Who am I? You don't know. I will tell you only when I present my private key. I have ownership of the relevant assets that don't need to be review and supervised.However, we hope that the regulatory institutions can intervene in the blockchain and collect and review the data. We hope that blockchain will be compliant to regulation, which is contradictory to itself.But now the concept has changed. RegTech (regulatory technology) appears and blockchain technology may become a double-edged sword. In the future, more effective regulation through regulatory technology will help reduce compliance costs and allow blockchain technology to be used for regulation.In May 2017, The People's Bank of China established FinTech Committee to strengthen the application of regulatory technology and improve the ability to identify, prevent and resolve cross-industry and cross-market financial risks.Contact usCeleschainTelegram GroupTwitterRedditMediumFacebookYoutubeCeles-Chain-Business-Plan
