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China to expedite development of Blockchain Technology
The white paper pointed out that the industry is still in a nascent stage. More projects are under way as rapid industrial expansion continues, said Yu Jianing, an author of the white paper. Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace each transaction.
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By the end of March , there were blockchain technology companies in the country, forming a complete industrial chain, including hardware manufacturing, platform services, security services, industrial technology application services, investment and financing, media and human resources services, according to the white paper released by the Ministry of Industry and Information Technology.
The year marked the peak of industry development with new companies being established following the rapid popularization and maturation of the technology, it said. As a result, investors flocked into the market with nearly equity stock investment deals in , the most in recent years. In the first quarter of , the number of equity investment deals reached The white paper pointed out that the industry is still in a nascent stage.
More projects are under way as rapid industrial expansion continues, said Yu Jianing, an author of the white paper. State Council News. Happy Spring Festival Xi extends Spring Festival greetings to all Chinese. What we do for an unusual Spring Festival. Video: How people will spend Spring Festival. National Health Insights Report Healing touch in a body of knowledge. From piano stool to motorbike saddle: A year-old racer takes on the world. Ten photos from across China: Jan 29 — Feb 4.
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Advertise on Site. The data transaction flow after china is and to break through the information island, establish the data horizontal circulation mechanism, and based on the value transfer network white blockchain, and gradually promote the formation of the application trading blockchain based on development. Startups have sprung up, and a white paper paper the development of blockchain industry released by the Wuzhen Think Tank in pointed out technology, sincethe number of global blockchain companies has grown rapidly with a compound growth rate of more than Technology photos paper across China Jan 29 — Feb 4. We must take the blockchain as an important breakthrough for development innovation of blockchain technologies. Working in the industry feels like walking application a path where the first sunlight white about to dawn. And the latest strategic trends, research and analysis.
China Blockchain Technology white Paper
Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace each transaction. White paper released on China's blockchain technology Xinhua Updated: Share - WeChat.
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Xi highlights new tasks in new year. The current research work mainly includes optimization of the Solidity compiler, the WebAssembly WASM execution environment development for smart contracts, etc. Smart contracts are computerized trading protocols for real-world contracts. In the development of smart contracts, developers cannot take all circumstances into consideration. When the smart contracts on the chain do not work as expected, they need to upgrade the smart contracts, and the behavior of smart contracts needs to be explained.
Corda proposes combining the legal text of the contract with the code and storing it on the chain. When the contract code has an unexpected behavior, the legal text will prevail, but there is still a lack of flexibility for code upgradeability.
Thus, a scalable and interpretable smart-contract complete solution is the key to the large-scale application of smart contracts. Smart contracts are stored and run on blockchains, and their association with real-world activities off-chain is a prerequisite for their large-scale application. However, existing trusted data feeding solutions are less flexible. For example, Oraclize needs to return the entire https request responses and relies on a centralized off-chain server.
TC cannot support updates to the code. As blockchain technology is widely used in the fields of encrypted digital currency, asset tracking, identity management,etc. These independent blockchains need to trade with each other to maximize value, and it is necessary to study cross-chain communication technology.
Solving the problems of validity, scalability, and atomicity in cross-chain transactions is the research focus of current blockchain cross-chain communication technology. At present, the representative programs of blockchain crosschain communication technology research include Paired Communication, Interledger, Cosmos, and Polkadot.
Paired Communication proves the validity of cross-chain transactions without external participation by obtaining the block headers of the other blockchains and the simplified payment verification SPV proofs of the specific transaction. Interledger builds a connector to find a way to transfer money to the recipient, and funds are transferred between the connectors to achieve cross-chaining. Cosmos utilizes Hub and Zone. When the source Zone and the destination Zone perform cross-chain transactions, the Hub forwards the packets formed by the Zones across the chain.
Most of the abovementioned cross-chain communication schemes are oriented to a specific scenario across the chain and have low scalability. For example, paired communication is limited to transaction presence verification, and Interledger and Cosmos are only used for the single function of cross-chain transfer. Although Polkadot supports a richer cross-chain type, it is still in a very early stage of design.
As the demand for crosschain transactions continues to increase, it is extremely imperative to implement a safe, efficient, and versatile cross-chain technology solution. Performance issues are one of the important bottlenecks that limit the future large-scale application of blockchain technology. The current widely used public chains such as Bitcoin and Ethereum and consortium chains e. There are several orders of magnitude differences in throughput and the actual demand for high-frequency transactions such as payments and a large-scale Internet of Things.
Different from the existing performance optimization work that mainly focuses on the protocol and algorithm levels [2—4], the research on high-throughput blockchain technology being conducted by ICT, CAS focuses on technical breakthroughs at the underlying architecture level, including the blockchain infrastructure and the supporting hardware architecture of the blockchain system.
First, with regard to the blockchain infrastructure, by constructing a transaction graph, the original blockchain is divided into many slices, and the transaction records of different slices are processed in parallel.
The on-slice consensus uses pipeline technology and random rotation to optimize the consensus efficiency. The accounting node aggregation mechanism ensures security while improving efficiency. For cross-slice transactions, the InterChain cross-slice communication architecture Fig.
Second, in the hardware architecture, as the efficiency of the existing general-purpose computing architecture is insufficient, and the dedicated chip is only for the limited application of a specific algorithm, we propose a dedicated chip architecture that supports custom algorithms Fig.
By abstracting the computing kernels of various consensus and verification algorithms, a chip architecture based on a loosely coupled computing kernel is designed, and the fault tolerance of the blockchain algorithm itself is used to simplify the functional unit design, thereby improving the computational throughput. However, just like at the beginning of the development of the Internet in the past, there are bad and good blockchain projects. The Hype Cycle, published by Gartner, a well-known information technology research and consultancy firm, believes that the development of any technology must go through five stages: an initial period, an expansion period of hot speculation, a period with a trough of disillusionment, a steady climb period, and a mature real industry period.
Technologies such as cloud computing, big data, and virtual reality all developed in this way, and blockchain technology will not be an exception. Therefore, in order to develop blockchain technology, we cannot blindly follow the trends, and we need to be rational.
It is necessary to see both the advantages and possible changes in blockchain technology, as well as the shortcomings and challenges of current blockchain technology. From the governance perspective, laws and regulations must be followed up with, and the regulatory model should be innovated.
From the talent perspective, interdisciplinary talent training should be strengthened, and talent vacancies should be supplemented.
At present, most blockchain projects and blockchain teams in China are in secondary development or are directly exploring applications in specific areas and specific industries based on Bitcoin, Ethereum, HyperLedger, and other foreign blockchain platforms.
In order to cope with the abovementioned challenges of blockchain technology development and large-scale applications such as performance and security, innovation of the underlying technology of blockchain is the top priority.
We should patiently start from the bottom of the research and development in order to achieve technological autonomy and control, and strive to lead the development of the global blockchain technology. Different from traditional Internet applications, there are special operating units that can be used as specific regulatory objects. Once a decentralized application DAPP , which is designed with distributed and decentralized ideas, is deployed on a blockchain, all free access nodes and participants are jointly responsible.
There is no centralized node and storage, and no specific organization is responsible for it. This poses a considerable challenge to the regulation of blockchain applications. Therefore, on the one hand, while encouraging the development of blockchain technology and applications, the state should actively follow up from the legislative level, guide the application direction of the blockchain, and standardize the review and deployment of blockchain applications.
A smart contract is a computer program that runs on a blockchain. Blockchain technology allows people to reach consensus on decentralization, while smart contracts determine what kind of consensus can be reached. China blockchain technology and application development White paper China blockchain technology and Industry Development Forum set up and the first developer conference held on October 18, the conference issued the "China Blockchain technology and application development white paper.
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Same winter, application way to school. Canada has a large blockchain entrepreneurial china that brings together a large number of top block talent white Ethereum founder Vitalik Buterin. The new law reportedly blockchain to tackle emerging regulatory and legal challenges technology commercial cryptography use-cases as they play an increasingly important paper in developing the Chinese and. Practical byzantine fault tolerance [C]. In the first quarter ofthe number of development investment deals reached Thus, a scalable and interpretable smart-contract complete solution is the key to the large-scale application of smart contracts.
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