文 恒大研究院 连一席 谢嘉琪 甘源
Man & nbsp; Institute of Heroes & nbsp; & nbsp; & nbsp; Inc.
摘要：
中共中央政治局2019年10月24日下午就区块链技术发展现状和趋势进行第十八次集体学习。中共中央总书记习近平在主持学习时强调，区块链技术的集成应用在新的技术革新和产业变革中起着重要作用。我们要把区块链作为核心技术自主创新的重要突破口，明确主攻方向，加大投入力度，着力攻克一批关键核心技术，加快推动区块链技术和产业创新发展。
On the afternoon of 24 October 2019, the Central Political Office of the CCP conducted its eighteenth collective study on the current state of and trends in block chain technology development. The CCP General Secretary, Xi Jinping, during the course of his study, stressed the important role that integrated application of block chain technology plays in new technological innovations and industrial transformations.
习近平总书记指出，区块链技术应用已延伸到数字金融、物联网、智能制造、供应链管理、数字资产交易等多个领域。目前，全球主要国家都在加快布局区块链技术发展。我国在区块链领域拥有良好基础，要加快推动区块链技术和产业创新发展，积极推进区块链和经济社会融合发展。
The Secretary-General of Xi has pointed out that the application of block chain technology has been extended to a number of areas, such as digital finance, physical networking, smart manufacturing, supply chain management, and digital asset trading. At present, major countries around the world are accelerating the technological development of the block chain.
2020年4月20日，在国家发改委举行的例行新闻发布会上，区块链被列为新型基础设施中的信息基础设施。
On 20 April 2020, at a routine press conference organized by the National Development Commission, the block chain was listed as an information infrastructure in the new infrastructure.
第46届世界经济论坛达沃斯年会将区块链与人工智能、自动驾驶等一并列入“第四次工业革命”。《经济学人》曾在2015年10月的封面文章《信任的机器》中介绍区块链——“比特币背后的技术有可能改变经济运行的方式”。区块链为什么被称为“信任的机器”？为何近年如此火爆？它将如何改变经济运行的方式？如何产业化？发展前景如何？未来有哪些挑战？
区块链是如何创造信任的？我们以“1”、“2”、“3”来总结区块链的特点：
How does the block chain create trust? We summarize the characteristics of the block chain with “1”, “2” and “3”:
“1”句话概括区块链：可信的分布式数据库；
"1" sentences summarize the block chain: a credible distributed database;
“2”大核心性质：分布式、不可篡改；
“3”个关键机制：密码学原理、数据存储结构、共识机制。
“3” key mechanisms: cryptography principles, data storage structures, consensus mechanisms.
“分布式”与“不可篡改”的性质保证了区块链的“诚实”与“透明”，这是区块链能够创造信任的基础。
The nature of the “distribution” and “irreversible” guarantees the “honest” and “transparent” character of the block chain, which is the basis on which the block chain can create trust.
区块链如何为实体经济和金融系统“赋能”？可以总结为四点：范围广、跨主体、提效率、降成本。
How does the
范围广：区块链技术能够广泛服务于金融和实体经济领域。几乎所有行业都涉及交易，都需要诚信可靠的交易环境作为行业健康发展的前提支撑。区块链通过数学原理而非第三方中介来创造信任，可以降低系统的维护成本。
Broad: Block chain technology can serve the financial and real economy widely. Virtually all industries are involved in transactions, which require an honest and reliable trading environment as a prerequisite for the healthy development of the industry.
跨主体：与流行的观点认为区块链将冲击现有的商业逻辑和环境不同，我们认为，区块链技术目前更适合落地于价值链长、沟通环节复杂、节点间存在博弈行为的场景，是对传统信息技术的升级、对现有商业环境的优化而非颠覆。传统信息技术（如OA、ERP）提升了企业内部的协作效率，区块链技术则将协作范围进一步扩大到跨主体，通过保持各主体间账本的安全、透明与一致，从而切实降低各参与方的信息不对称。
Cross-subjects: Unlike the popular view that block chains will affect the existing business logic and environment, we believe that block chain technologies are now better suited to the length of the value chain, the complexity of the communication chain, the existence of game games between nodes and the traditional , optimizing the current business environment rather than destabilizing it. Traditional information technologies (e.g., OA, ERP) have enhanced the efficiency of intra-enterprise collaboration, while block chain technologies have expanded the scope of collaboration further across subjects, effectively reducing the information asymmetry of participants by maintaining the security, transparency and consistency of inter-subject accounts.
提效率、降成本：我们以四个具有代表性的应用场景为例进行分析（跨境支付、全球贸易物流、供应链金融、征信），发现区块链能够融合实物流、数据流、信息流、资金流，简化验证、对账、审批、清算等交易流程，从而提升效率、降低成本。在部分场景中，区块链也能帮助实现数据确权、促进信息共享。
efficiency and cost reduction: Using four representative application scenarios (cross-border payments, global trade logistics, supply chain finance, letters), we have found that block chains can integrate physical flows, data flows, information flows, financial flows, and simplified transaction processes such as validation, reconciliation, approval, liquidation, etc., thereby increasing efficiency and reducing costs. In some scenarios, block chains can also help to achieve data validation and promote information sharing.
从全球区块链相关公司融资轮次分布情况来看，目前超95%以上融资事件处于种子轮、天使轮及A轮阶段，B轮及以后只占3%，这说明产业依旧处于早期阶段。2014年后VC融资轮投数量逐步减少，平均轮投规模逐渐增加，投资者更多地将目光从数字货币转移到具体应用场景的落地，说明投资者更加理性、产业逐渐进入早期阶段的尾声。
In terms of the distribution of corporate financing rounds associated with the global block chain, more than 95% of financing events are currently on the Seed, Angel and A rounds, and only 3% in the B and beyond, indicating that industry is still at an early stage. After 2014, the number of VC financing rounds has gradually decreased, the average rotation has gradually increased, and investors have shifted their eyes from digital currency to specific applications, suggesting that investors are more rational and industry is moving to the end of the early stages.
行业方面，预计未来3-5年将以金融行业为主，逐渐向其他实体行业辐射，更切合实际的场景加速落地，行业从“1到N”发展到包括娱乐、商品溯源、征信等。
With regard to the
比特币是去中心化虚拟货币的典型代表，是区块链技术的重要应用场景之一，具备去中心化、总量有限、交易安全、信息公开的超前时代的特点。比特币替代信用货币的最大障碍正是去中心化的特性，它挑战了当前以国家信用为基础的全球货币发行机制和理念，我国政府对比特币交易活动的监管逐步趋严。投机需求是主导比特币价格疯涨的内在原因，包括变相换汇、ICO融资等交易活动。在认识到虚拟货币本身风险的同时，我们不能否定区块链技术的创新性和发展潜力。（参考我们此前报告《比特币：货币革命还是投机泡沫？》）
Bitcoin, a typical example of decentralised virtual currency, is one of the important applications of block-chain technology, characterized by an era of decentralisation, limited volume, trade security, and open information. The biggest obstacle to Bitcoin’s replacement of credit currency is its decentralization, challenging the current system and philosophy of global currency distribution based on national credit, and our government’s increasingly tight regulation of Bitcoin transactions.
技术方面，目前联盟链的共识算法、技术性能相较于大型公链可以更好地满足企业对实际商业场景的落地需求，预计未来三年将大规模发展。
On the technical side, the current consensus algorithms of the alliance chain, which are more technically capable than large public chains, can better meet the needs of enterprises for actual business scenarios and are expected to develop on a large scale over the next three years.
政策方面，区块链可以增加执法透明度，探测行业信用情况，加快实体经济革新，预计未来各国将根据自身情况不同力度地辅以政策支持。
On the policy side, block chains can increase transparency in law enforcement, detect industry credit and accelerate real-economy innovation, which countries are expected to complement with policy support depending on their own circumstances in the future.
总体来说，随着资本和人才的快速涌入，我们认为适合区块链应用的场景将加快落地，行业将在3-5年内更快更规范地发展。
In general, with the rapid influx of capital and talent, we believe that the scenes suitable for block-chain applications will be accelerated and the industry will grow faster and more regulated within three to five years.
在高速发展同时，区块链（尤其是大型公链）还需要面对交易性能偏低、安全性隐患、标准尚未统一、监管政策不完备等诸多技术、商业与监管方面的挑战。这正说明技术本身仍然处在“从0到1”的初始阶段。
At the same time that 未来，区块链除了自身运用侧链、闪电网络、跨链等技术外，更需要与5G、人工智能、大数据、物联网等新兴信息技术深度融合，从而提升技术性能和链下数据质量并减少资源浪费。
In the future, in addition to the use of technology such as side chains, lightning networks, cross-links and so on, block chains will need to be more closely integrated with new and emerging information technologies such as 5G, artificial intelligence, big data, and object networking, thereby enhancing technical capabilities and the quality of data under the chain and reducing the waste of resources. 智能合约可能是区块链上最具革命性的应用。如果智能合约在区块链上实现广泛运用，经济分工将在互联网时代进一步细化，全球范围内的各网络节点将直接对接需求和生产，更广泛的社会协同将得以实现。如果上述愿景实现，区块链技术与行业的结合有望迎来“从1到N”的爆发时刻，它的爆发或将不是线性的而是非线性的，区块链也才可能从“信任机器”升级成为引领产业浪潮的重要“引擎”。
The smart contract may be the most revolutionary application of the block chain. If the smart contract is used extensively on the block chain, the economic division of labour will be at the era of the Internet. 本文是恒大研究院“新经济”系列研究报告，寻找中国经济从高速增长到高质量发展的新增长点，以及那些有望引领未来的新技术、新产业。
This paper is part of a series of studies by the All-China Institute, “the new economy , looking for new growth points in China's economy from high-speed growth to high-quality development, as well as new technologies and industries that are expected to lead the future. 《中国独角兽报告》
Chinese Unicorn Report 《独角兽归来：机遇和风险》
The Return of Unicorns: Opportunities and Risks 《中国发展先进制造业的国际借鉴：德国制造》
International Lessons from China's Development of Advanced Manufacturing: Manufactured by Germany 《比特币：货币革命还是投机泡沫？》
Bitcoin: The Monetary Revolution or Speculators? 正文：
一、 区块链如何创造信任：基本结构、关键机制与核心性质
近年来，区块链成为科技界和创业圈的一大热词。第46届世界经济论坛达沃斯年会将区块链与人工智能、自动驾驶等一并列入“第四次工业革命”，显示出区块链技术的重大意义和极为广阔的发展空间。IBM公司CEO罗睿兰女士有一句著名的论断：“区块链对于可信交易的意义正如互联网对于通讯的意义”（What the internet did for communications, I think blockchain will do for trusted transactions）。那么区块链是什么？为何它被称为“信任的机器”？
In recent years, block chains have become a hot word for the scientific community and for the business community. The 46th annual World Economic Forum Davos Conference included block chains in the “fourth industrial revolution” along with artificial intelligence, autopilot, etc., showing the significance of block chain technology and its vast scope for development. IBM, Ms. CEO Roweland, has a famous assertion: “What the Internet did for trust, I think blackchain will do for trust transports?” 在本报告的第一部分中，我们用 “1”、“2”、“3”来总结区块链的特点，由此回答以上两个关键问题——
In the first part of the present report, we use “1”, “2” and “3” to summarize the characteristics of the block chain and answer these two key questions: “1”句话概括区块链：可信的分布式数据库；
"1" sentences summarize the block chain: a credible distributed database; “2”个核心优势：分布式、不可篡改；
"2" core strengths: distributed, non-frozen; “3”个关键机制：密码学原理、数据存储结构、共识机制。
“3” key mechanisms: cryptology principles, data storage structures, consensus mechanisms. 1. “1”句话概括区块链：可信的分布式数据库
1. The phrase "1" sums up the block chain: a credible distributed database 狭义来说，区块链是一种将数据区块以时间顺序相连的方式组合成的、并以密码学方式保证不可篡改和不可伪造的分布式数据库（或者叫分布式账本技术，Distributed Ledger Technology，DLT）。分布式包含两层意思：
In the narrow sense, the block chain is a distributed database that binds the data blocks in chronological order and ensures in cryptography that there is no falsification or forgery (or distributed book technology, Distributed Ledger Technology, DLT). The distribution contains two layers of meaning: 一是数据由系统的所有节点共同记录，所有节点既不需要属于同一组织，也不需要彼此相互信任；
One is that the data are recorded together by all nodes of the system, and that all nodes need neither to belong to the same organization nor to trust each other; 二是数据由所有节点共同存储，每个参与的节点均可复制获得一份完整记录的拷贝。那么这个分布式数据库的基本结构如何？
The second is that the data are stored together by all nodes, each participating node can copy a complete copy of the record. What is the basic structure of this distributed database? 区块链可以视作一个账本，每个区块可以视作一页账，其通过记录时间的先后顺序链接起来就形成了“账本”。一般来说，系统会设定每隔一个时间间隔就进行一次交易记录的更新和广播，这段时间内系统全部的数据信息、交易记录被放在一个新产生的区块中。如果所有收到广播的节点都认可了这个区块的合法性，这个区块将以链状的形式被各节点加到自己原先的链中，就像给旧账本里添加新一页。
Block chains can be seen as a book of accounts, and each block can be considered as a page of accounts, which is linked to the order of the time of the record and is “books”. Generally, the system sets the date of updating and broadcasting a transaction record every other time, during which all data information and transaction records of the system are placed in a newly created block. If all the nodes receiving the broadcast accept the legitimacy of the block, the block will be added to its original chain in the form of a chain, like adding a new page to the old book. 区块可以大体分为块头（header）和块身（body）两部分。块头一般包括前一个区块的哈希值（父哈希）、时间戳以及其他信息。哈希是一类密码算法，将任意一段信息都可以通过某种加密算法表现为一串“乱码”，也就是哈希值。父哈希指向上一个区块的地址（头哈希），如此递推可以帮我们一直回溯到区块链的第一个头部区块，也就是创世区块（genesis block）。
Blocks can be divided broadly into two parts: the header and the body. The head typically consists of the Hashi (Father), the time stamp and other information of the previous block. Hashi is a type of cryptographic algorithm in which any piece of information can be presented as a string of “mixes”, that is, Hashi. Father Hashi points to the address of the previous block, so that he can help us go back to the first head block of the block chain, that is, the Genesis Block. 每个特定区块的块头都具有唯一的识别符，即头哈希值。任何节点都可以简单地对区块头进行哈希计算独立地获取该区块的哈希值。区块高度是区块的另一个标识符，作用与区块头哈希类似。创世区块高度为0，然后依次类推。
Each block has its only identifier, the head Hashi value. Any node can simply calculate the Hashi value of the block independently. The height of the block is another identifier of the block, similar to that of the head of the block. The creation block is zero, and then by analogy. 以上图的比特币#515056区块为例，其块头中除了包含头哈希、父哈希及默克尔根以外，还包含了以下重要信息：
For example, the bitcoin#515056 block of the above figure contains the following important information in addition to the head Hashi, father Hashi and Merkel root: 奖励（Block Reward）：系统发放给发现正确哈希值并创建新区块的矿工的奖励，这部分为内置代币系统的区块链独有。目前比特币区块链奖励为12.5个比特币，该数字每四年减半（比特币总量设定为2100万个）。
Incentives (Block Reward): The system offers incentives to miners who find the correct Hashi value and create new blocks, partly unique to the chain of blocks in which the money system is built. The Bitcoin block chain currently rewards 12.5 bitcoins, which is halved every four years (the total number of bitcoins is set at 21 million). 难度（Difficulty）：该区块工作量证明算法的难度目标。
Difficulties (Difficulty): The objective of the block's workload proof to prove the difficulty of algorithms. 随机数（Nonce）：用于工作量证明算法的计数器。
Random number (Nonce): counter used for workload certification algorithms. 块身包含经过验证的、块在创建过程中发生的所有价值交换的数据记录,通过一种特殊的数据结构存储起来，通常组织为树形式——比如默克尔树（Merkle Tree）。所有数据记录在这棵树的“叶子”节点里，一级一级往上追溯，最后归结到一个树根，反之通过树根就追溯到每一笔交易详情。
The body contains a proven record of all value exchanges that occur during the creation process, stored through a special data structure, usually organized into tree forms, such as the Merkel Tree. All data are recorded in the tree's “leaf” nodes, the first level goes up and down to one root, and the other goes back to the details of each transaction. 2. 区块链三大关键机制：密码学原理、数据存储结构、共识机制
2. three key mechanisms of the block chain: cryptography, data storage structure, consensus mechanism 密码学原理之一：哈希算法
One of the cryptography principles of : Hashi algorithm 哈希算法是一类加密算法的统称，是信息领域中非常基础也非常重要的技术。输入任意长度的字符串，哈希算法可以产生固定大小的输出。通俗地说，我们可以将哈希算法的输出（也就是哈希值）理解为区块链世界中的“家庭地址”。就像物理世界中我们总可以用一个特定且唯一的地址来标识一样，我们也可以用哈希特定且唯一地标识一个区块（如果不同区块的哈希总是不同的，那么我们称这类哈希函数具有“碰撞阻力”，这是对哈希函数的基本要求），而且就像我们无法从“家庭地址”倒推出房屋结构、家庭成员等内部信息一样，我们也无法从哈希值反推出区块的具体内容（哈希函数的隐秘性）。
The Hashi algorithm is the summation of a type of encryption algorithm, a very basic and very important technology in the field of information. Enter a string of any length, the Hashi algorithm can produce a fixed-size output. In general, we can interpret the output of the Hashi algorithm (i.e. the Hashi value) as a “family address” in a block chain world. Just as in the physical world we can always mark it with a specific and unique address, we can also identify a block with a specific and unique Hashi (if Hashi is always different, then we call this type of Hashi function a “collapsive resistance”, which is a basic requirement for the Hashi function) and, just as we cannot reverse the home structure from a “family address” to internal information such as family members, we can't get the content of a block from the Hashi value (the secrecy of the Hashi function). 密码学原理之二：非对称加密
cryptography bis: Asymmetric encryption 非对称加密是指加密和解密使用不同密钥的加密算法，也称为公私钥加密。区块链网络中，每个节点都拥有唯一的一对私钥和公钥。公钥是密钥对中公开的部分，就像银行的账户可以被公开，私钥是非公开的部分，就像账户密码。使用这个密钥对时，如果用其中一个密钥加密一段数据，则必须用另一个密钥解密。
在比特币区块链中，私钥代表了对比特币的控制权。交易发起方用私钥对交易（包括转账金额和转账地址）签名并将签名后的交易和公钥广播，各节点接收到交易后可以用公钥验证交易是否合法。在这个过程中交易发起方无须暴露自己的私钥，从而实现保密目的。
In the bitcoin block chain, the private key represents the control of the bitcoin. The originator of the transaction signs the transaction (including the amount transferred and the address of the transfer) and broadcasts the transaction and the public key after the signature. 数据存储结构：默克尔树
默克尔树（Merkle Tree）实际上是一种数据结构。这种树状数据结构在快速归纳和检验大规模数据完整性方面效率很高。在比特币网络中，默克尔树被用来归纳一个区块中的所有交易，其树根就是整个交易集合的哈希值，最底层的叶子节点是数据块的哈希值，非叶节点是其对应子节点串联字符串的哈希。我们只需要记住根节点哈希，只要树中的任何一个节点被篡改，根节点哈希就不会匹配，从而可以达到校验目的。
Merkle Tree is actually a data structure. This tree structure is very efficient in quickly synthesizing and testing large-scale data integrity. In the Bitcoin network, the Merkel tree is used to summarize all transactions in a block, the root of which is the Hashi value of the entire pool of transactions, the bottom leaf node is the Hashi value of the data block, and the non-leaf node is the hashi of its corresponding sub-node string. All we need to do is remember Hashi, the root node, as long as it is tampered with and the root node does not match. 共识机制
Consensus Mechanism 共识机制是区块链网络最核心的秘密。简单来说，共识机制是区块链节点就区块信息达成全网一致共识的机制，可以保证最新区块被准确添加至区块链、节点存储的区块链信息一致不分叉甚至可以抵御恶意攻击。实践中要达到这样的效果需要满足两方面条件：一是选择一个独特的节点来产生一个区块，二是使分布式数据记录不可逆。
The consensus mechanism is the most central secret of the block chain network. In short, the consensus mechanism is a web-wide consensus on block information at the block chain nodes, which ensures that the latest blocks are accurately added to the block chain, and that nodes stored contain block chain information that is consistent without a fork or even resistant to malicious attacks. In practice, two conditions need to be met to achieve such an effect: first, to select a unique node to produce a block, and second, to make distributed data records irreversible. 当前主流的共识机制包括：工作量证明/POW（Proof of Work）、权益证明/POS（Proof of Stake）、工作量证明与权益证明混合（POS+POW）、股份授权证明/DPOS（Delegated Proof-of-Stake）、实用拜占庭容错（PBFT）、瑞波共识协议等。其中比特币使用的是工作量证明机制。
Current mainstream consensus mechanisms include: Workload Certification/PoW (Proof of Work), Proof of Work/Poss (Proof of Stock), Combining Workload Certification and Prosertion of Interests (POS+POW), Certificate of Equity Authorization/DPOS (Delegated Proof-of-Stake), Practical Byzantine Misbehaviour (PBFT), and the Ribo Consensus. Bitcoin uses workload certification mechanisms, among others. 工作量证明/POW
Workload Certification/POW 工作量证明机制的基本步骤如下：
The basic steps of the workload certification mechanism are as follows: 1) 节点监听全网数据记录，通过基本合法性验证的数据记录将进行暂存；
( 2) 节点消耗自身算力尝试不同的随机数（nonce），进行指定的哈希计算，并不断重复该过程直到找到合理的随机数，这一过程也被称为“挖矿”；
2) Node consumes its own arithmetic to try different random numbers (nonce), to perform assigned Hashi calculations and to repeat the process until a reasonable random number is found, which is also referred to as “mining”; 3) 找到合理的随机数后，生成区块信息（块头+块身）；
3) generation of block information (block + body) when reasonable random numbers are found; 4) 节点对外部广播出新产生的区块，其他节点验证通过后，连接至区块链中，主链高度加一，然后所有节点切换至新区块后继续进行下一轮挖矿。
4) Nodes produce newly created blocks for external broadcasting, other nodes are validated and connected to the chain of blocks, the main chain is added to one height, and all nodes are then switched to new blocks and the next round of mining continues. 比特币区块链就是通过足够大的工作量来求解数学难题来就“谁有权记账”达成共识。“矿工”在挖矿过程中会得到两种类型的奖励：创建新区块的新币奖励，以及区块中所包含交易的交易费用（交易双方为了交易被区块链尽早记录会提供给矿工一笔交易费用作为激励）。这种算法的竞争机制以及获胜者有权在区块链上进行交易记录的机制实际上分别解决了分布式记账以及记账权归属的问题。在比特币区块链中，这一过程还起到了货币发行的作用——目前每隔10分钟，就会有挖到新区块的矿工收到12.5个比特币的奖励。
The Bitcoin block chain is about reaching a consensus on “who has the right to keep accounts” by addressing mathematical difficulties with a sufficiently large workload. “Minemen” will receive two types of incentives in the mining process: a new currency incentive to create new blocks, and transaction costs included in the blocks (the trading parties will be encouraged to pay a transaction fee to the miners for the transaction to be recorded as early as possible by the chain). The competition mechanism of this algorithm, as well as the mechanism of the winner’s right to record transactions on the block chain, actually solves the problem of distributional bookkeeping and the attribution of rights to the account. In the Bitcoin block chain, this process also plays a role in currency distribution – currently every 10 minutes, miners who dig into the new block receive 12.5 bits. 尽管工作量证明机制解决了记账权归属问题，那么获得记账权的矿工有没有可能“作弊”，在构造的新区块中添加一些并不存在的交易呢？实际上，比特币区块链共识机制的重要环节是网络中的每个节点都会独立校验新区块，其中最重要的就是校验新区块中每一笔交易是否合法。如果没有通过验证，那么这个新区块将被拒绝，该矿工也就白白浪费了所有的电力和努力。
Although the workload proves that the mechanism solves the issue of the attribution of rights to bookkeeping, is it possible that the miner who was given the right to account would “defend” and add some transactions that do not exist to the newly constructed blocks? Indeed, an important part of the Bitcoin block chain consensus mechanism is that each node in the network will independently verify the new blocks, the most important of which is that each transaction in the new block is legal. 权益证明
在工作量证明/POW机制中，所有参与POW竞赛的节点都将付出不小的经济成本（硬件、电力、维护等），而且每次只有一个节点“胜出”，也意味着其他节点的大量资源将被浪费。为了解决资源浪费问题，权益证明机制/POS在2013年被提出并最早在Peercoin系统中被实现。
In the Workload Certification/POW mechanism, all nodes participating in the Pow competition will have significant economic costs (hardware, electricity, maintenance, etc.) and only one node “winner” at a time, which means that a significant amount of resources at other nodes will be wasted. To address the waste of resources, the Proprietary Mechanism/Poss was introduced in 2013 and first implemented in the Peercoin system. 权益证明类似现实生活中的股东机制，其出发点是：如果共识机制主要是用来证明谁在挖矿这件事情上投入最多，为何不简单直接地把挖矿“算力”按比例分配给当前所有的持币者？在工作量证明中，有更多算力的矿工会得到更多的投票权；在权益证明中，持有更多币（以及相应的时间）的矿工将获得更多的投票权。
The point of departure is that if the consensus mechanism is primarily used to prove who invests the most in mining, why not simply distribute the “calculus” of mining directly to all current currency holders? In the workload certificate, the mine unions that have more value are given more votes; and in the certificate of interest, the miners who hold more currency (and the corresponding time) will be given more votes. 股份授权证明/DPOS
share authorization certificate/DOS 在这种系统中，每个币就等于一张选票，持有币的人可以根据自己持有币的数量来投出自己信任的受托人，而受托人不一定需要拥有最多的系统资源。股份授权证明机制模仿了公司的董事会制度，能够让数字货币持有者将维护系统记账和安全的工作交给有能力有时间的人来专职从事该项工作。受托人也可以通过记账来获得新币的奖励。相对于权益证明机制，股份授权证明的优势在于记账人数量大大缩小，并且轮流记账，可以提高系统的整体效率，理想环境下，DPOS能够实现每秒数十万笔的交易数量。
In such a system, each currency is equal to one vote, and the person holding the currency can cast its trust trustees according to the amount of money they hold, and the trustee does not necessarily need the largest amount of system resources. The share authorization certification mechanism imitates the company’s board of directors and allows digital currency holders to entrust the maintenance of the system’s accounting and security to those who have the capacity to do it. 共识机制的选择对区块链性能（资源占用、处理速度等）有着较大的影响，同时也会决定区块链“去中心化”的程度。一般来说，区块链去中心化程度越高，其性能越弱。去中心化程度和效率在多数情况下难以兼顾。
The selection of the 3. 区块链两大核心性质：分布式、不可篡改
3. Two core characteristics of the block chain: distributional, non-frozen 分布式记账与存储
distributed bookkeeping and storage 在记账方面，区块链不需要依赖一个中心机构来负责记账，节点之间通过算力或者权益公平地争夺记账权，这种竞争机制实际上是区块链与传统数据库最大的主要区别之一。通过“全网见证”，所有交易信息会被“如实地记录”，而且这个账本将是唯一的。在传统复式记账中，每个机构仅保存与自己相关的账目，但往往花费大量的中后台成本进行对账与清算，这种低效的方式将被区块链彻底变革。
In the area of bookkeeping, the block chain does not need to rely on a central institution for bookkeeping, which competes fairly between nodes through arithmetic or equity, which is actually one of the most important differences between the block chain and the traditional database. With a “web-wide witness”, all transaction information will be “recorded” and the account book will be the only. In the traditional double-entry accounts, each agency only keeps its own accounts, but often spends a large amount of back-office costs on reconciliation and liquidation, an inefficient way that will completely change the block chain. 在存储方面，由于网络中的每一个节点都有一份区块链的完整副本，即使部分节点被攻击或者出错，也不会影响整个网络的正常运转。这使得区块链相比传统数据库具有更高的容错性和更低的服务器崩溃风险，同时由于每个节点都有一份副本也意味着所有的账目和信息都是公开透明、可以追溯的。所有参与者都可以查看历史账本、追溯每一笔交易，也有权公平竞争下一个区块的记账权，这是传统数据库无法做到的。
In terms of storage, because each node in the network has a complete copy of the block chain, even if part of the node is attacked or faulty, it does not affect the normal functioning of the network. This makes the block chain more susceptible to error and lower risk of server crash than the traditional database, and because a copy of each node means that all accounts and information are transparent and retraceable. 不可篡改
在区块链中伪造、篡改账目基本是不可能的，不可篡改也意味着数据的高度一致性和安全性，这是区块链与传统数据库的另一主要区别。
The forgery and falsification of accounts by 为什么区块链中的交易无法被伪造？首先，合法的交易需要私钥签名，否则无法被其他节点验证；其次，每一笔交易都是可回溯的，也就杜绝了无中生有的可能。
Why transactions in the block chain cannot be forged? First, legitimate transactions require private key signatures that cannot otherwise be validated by other nodes; and secondly, each transaction is retroactive and eliminates the possibilities that exist. 为什么区块链是不可篡改的？假如我们要篡改区块链中第k个区块的数据，那么当前区块的头哈希就会发生改变，由于哈希函数具有碰撞阻力，改变后的头哈希将无法与k+1区块的父哈希相匹配，篡改者需要继续修改k+1区块的父哈希，并一直修改之后每个区块。这要求篡改者在同一时间同时入侵全球所有参与记录的节点并篡改数据，只有重新计算被更改区块后续的所有区块，并且追上网络中合法区块链的进度后，并把这个长的区块链分叉提交给网络中的其他节点，才有可能被认可。在很多情况下，产生一个新区块的难度不小，要连续产生多个区块组成新分叉的计算难度更是惊人。在全网巨大算力的背景下，一个恶意节点要做到这点需要拥有至少全网51%的算力基础，由于区块链是一个分布式系统，大部分节点都是相互独立的，“51%攻击”在现实中很难发生。
If we were to tamper with the data on block k in the block chain, then the head of the current block would change, because the Hashi function has collision resistance, the changed head would not match the father of block K+1 and the tamperer would have to continue to modify the father of block K+1 and to modify each block at all times. This would require the tamperer to invade and alter data at the same time all the points in the global record of participation, only to recalculate all blocks that have been changed, and to follow the progress of the legal block chain in the network, and to submit the long section chain to the other points in the network, which would make it possible to be accepted. In many cases, it would be difficult to create a new block, and it would be even more difficult to calculate the number of blocks into new parts. In the context of the huge computing power of the whole web, a malicious event would require at least 51 per cent of the force base of the network, and since most of the block chains are distributed systems, it would be difficult to strike each other 51 per cent of the reality. 《经济学人》曾在2015年10月刊的封面文章《信任的机器》中这样介绍区块链——“比特币背后的技术有可能改变经济运行的方式”。在我们看来，分布式与不可篡改正是区块链被称为“信任机器”的原因所在——不可篡改意味着区块链总是“诚实”的，分布式意味着区块链总是“透明”的。而不论人与人之间的交往，抑或商业机构之间的交易，诚实和透明都是双方或多方互信的基石。区块链的“诚实”与“透明”，也让它被人们寄予厚望成为互联网的“信任机器”。
The Economist, in his cover article of October 2015, The Machine of Trust, described the block chain as “the technology behind Bitcoin has the potential to change the way the economy operates.” In our view, distribution and irreversible correction are the reasons why the block chain is called a “trust machine” — irreproachable means that the block chain is always “honest” and distributed means that the block chain is always “transparent.” And honesty and transparency are the cornerstones of mutual trust, whether between people, or between business agencies. The “honest” and “transparent” nature of the block chain is also placed on the Internet. 二、区块链如何为实体经济与金融市场“赋能”：范围广、跨主体、提效率、降成本
区块链技术能够广泛服务于支付清算、票据、保险等金融领域以及供应链管理、工业互联网、产品溯源、能源、版权等实体经济领域。几乎所有行业都涉及交易，都需要诚信可靠的交易环境作为行业健康发展的前提支撑。区块链通过数学原理而非第三方中介来创造信任，可以降低系统的维护成本。对于传统金融机构而言，对账、清算、审计等线上环节的运营与人力成本将得以降低；对于非金融行业，区块链能够减少价值链各环节的信息不对称，从而提升协作效率、降低整体交易成本；对于个体而言，陌生双方或多方能够跨越物理距离的限制，在网络上安全地传递价值，从而创造更多供给与需求。
与流行的观点认为区块链将冲击现有的商业逻辑和环境不同，我们认为，区块链技术目前更适合落地于价值链长、沟通环节复杂、节点间存在博弈行为的场景，将提升跨主体协作的效率、降低相应成本，是对传统信息技术的升级、对现有商业环境的优化而非颠覆。传统信息技术（例如OA、ERP系统）在目前企业内部的沟通协作中已经显示出足够便利与高效，区块链在这些已经建立或者可以通过线下建立信任的场景中并没有太大的应用必要。但是在跨企业、跨主体的场景中由于互信机制的缺失，目前仍然大量依赖人力物力进行沟通协作。例如当前不同机构间进行对账，往往需要从各自的信息系统中导出数据后电邮发送甚至打印后盖章邮寄，对方收到后再进行比对验证。在这种跨主体协作的场景下，区块链技术能够通过保持各主体间账本的安全、透明与一致，从而切实降低各参与方的信息不对称。
In contrast to the popular view that block chains will affect existing business logic and environments, 下文将以跨境支付、国际航运物流等四个区块链实际应用场景为例，来讨论区块链究竟如何为实体经济与金融市场“赋能”。
Examples of practical applications of the four block chains, such as cross-border payments and international shipping logistics, are discussed below as to how the block chain “empowers” the real economy and financial markets. 1. 区块链+跨境支付
Block chains + cross-border payments 区块链的分布式架构和信任机制可以简化金融机构电汇的流程，缩短3-5天的结算周期，同时降低SWIFT协议的高昂手续费。
The distributional structure of the block chain and trust mechanisms can simplify the process of wire transfers by financial institutions, shortening the three- to five-day settlement cycle and reducing the high handling costs of SWIFT agreements. SWIFT形式耗时长，手续费高
SWIFT forms are time-consuming and costly SWIFT主要为金融机构的结算提供金融交易的电文交换业务，提供规则统一的金融行业安全报文服务和接口服务。由于跨境金融机构间系统不相通，直接结算成本高昂，同时业务占比低以及对手方存在不确定性，很难构建直接合作关系。代理行的存在、协议的沟通以及交易信息的反复确认使得结算周期平均需要3-5天，其中通过SWIFT进行交易确认往往需要1-2天。
SWIFT mainly provides financial transactional message exchange services for financial institution settlements, security reporting services and interface services for the financial sector with uniform rules. Direct settlement costs are high owing to the incoherence of cross-border financial inter-agency systems, combined with a low share of business and uncertainty on the part of the counterparty, making it difficult to build direct cooperative relationships. 通过SWIFT支付成本高昂。支付成本包含银行手续费、SWIFT通道费、交易延迟损失和准备金等。由于流程涉及众多，中间参与方的手续费等居高不下，从收款方到付款方的单次交易需要25-35美金的交易费用，其中因交易时间过长造成的流动性损失占比达34%，资金运作成本占比达24%。
Costs incurred through SWIFT are high. Costs include bank charges, SWIFT access charges, delayed transaction losses and . Due to the large number of processes involved, transaction costs ranging from $25-35 for single transactions between recipients and payers, with 34 per cent of the losses on liquidity and 24 per cent for operating funds. 区块链+跨境支付：加速交易，降低成本
应用区块链技术于跨境支付领域相当于创建了一个跨国金融机构间的点对点网络，汇出行和汇入行的交易需求可以直接得到匹配，大大降低了SWIFT体系中的流动性损失、资金运作和换汇成本。
The application of block-chain technology in the area of cross-border payments amounts to the creation of a network of point-to-points between transnational financial institutions, which directly matches the demand for transactions to be carried out and to be carried out, significantly reducing the loss of liquidity, the operation of funds and the cost of swaps in the SWIFT system. Ripple：区块链技术应用于跨境支付领域的新势力
Ripple成立于2012年，采用联合共识机制并由金融机构扮演做市商，从而提供去中心化的跨境外汇转账。银行间的交易支付信息上传到节点服务器后经过投票确认即可完成交易，从而节约了银行通过SWIFT进行的对账和交易信息确认时间，将原本1-3天左右的交易确认时间缩短到几秒钟，整体的跨境电汇时间缩短到1-2天。Ripple目前已经有90家金融机构成员，包括加拿大皇家银行、渣打银行、西太平洋(601099,股吧)银行等，还有75家在协商中。
Ripple was established in 2012 to provide decentralised cross-border foreign exchange transfers through the use of a joint consensus mechanism and financial institutions. Bank-to-bank payment information was uploaded to the node server and confirmed by a vote, thus saving the bank's time for reconciliation and confirmation of transactions through SWIFT, shortening the original period of confirmation of transactions of about one to three days to a few seconds and reducing the overall time for cross-border wire transfer to one to two days. Ripple has 90 financial institution members, including , `a href=stata. 流程的简化大幅降低跨境支付的成本。目前Ripple体系可以降低涉及到代理行和SWIFT所产生的流动性损失、支付费用、换汇费用以及资金运作费用。根据Ripple估算，银行间每笔交易的成本将从5.56美元下降到2.21美元，降低60%，以2016年通过SWIFT完成的30多亿次支付类报文数量计算，2016年可以节约大约100亿美元的费用。
Simplified processes significantly reduce the costs of cross-border payments. The current Ripple system can reduce liquidity losses, payment costs, transfer costs, and operating costs associated with correspondent banks and SWIFT. Ripple estimates that the cost of each interbank transaction will be reduced from $556 to $2.21, a 60% reduction, with savings of about $10 billion in 2016 based on the more than 3 billion payment types completed through SWIFT in 2016. 2. 区块链+全球贸易物流
面临痛点：涉及主体多、消耗时间长、信息不流畅、交易成本高
faces pains: multiple subjects, long time spent, poor information flow, high transaction costs 全球贸易由包括出口商、进口商、受货商、承揽商、运输商、监管机关等多主体构成。其中，全球贸易90%经过海域运输，应用消费品80%通过海域运输。
Global trade consists of multiple actors, including exporters, importers, recipients, carriers, transporters, regulators, etc. Of these, 90 per cent of global trade is transported by sea and 80 per cent of consumer goods are transported by sea. 以马士基一项运输案例为例，2014年，马士基从非洲肯亚运输牛油果和玫瑰至欧洲荷兰，耗时1个月的跨国运输涉及超过30个主体200多次沟通交互。每个主体每次交互都有各自文件流程，整体流程结束签署文件厚度高达25厘米。
Take the case of Maski, where, in 2014, Maski transported herbs and roses from Kenya, Africa, to Europe the Netherlands, where cross-border transport took more than one month to interact with more than 200 subjects. Each subject has its own documentation process, and the overall process ends with a document signing thickness of up to 25 centimetres. 主体之间信息离散程度高且各自存在各个自有环节中，大量的纸质作业使供应链缺乏透明度、协同效率低下。交易环节中大量协作与低透明度造成各主体难以及时了解货物运输实时状态，容易出现资源利用率降低、运输时间延长、货物潜在损坏度提高、成本提高的风险。
A large number of paper-based operations have resulted in a lack of transparency and inefficiency in the supply chain as a result of the high degree of fragmentation of information between and among the 区块链使贸易更简单、更快、更透明、更安全
区块链去中心化、可追溯、信息对称、安全可视等特点天然的适用于全球贸易的物流环节，以IBM区块链开放物流平台为例。
Natural logistics links applicable to global trade, such as the decentralized, retrospective, symmetrical and security-visibility of block chains, for example, open logistics platforms in IBM block chains. 对于信息流通透明方面，IBM平台对各个参与主体开放，关于物流相关的任何详细信息，通过双方以及多方数字签名和凭证（Token）进行全网验证。五大管理系统包括物流、港口、海关、供应链、运输交通同时协作管理，保证所有信息电子化实时共享。实时共享的信息保证物流全流程每个环节的效率和效益，有效降低人力物力支出。
With regard to transparency in the flow of information, the IBM platform is open to all participants, and any detailed information related to logistics is validated on a web-wide basis through both parties and multiple digital signatures and certificates (Token). The five management systems include logistics, ports, customs, supply chains, and transport traffic management in a simultaneous and collaborative manner, ensuring that all information is electronically shared in real time. Real-time information is shared to ensure the efficiency and effectiveness of each step of the logistics process, effectively reducing human and material expenditure. 对进口商、出口商、制造商来说，端到端的信息透明可以实时监管物流全流程，增加各个环节沟通效率；对港口和集装箱集中地管理来说，提高空箱利用率和资源错配率；对海关等检查机关来说，信息正确提高批审效率；对运输管理商来说，优化货物运输路线和日程安排。
For importers, exporters and manufacturers, end-to-end transparency of information allows real-time regulation of the entire logistics process and increases the efficiency of communication between the various links; for centralized port and container management, increases in the utilization of empty boxes and resource mismatches; for inspection authorities such as customs, the correct information improves the efficiency of batches; and for transport managers, optimizes the route and schedule of cargo transport. IBM与马士基合作从鹿特丹港到新泽西纽瓦克港的运输，期间也经过美国海关和其他机构的检查和许可，任务总共花费两个星期。事实上，航运公司在港口靠泊时间节省一个小时，便可节省约8万美元成本。此次合作，马士基时间上节省超40%，成本降低超20%。IBM区块链技术提高各个环节数字化管理效率，大幅度降低纸质文件、集装箱错配或空置、中间环节欺诈等问题，提高资源利用率的同时优化管理结构。
IBM works with Maski to transport from the port of Rotterdam to the port of Newark, New Jersey, for a total of two weeks through US Customs and other agencies inspections and permits. Indeed, shipping companies save about $80,000 by saving one hour in port berth time. 3. 区块链+供应链金融
供应链金融：十万亿市场
供应链金融一般是指利用供应链上核心企业的信用支持为上下游中小企业提供相关的金融信贷服务。与传统对公信贷侧重大中型企业不同，供应链金融能够在掌握整条供应链上的商流、信息流、物流和资金流的全局图景后为中小企业提供更快捷方便的资金融通支持。根据前瞻产业研究院的测算，到2020年我国供应链金融的市场规模将达15万亿左右。
Supply chain finance generally refers to the use of credit support from core firms in the supply chain to provide relevant financial credit services to upstream and downstream SMEs. Unlike the traditional focus on public credit for large and medium-sized enterprises, supply chain finance can provide faster and easier financing support to SMEs after mastering the global picture of business, information, logistics, and financial flows in the entire supply chain. 传统供应链金融：中小企业融资难、成本高
传统供应链金融模式下，信息不够透明导致中小企业融资难，成本高。
Under the traditional supply chain finance model, lack of transparency in information makes financing by SMEs difficult and costly. 首先，当前模式下，银行主要依赖供应链核心企业的控货和销售能力，而由于其他环节的信息不够透明，银行出于风控考虑往往仅愿意对上游供应商（一级供应商）提供应收账款保理业务，或对其下游经销商（一级经销商）提供预付款或存货融资。这导致了二三级等供应商和经销商的巨大融资需求无法得到满足，不仅使得供应链金融的整体市场受限，更可能使得供应链上的中小企业因为融资受限影响生产进度和产品质量，从而伤害整个供应链。
First, under the current model, banks rely primarily on the control and marketing capacity of core supply chain firms, while due to the lack of transparency of information at other links, banks tend to be willing to provide receivables factoring to upstream suppliers (first-tier suppliers), or advance or inventory financing to their downstream distributors (first-tier distributors). This has left the huge financing needs of second- and third-tier suppliers and distributors unattainable, not only limiting the overall market of supply chain finance, but also making SMEs in the supply chain more likely to harm the entire supply chain by affecting production progress and product quality as a result of limited financing. 根据制造业巨头富士康的测算，其一级供应商的融资成本可能是5%，二级供应商的融资成本为10%，三级供应商成本则达25%甚至更高，而且链条越往两端，融资金额也会越小。
The cost of financing for the first-tier supplier is estimated at 5 per cent, 10 per cent for the second-tier supplier and 25 per cent or more for the third-tier supplier, and the smaller the chain will be at both ends. 其次，现阶段商业汇票、银行汇票作为供应链金融的主要融资工具，使用场景受限且转让难度较大。在实际操作中，银行对于签署类似应收账款债权“转让通知”的法律效应往往非常谨慎，甚至要求核心企业的法人代表去银行当面签署，造成操作难度极大。
Second, at this stage, commercial bills of exchange, bank drafts, as the main financing instrument for supply chain finance, are limited in their use and are more difficult to transfer. In practice, banks are often very cautious about the legal effects of 区块链+供应链金融：更加高效、更低成本
2017年3月，互联网金融平台点融网和富士康集团旗下金融平台富金通合作推出区块链金融平台“Chained Finance”。Chained Finance首先将核心企业的应付账款转化为区块链上的线上资产eAP，eAP可以在各级供应商之间流通（用于支付或用于融资取现）。当核心企业与一级供应商L1形成应付账款并写入区块链后，L1可以任意分拆eAP并用于支付自己的供应商L2，以此类推至L3、L4等，最终eAP成为区块链平台上的“商票银票”。而线上资产eAP通过密码学加密具有不可篡改、不可被重复支付的特性，这将有助于增进供应链上下游之间的互信；区块链的可追溯性也保证了所有交易和流通过程的透明可见。
Chained Finance目前为私有链模式，为富士康的核心企业提供相关融资服务，已经覆盖供应商150家、金额已达5亿人民币，并且最深层服务至第五级供应商，未来还会进一步拓展到汽车业和服装业。对于供应链上的中小企业而言，传统模式下融资成本高达25%以上，而在Chained Finance平台下可以核心企业资信的应收账款融资，融资成本可以降低至10%以下。
Chained Finance, currently a private chain model, provides relevant financing services to Fuscombe’s core enterprises, already covering 150 suppliers, amounting to RMB 500 million, and the deepest level of service to Level 5 suppliers, and will further expand into the automotive and garment industries in the future. For SMEs in the supply chain, the cost of financing under the traditional model is more than 25%, while the cost of financing core business receivables under the Chained Finance platform can be reduced to less than 10%. 4. 区块链+征信
征信系统可以提高经济运行效率
letter system can improve the efficiency of economic operations 征信是依法收集、加工自然人及其他组织的信用信息，并对外提供信用报告、信用评估、信用信息咨询等服务。征信系统的建设对信用风险的防范和信用交易的扩大有着重要作用，从而提高整个经济的运行效率。早在2014年，清华课题组发布的报告中就曾测算，2012年征信系统改善了4986亿元的消费贷款质量，为银行带来801.6亿元的收益，拉动了约0.33%的GDP增长。
As early as 2014, in a report published by the Qinghua team, it was measured that the letter system improved the quality of consumer loans by 49.8 billion yuan in 2012, generating 80.16 billion yuan in returns to banks and boosting about 0.33% of GDP growth. 当前征信体系“信息孤岛”问题严重，信息归属错位
The current message system of 个人和企业的征信市场主要由政府背景的信用信息服务机构和社会征信机构主导，截至2017年5月份，我国征信市场有138家企业征信机构，9家个人征信机构，其中由其余八家持股的“百行征信”已获得经营牌照。
As of May 2017, there were 138 corporate and 9 individual credit agencies, of which the remaining eight holding “100 letters” had been licensed. 随着数据量和征信维度的增加，各个征信机构只能在某一方面做到专业，例如芝麻信用有着较多的支付数据，但缺乏腾讯征信的社交数据，在公共部门的数据也略显不足。导致同一个客户可能在多个征信机构有着不同的征信数据，存在着严重的“信息孤岛”问题，单靠某一个征信机构的数据无法将某一个客户的征信完全展现出来，导致片面的决策和风险。
As the amount of data and the dimensions of the message increase, the institutions can only be professional in one way or another, e.g., Sesame credit has more data on payments, but there is a lack of social data on telecommunications, and there is a slight lack of data in the public sector. As a result, the same client may have different data on letters from multiple institutions, there is a serious problem of “silo-island information” and data from one institution alone cannot fully present the message from one client, leading to one-sided decision-making and risk. 当前征信体系的数据归属错位。个人和企业的信用信息应归个人和企业所有，现行的征信体系，相关信息都在征信机构手中，由此带来数据安全和隐私问题。
The information on individuals and businesses should be owned by individuals and enterprises, and the current system of correspondence, which is in the hands of the institutions, gives rise to problems of data security and privacy. 区块链+征信：促进共享，数据确权
通过系统各节点的信息共享，区块链可以构建一个完整的“信用分评价体系”，根据个人行为对信用的影响程度高低（例如信贷数据影响较高、非信贷数据影响较低）来评估个人的整体信用水平，并根据联盟机构对信用评价的贡献分配信用使用方查询数据产生的收益，解决“信息孤岛”问题。
Through the sharing of information among the system's nodes, block chains can build a complete “credit sub-evaluation system”, assessing the overall credit level of individuals based on the high and low impact of individual behaviour on credit (e.g., higher impact of credit data and lower impact of non-credit data) and allocating the benefits of credit user search data according to the contribution of coalition agencies to credit evaluation. LinkEye：区块链+征信的初步尝试
LinkEye: Initial attempts at block chains and letters LinkEye是一套基于区块链技术的征信共享联盟链解决方案，通过区块链技术和信贷经济模型的整合，来构建联盟成员（金融公司）之间的征信数据共享和服务平台。联盟成员在借贷行为发生前，与借款人达成协议，发生失信行为将在平台公示，区块链的签名机制保证了数据的不可篡改，从而完成失信人名单共享，同时开放对外查询接口，向社会共享数据。自2017年8月份上线以来，已有包括快惠金服，钱袋宝等在内的13家机构参与其中。
LinkEye is a chain-of-assist solution based on block chain technology that builds a platform for the sharing of credit data and services among coalition members (financial companies) through the integration of block chain technology and credit economy models. Before lending, the members of the alliance reached an agreement with borrowers that the breach of confidence would be publicized on the platform, and the signature mechanism of the block chain ensured that the data would not be tampered with, thus completing the sharing of the list of those who lost faith, while opening up external access to the interface and sharing the data to society. 区块链技术的应用有助于进一步厘清征信数据的归属问题。当前的征信体系下，信用数据全部掌握在机构手中。区块链模式下，个人所产生的信用行为记录由机构向区块链进行反馈，并在个人的“账簿”上进行记录，向全网广播，通过共识机制进行记录，信用查询时，则需要经用户许可才能查询个人信息。
The application of block chain technology helps to further clarify the attribution of the message data. Under the current system, credit data are in the hands of the institution. Under the block chain model, the credit behaviour records generated by the individual are fed back to the block chain by the agency and are recorded on the individual's “book”, broadcast to the whole network, recorded through a consensus mechanism, and personal information can only be accessed with a user's permission for credit queries. 三、区块链产业发展迅速，政策支持并且逐步规范
从区块链发展阶段分析，大致可分为探索、准备、接受、落地、成熟这五大阶段。探索、准备和接受期都处于周期的早期阶段，需要大量的资本和人才支持。经过探索、准备前期铺垫，目前主要为扩大受众群体和场景，协力制定基础框架和标准。随着关注度持续增加，多次实验试错修正后，适合的应用场景加快落地。
An analysis of the development phase of the block chain can be broadly divided into five stages of exploration, preparation, acceptance, landing, and maturity. The exploration, preparation, and acceptance phases are in the early stages of the cycle, requiring significant capital and human resources support. 行业方面，预计未来3-5年将以金融行业为主，逐渐向其他实体行业辐射，更多切合实际的场景加速落地，行业从“1到N”发展出包括娱乐、商品溯源、征信等。
With regard to the industry, it is expected that over the next three to five years, the financial sector will increasingly be exposed to other entity industries, with more realistic scenarios accelerating from 1 to N. Industry development will include entertainment, commodity traceability, letters, etc. 技术方面，目前联盟链的共识算法、技术性能相较于大型公链可以更好地满足企业对实际商业场景的落地需求，预计未来三年将大规模发展。
On the technical side of 政策方面，区块链可以增加执法透明度，探测行业信用情况，加快实体经济革新，预计未来各国将根据自身情况不同力度地辅以政策支持。
On the policy side of 1. 产业依旧处于早期，以金融为主逐渐从“1到N”发展
Industry is still at an early stage, with a financial predominantly gradual development from 1 to N 技术发展离不开资本支持，资本投资也可以很好地反映产业发展状况。目前从全球区块链融资项目方式来看，主要有两种方式：ICO(Initial Coin Offerings)和风险投资（VC）。ICO与传统的股票IPO概念类似，都是首次公开发行出售股份来获得融资，只是把股票标的物改成加密数字货币。
Technological development can be supported by capital, and capital investment can be a good reflection of industrial development. At present, there are two main ways of financing global block-chain projects: the International Coin Investment (VC) and the Risk Investment (VC). Similar to the traditional stock IPO concept, ICO is the first to publicly issue shares to secure financing, simply to convert stock labels into encrypted digital currencies. 从整体规模来看，区块链项目的VC融资规模增速逐渐变缓。截至2018年3月，VC累计融资约24.63亿美金，同比增速降低28.5%。经历过2013年与2014年的爆发，VC项目开始减缓。
On an overall scale, the size of the VC financing for block chain projects is gradually slowing down. As of March 2018, the cumulative financing of VC was approximately $2,463 million, a 28.5 per cent decrease compared to the previous increase. After the 2013 and 2014 eruptions, the VC project began to slow down. 从融资事件的数量来看，VC投资者趋向理性，更重质量投资。早期的投资偏向于数字货币，但是经历了一系列技术危机——例如以太坊上的“The DAO”组织加密货币被盗事件，投资者开始将投资目光逐渐从数字货币转移到嵌入实际应用场景的区块链项目。
In terms of the number of financing events, VC investors tend to be rational and more quality-oriented. Early investment is in favour of digital currency, but after a series of technological crises – such as the theft of encrypted currency by The DAO in Tai Tai's neighbourhood – investors have begun to shift their investment perspective from digital currency to a grid project embedded in a practical application scenario. 从全球区块链相关公司融资轮次分布情况来看，超95%以上融资事件处于种子轮、天使轮及A轮阶段，B轮及以后只占3%，这说明目前产业依旧处于早期阶段。而2014年后VC融资轮投数量逐步减少，平均轮投规模逐渐增加，说明产业已经逐渐进入早期阶段的尾声。
In terms of the distribution of corporate financing rounds associated with the global block chain, more than 95% of financing events are in the seed wheels, angel wheels, and wheels A, and only 3% of B and beyond, indicating that the industry is still at an early stage. The number of VC financing rounds has been decreasing since 2014, and the average rotation has gradually increased, indicating that the industry has gradually reached the end of the early stages. 从行业角度来看，2018年VC所投行业排名前三的是金融服务、基础设施建设和通讯，占比分别为37%、18%和13%。其原因在于区块链可以提高金融机构间数据传递效率和价值，从而获得执行时间、成本上优势，因此在金融行业应用的潜力巨大。正因如此，更多投资机构愿意投入未来商业模式相对更明晰的金融领域等行业。
From an industry perspective, the top three sectors of VC investment in 2018 were financial services, infrastructure development, and communications, accounting for 37%, 18%, and 13%, respectively. This was due to the fact that block chains could increase the efficiency and value of data transfer between financial institutions, thereby gaining implementation time and cost advantages, and thus have great potential for application in the financial sector. That is why more investment institutions are willing to invest in industries such as the financial sector, where the future business model is relatively clear. 虽然金融行业依旧是发展重点，但其他行业也快速发展，逐渐从“1到N”。据CoinDesk和CoinSchedule投融资数据统计显示，截止到2018年3月，全球区块链在金融行业投资占比（包括VC和ICO）为17.2%，较2017年上升2.6个百分点，排为第二，通讯行业超越金融行业跃至第一。较明显增长的还有博彩&VR、交易投资、广告服务、供应链和深度学习等行业。数据说明在金融行业取得经验后，行业开始考虑与其他应用场景结合的可能性。
Although the financial sector continues to be a priority for development, other industries have also grown rapidly, moving from “1 to “N.” According to the CoinDesk and CoinSchedule investment statistics, as of March 2018, the global portfolio investment ratio in the financial sector (including VC and ICO) stood at 17.2 per cent, an increase of 2.6 percentage points from 2017, with the telecommunications sector moving beyond the financial sector to first. 2. 技术联盟和企业
2. Technological alliances and enterprises 随着应用场景的需求更复杂，区块链技术也变得越来越复杂。以个人、联盟和企业为主体而开展的公有链、私有链和联盟链形式，向各大应用场景辐射。其中联盟指多机构跨区域跨行业共同协作，企业包括投资企业、科技企业、监管企业等。
As the demand for applications becomes more complex, so does the technology of block chains. In the form of public, private, and union chains, which are dominated by individuals, unions, and businesses, the application landscapes are reverberated. 对比个人与开源社区，联盟的迅速发展引人注目，目前大多联盟以开发联盟链为主要形式。联盟链可以结合公有链和私有链的优点，根据权限的不同来区分系统内所有节点，由多个中心控制。展开来说，联盟链上，作者不需要展示节点的全部信息，只需要根据合约和权限展示部分可以公开的信息，在低成本、一定私密性、快速交易、良好扩展性的情况下实现部分去中心化和资源共享。
The alliance chain can be combined with the advantages of public and private chains, distinguishing all nodes of the system according to differences of competence and being controlled by multiple centres. On the start, authors do not need to display all the nodes’ information, but only part of the publicly available information in accordance with contracts and rights, with partial centralization and resource sharing at a low cost, with a certain degree of privacy, rapid trade, and good expansion. 联盟：目前以科普教育、制定行业标准为主
Coalition 区块链的发展离不开人才支撑，区块链联盟主要是给行业机构和不同背景的人员提供了专业领域交流分享的平台，推进区块链技术长期发展。除了教育科普之外，联盟更多是为了制定规范行业标准。对于目前监管法规还不规范和全面的区块链行业来说，这更急需和重要。综合已成立的联盟，可以发现，当联盟的触角越多，涉及的合作者越多，对其底层技术的通用性要求就会越高。超过50%的区块链联盟都涉及底层规则搭建。
The development of block chains is underpinned by talent, and the alliance of blocks provides a platform for the exchange and sharing of expertise among industry institutions and people from different backgrounds to advance the long-term development of block chain technology. In addition to education science, the alliance is more aimed at standardizing industry standards. 中国联盟：据中国区块链应用研究中心发布的《中国区块链行业发展报告2018》显示，2015年至2017年，国际间成立的区块链相关联盟、论坛近200个，中国方面有ChinaLedger（中国分布式总账基础协议联盟）、金链盟、CBRA（中国区块链研究联盟）等近20个联盟。
China Alliance: According to the China Block Chain Industry Development Report 2018, published by the China Block Chain Applied Research Centre, between 2015 and 2017 there were nearly 200 international block chain-related alliances, forums and nearly 20 alliances on the Chinese side, namely ChinaLedger (China General Account Foundation Coalition), Golden Chain Alliance and CBRA (China Block Chain Research Alliance). 从应用行业角度来看，目前行业场景多数与传统金融、银行、互联网金融结合。从国内三个最为著名的联盟：ChinaLedger、CBRA、金链盟来看，也可以很好的说明这一点。以金链盟为例，今年3月，广州仲裁委基于金链盟的“仲裁链”出具了业内首个裁决书，标志着区块链在金融放发贷款的司法应用真正落地。
For example, in March this year, the Guangzhou Arbitration Commission issued its first award based on the Golden Chain's “arbitration chain,” marking the true end of the chain in the administration of justice in financial lending. 国际联盟：从国际联盟来看，以最为著名的R3和Hyperledger（超级账本）为例，参与成员过半来自全球著名大型银行和金融机构。但是两个联盟主攻方向有所不同，R3主攻区块链在金融领域的应用，Hyperledger侧重技术层面的拓展。
The League of Nations: In the case of the League of Nations, the most famous R3 and Hyperledger (superbook), for example, have more than half of the participating members from large global banks and financial institutions. But the two Alliances are in different directions, with the R3 main attack block chain being used in the financial field, and Hyperledger focusing on technological expansion. R3是为数不多执行多次实验操作验证的联盟之一，目前已测试超过5种不同的区块链技术，实验对象即是参与成员，来评估分析每次智能合约对金融产品的发行、交易和赎回等过程产生的影响。主要工作为推出为金融领域打造的区块链分布式账本平台—Corda，实现跨境支付等方面的应用；实施监督观察者节点机制（Observer Node Functionality）保证节点工作高效透明，有利监管。
R3 is one of the few coalitions to carry out multiple experimental operations, and more than five different block chain technologies have been tested, with participating members, to assess and analyse the impact of each smart contract on the issuance, trading, and foreclosure processes of financial products. The main effort is to launch the block chain distributed account platform for the financial sector, Corda, for applications such as cross-border payments; and to implement the Observator Node Financiality (Observer Node Freeity) guarantee that nodes work efficiently and transparently and that they are well regulated. Hyperledger超六成成员为科技公司，以技术为驱动开发应用场景更广，包含金融、医疗、制造业、物联网等。目前已经研发了5类分布式账本平台，共通特点是创建开源、分布式账本框架和代码库，以支持各个企业商业交易降低实际操作成本。包括SWTOOTH（以PoET为共识算法的模块化平台）、IROHA（简单基础架构平台）、FABRIC（模块化架构，允许即插即用）、BURROW（支持许可的智能合约机）、INDY（创建和使用独立数字身份的工具、代码库和可以重用的组件）。
Over 60 per cent of Hyperledger's membership is a technology-driven technology-based technology company that develops a broader application landscape that includes finance, medicine, manufacturing, and the Internet of goods. Five types of distributed accounting platforms have been developed, with common features such as the creation of open source, distributed book frames and a code library to support business transactions of individual enterprises to reduce operational costs. These include SWTOOTH (modularized platform with PoET as a consensus algorithm), IROHA (simple base architecture platform), FABRIC (modularized architecture allowing insulation), BURROW (a licensed smart contract machine), INDY (tools for creating and using independent digital identities, a code library and reusable components). 企业：以科技公司与金融机构为主
Enterprises: dominated by technology companies and financial institutions 积极布局的企业来自世界各大银行、资管公司、咨询公司、IT公司、投资公司等，包括富国银行、花旗银行、埃森哲、IBM、野村证券等。这些企业希望通过区块链技术解决相关应用场景面临的痛点。
Proactively placed businesses come from the world’s major banks, financial management firms, consulting firms, IT companies, investment companies, etc., including rich-country banks, Citibank, Essencio, IBM, Nomura securities, etc. They want to address the pains of the application landscape through block chain technology. 国际方面，以IBM为例，早在2014年开始布局研发Open Blockchain框架，也是Hyperledger早期代码源。目前，IBM在食品安全全流程追溯和供应链物流管理都有应用平台落地。
Internationally, IBM, for example, started to develop the Open Blockchai framework as early as 2014 and is an early source of Hyperledger code. Currently, IBM has application platforms in food safety back-to-back and supply chain logistics management. 国内方面，以BAT为代表企业：阿里巴巴涉及商品溯源、公益、金融等场景；腾讯涉及游戏、供应链金融、电子存证、BaaS等；百度涉及支付、资产证券化、BaaS、信贷等。尽管行业侧重略有不同，但是BAT都对金融领域有区块链布局，加快区块链金融行业应用场景落地可能性。
At the domestic level, BAT represents enterprises: Alibaba deals with commodity traceability, public goods, finance, games, supply chain finance, electronic record-keeping, BaaS, etc., and 100% with payments, securitization of assets, BaaS, credit, etc. Despite a slight difference in industry focus, BAT has a chain layout for the financial sector, which accelerates the possibilities for the financial sector to apply it. 3. 政策与态度
3. Policies and attitudes 总体而言，各国对区块链技术高度重视，一方面保持鼓励支持、积极探索的态度；另一方面加快制定规范准则，作为有效监管依据。
中国：我国对区块链技术保持学习发展态度。国家层面，2016年12月，《中国区块链技术和应用发展白皮书》发布，同时国务院在《“十三五”国家信息化规划》中提及，加强大数据、人工智能、区块链等新技术基础研发和前沿布局；2017年5月份，工信部发布了我国首个区块链标准《区块链参考架构》，包括数据层、网络层、共识层、应用层和激励层。地方政府也响应号召，包括北京、贵州、广州、浙江、香港等十八个地区逐步出台了区块链政策，在人才教育、金融支持、办公场地等给予大力扶持。以广州为例，2017年12月，广州出台第一部关于区块链产业的政府扶植政策《广州市黄埔区广州开发区促进区块链产业发展办法》，整个政策共10条，核心条款包括7个方面，涵盖成长奖励、平台奖励、应用奖励、技术奖励、金融支持等，预计每年将增加2亿元左右的财政投入。
China: At the national level, the White Paper on Technology and Applied Development in the Block Chain of China was published in December 2016, while the State Council, in its 13th Five-Year National Informatization Plan, referred to the strengthening of new technological base R & D and cutting-edge deployments such as big data, artificial intelligence and block chains; in May 2017, the Ministry of Trade and Finance issued the first block chain standard, the Box Reference Framework, including data layers, networks, consensus layers, application layers and incentives. Local governments responded to the call, including Beijing, Guizhou, Guangzhou, Zhejiang, Hong Kong and others, for a series of eight regions, and introduced a block chain policy, covering seven areas, with strong support for human education, financial support, office space, etc. In December 2017, Guangzhou, for example, launched the first set of government support policies on the sector chain industry, including the Guangzhou Development Area, Guangzhou, Guangzhou. 美国：美国除了拥有最多区块链项目，总的来说，美国关于区块链的监管主要体现在货币监管、投资活动等方面。货币监管方面：美国监管机构将比特币界定为“可转化虚拟货币”，受《银行安全法》监管；同时，对于比特币可能涉及的洗钱问题则由美国金融犯罪执法网络（the Financial Crimes Enforcement Network）执法监督。在投资活动方面：比特币中的“挖矿”合同则属于投资合同，属于美国证券交易委员会（Securities and Exchange Commission）的监管范畴。另外，美国各个州对于货币服务的法律解释差异较大，因此各州具有不同的监管态度。
United States: In addition to the largest block chain project in the United States, regulation of block chains in the United States is generally reflected in monetary regulation, investment activities, etc. In monetary regulation: US regulators define Bitcoin as a “convertible virtual currency” regulated by the Bank Security Act; and, in the case of money-laundering that may be involved in bitcoin, the Financial Crimes Enforcement Network is supervised by the Financial Crimes Enforcement Network. In the case of investment activities: “mining” contracts in bitcoin are investment contracts and are regulated by the United States Securities and Exchange Commission. 韩国：韩国对区块链目前持鼓励的态度，多方位尝试探索。2016年2月，韩国央行在报告中提出鼓励探索区块链技术。2016年2月，韩国央行在报告中提出鼓励探索区块链技术。同月，政府支持韩国唯一的证券交易所Korea Exchange(KRX)开发基于区块链技术的交易平台。
日本：日本是全球态度最为积极的国家之一，在多行业推行区块链场景结合。2017年4月1日，日本实施了《支付服务法案》，正式承认比特币是一种合法的支付方式，对数字资产交易所提出了明确的监管要求。2017年6月，日本政府准备开启所有地区房地产区块链项目，将城镇、农田和森林地区所有房地产登记到一个单一区块链账本，除此之外还包括附带的详细信息和房地产出售价格。日本金融服务管理局（FSA ）正在开发一种由区块链推动的平台，将使日本客户能够在多家银行和金融机构之间即时共享个人信息。
Japan: Japan is one of the most active countries in the world by promoting a multi-industry clustering of blocks. On 1 April 2017, Japan implemented the Payment Services Act, which formally recognized Bitcoin as a legal payment method and imposed clear regulatory requirements on the digital asset exchange. In June 2017, the Japanese government was preparing to open a platform in all regions to enable Japanese clients to share personal information between banks and financial institutions as soon as possible. 四、区块链前景展望
1. 技术、商业与监管挑战
1. Technology, business and regulatory challenges 尽管区块链技术能够广泛应用于多样化的场景，然而目前对于大型公链来说由于技术性能、安全性隐患、政策监管等问题仍然无法大范围落地。这些局限在不同区块链技术体系中也或多或少存在，只是程度差别。
Although block chain technology can be widely applied to diverse scenarios, there are still problems of technology, safety risks, policy regulation, and so on in large public chains. These limitations are also more or less present in the technical systems of different block chains, albeit to varying degrees. 1）交易性能偏低、资源消耗过大：像比特币之类基于工作证明机制的区块链技术目前平均每10分钟才能有一个新区块、1个小时后才能确认交易，很难满足高频小额金融交易每秒万笔以上的交易要求。
1) Low trading performance and excessive resource consumption: block chain technology based on a work certification mechanism such as Bitcoin currently has an average of 10 minutes before a new block can be identified, one hour later, and it is difficult to meet the transaction requirements of more than 10,000 transactions per second in high-frequency microfinance transactions. 以工作量证明机制为代表的共识机制需要消耗大量的算力来产生新区块，英国电力资费对比公司PowerCompare的研究表明，比特币挖矿年平均耗电量已经超过159个国家的年均用电量。
The consensus mechanism, represented by the workload proof mechanism, requires a great deal of arithmetical effort to generate new blocks, and a study by UK electricity comparison company PowerCompare has shown that the average annual electricity consumption in Bitcoin mining exceeds the average annual electricity consumption of 159 countries. 2）安全性隐患：对于大型公链来说，越来越多的矿工为了平滑收益曲线选择加入矿池，从而导致算力的进一步集中。目前比特币的前四大矿池算力之和占比已经超过50%，使得网络受到“51%攻击”的威胁日益加大。对于联盟链和私有链而言，弱中心化架构的安全性尚未得到时间的验证。
2) Security risks: For large public chains, more miners are opting to join the pits in order to smooth the yield curve, leading to a greater concentration of value. The combination of the first four pits in Bitcoin is now more than 50%, increasing the threat of “51% attacks” on the network. 此外，业内已经发生若干起黑客攻击事故，给用户造成了很大损失。例如，2016年6月，基于以太坊建立的、创造了众筹世界记录的区块链项目The DAO遭遇了黑客攻击，黑客利用其上智能合约的一个漏洞偷走了360万以太币（当时市值约5亿人民币），造成市场大面积被抛压，引发整个区块链产业的最大危机。
In addition, a number of hacker attacks have taken place in the industry, causing significant losses to users. For example, in June 2016, the DAO, based on the block chain established by Etheria to create a world record, was hit by hackers, who used a hole in their smart contracts to steal 3.6 million taels (at that time, with a market value of about 500 million yuan), causing a massive market overhang, triggering the biggest crisis in the entire chain industry. 3）合适场景仍有限：与传统商业基础设施相比，区块链技术的优点在于凭借去中心化获得的高效稳健、数据记录的高度可靠、引入智能合约后的灵活和自动化。但是，许多传统商业基础设施在效率、稳定性、可靠性、自动化等方面目前显示出难以克服的缺陷与故障。例如国家的支付和清结算系统、证券交易所、商业银行等关键金融基础设施的运转稳定、良好、安全，也具有异地灾备方案来保障系统的稳健性，那么相比于要付出的改造成本，进化为区块链技术系统所能提升的效益究竟有多大，即“成本-效益”分析是区块链在场景落地时必须要考虑的重要因素，区块链必须要找到真正具有显著成本收益的场景。
3) Suitable scenarios are still limited: compared to traditional business infrastructure, the advantage of block chain technology is the high efficiency and robustness obtained through decentralisation, the high reliability of data records, and the flexibility and automation of the introduction of smart contracts. However, many traditional business infrastructure currently shows insurmountable deficiencies and failures in terms of efficiency, stability, reliability, automation, etc. Key financial infrastructure such as national payment and settlement systems, stock exchanges, commercial banks, etc. is stable, good, safe, and secure, as well as off-site disaster preparedness programmes to safeguard the robustness of the system. 4）标准尚未统一、监管政策不够完备：目前国内外在区块链领域还没有通用、统一的标准，将产生后续的各种应用兼容性和互联互通问题，不利于整体效益的提高。国内外的重要联盟如Hyperledger、R3、ChinaLedger、BCOS等等都致力于开发统一的标准，我国工信部在2016年10月制定了国家区块链技术标准技术路线图，国际标准化组织也正在努力协调制定有关标准。这项工作的推进还有待时日。
(4) Standards are not yet uniform and regulatory policies are inadequate: there are currently no common and uniform standards in the area of block chains at home and abroad, which will create problems of compatibility and connectivity in subsequent applications and will not contribute to overall efficiency gains. Important national and international alliances, such as Hyperledger, R3, ChinaLedger, BCOS, etc., are committed to the development of harmonized standards. In October 2016, the Ministry of Labour and Communications developed a technical road map for national technical standards on block chains, and the International Organization for Standardization (ISO) is working to coordinate the development of standards. 区块链技术对现有法律法规和监管框架带来挑战。形形色色的数字货币创造了一个触角遍及全球每个角落的、史无前例的人造市场，遭遇了广泛质疑。数字货币体系中服务提供商和用户均为匿名，使得不法分子易于掩盖其资金来源和投向，这为洗钱、恐怖融资及逃避制裁提供了便利。需加强国际监管协调，形成一致的监管政策。区块链应用到其他商业场景上也有一系列法律和监管问题，例如如何界定智能合约的法律主体性质、如何解决金融交易的最终确认时点（finality）等等。
Digital money in all its forms creates an unprecedented artificial market that reaches every corner of the globe, and is widely questioned. The anonymity of service providers and users in digital monetary systems makes it easier for outlaws to hide their sources of funding and investment, which facilitates money-laundering, terrorist financing, and evading sanctions. 2. 前景展望：技术融合、智能合约将是未来趋势
2. Outlook: technology integration, smart contracts will be trends for the future 区块链作为对传统信息技术的升级与补充，其发展将与其他新兴信息技术相互融合、相互促进。当前区块链仍处于发展初期，不仅需要政府、行业联盟、企业合作制定技术标准和共识机制，更离不开5G、物联网、人工智能、大数据等技术的支持。
Block chains, as an upgrade and complement to traditional information technologies, will be integrated and mutually reinforcing with other emerging information technologies. The current block chains are still in the early stages of development, and require not only the cooperation of governments, industry alliances, businesses to develop technical standards and consensus mechanisms, but also the support of technology such as 5G, physical networking, artificial intelligence, big data, etc. 5G：大型公链的每秒交易吞吐量有限、交易确认时间长（比特币目前仅支持每秒7笔交易，一笔交易一般需要1个小时后确认），除了以太坊、Blockstream主导的侧链和闪电网络技术外，未来5G网络大范围商业化应用后可以大幅提升数据传输速度、减少网络拥堵，大型公链的性能将得以提升并逐渐适用于每秒上万笔交易的商业应用场景。
5G: The limited amount of traffic per second in large public chains, the length of transaction confirmation time (bitcoin currently supports only seven transactions per second, usually one hour later). In addition to the technology of the cellular, Blockstream-led side chains and lightning grids, the wide commercialization of the 5G network in the future will significantly increase the speed of data transmission and reduce network congestion, and the performance of the large public chain will be enhanced and gradually applied to the commercial applications of tens of thousands of transactions per second. 物联网：当前区块链技术仅能解决链上的信任问题，但对于链下数据的真实性与准确性几乎无能为力。物联网技术进一步发展后，链下数据的观测、采集、处理、传输、更新都将实现自动化，真实性和准确性得到有力保证，区块链的应用场景也将得到扩展。
Material networking: The current block chain technology only addresses trust in the chain, but there is little that can be done about the authenticity and accuracy of the data in the chain. Once the technology is further developed, it will automate the observation, collection, processing, transmission, and updating of the data in the chain, the authenticity and accuracy of which will be strongly assured, and the application of the block chain will be expanded. 人工智能：工作量证明机制被诟病浪费了大量电力与硬件资源，目前比特大陆等矿机生产商已经和比原链合作开发应用于人工智能算法的共识机制与芯片，将哈希计算转化为应用于深度学习的矩阵计算，创造更大的经济与社会价值。
Artificial intelligence: Workload proof mechanisms have been squandered on large amounts of electricity and hardware resources, and now mine producers such as the Bit continent have developed consensus mechanisms and chips for artificial intelligence algorithms in partnership with the original chain, transforming Hashi calculations into matrix calculations for in-depth learning and creating greater economic and social values. 智能合约可能是区块链上最具革命性的应用。如果智能合约在区块链上实现广泛运用，经济分工将在互联网时代进一步细化，更广泛的社会协同将得以实现。世界经济史实质上是一部工业革命推动的纵向发展与全球化推动的横向扩张的交织历史。工业革命推动了特定领域的分工专业化和生产规模化，最终使得生产效率大幅提高、生产成本大幅降低。全球化则是各行业产业链的研发设计、原料采购、生产加工组装、品牌包装、销售等环节在世界范围内实现分工协作的最终表现。与前三次工业革命不同，以互联网为主要标志的第四次工业革命首次推进了网络拓扑意义上的全球化。在古典互联网中，人们利用网络搜索信息和资料，却仍须依托物理世界中的公司等组织形式来建立信任、签订合约、组织生产和分工协作。而在价值互联网中，素未谋面的人们通过区块链来完成以上任务首度成为可能。通过智能合约的广泛运用，区块链将创造多个特定领域的线上细分市场，直接对接全球范围内各网络节点间的需求和生产。网络拓扑意义上的分工协同将与地理意义上的分工协作将形成更紧密和更深层次的互补，区块链也有望从“信任机器”升级成为产业浪潮的重要“引擎”。
In contrast to the previous three industrial revolutions, the fourth industrial revolution, which was marked by the Internet, was the first time that globalization had taken place in a web-based sense. In the classical Internet, people used web-based information and information to build trust, contract, organize production and collaborate on division of labour in the form of companies in the physical world. 本文首发于微信公众号：泽平宏观。文章内容属作者个人观点，不代表和讯网立场。投资者据此操作，风险请自担。
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