Why do giants such as Morgan, Facebook, and Wal-Mart tend to use alliance chains to issue stablecoins instead of public chains?
Editor's Note: This article comes fromVernacular Blockchain (ID: hellobtc)Editor's Note: This article comes from
, Author: David Tseng, reprinted with authorization by Odaily.alliance chainSome time ago, JP Morgan used a
blockchain technologyblockchain technologyWoolen cloth?
first,Woolen cloth?first,
At present, it cannot meet the needs of enterprises; secondly, the alliance chain plays an important role in the application of blockchain technology industry; finally, on the premise that the participants have the willingness to cooperate, the alliance chain can be used to build more credible digital information.
The alliance chain is very suitable for companies or financial institutions with certain absolute advantages to try as a leader. The goal should be set with long-term investment returns. Compared with existing solutions, cost-efficiency analysis is currently promoted. one level.
Ethereum
They all belong to the public chain, and giving "everyone" a computer can have the same rights. There are a large number of passionate developers, mature DApps, and dedicated VCs. The teams and projects here have a good understanding of decentralization and why blockchain is used.
The public chain is a large-scale playground for everyone. Most mature applications and large frameworks are topics that are biased towards public use. The following are more advanced and mature applications or frameworks in Ethereum:
Most of them are financial-related topics, DAO-based bank, Open-Source bank and Decentralized bank. There are almost no traditional banks in this world. Here, we look forward to gestating the next generation of revolutionary, phenomenal products or services.
The alliance chain is a blockchain that requires registration and permission. It is a set of rules designed for "limited participants" to play. Permissioned Blockchain is a more precise term. Regardless of the right to access data on the chain, or who can participate in setting up nodes and who can deploy smart contracts, they can all be designed within the alliance. The alliance chain mentioned here, the following well-known ones are used as reference:
Hyperledger: It is building an open source framework for enterprise-level general blockchains regardless of industry. At present, there are more than 400 proof-of-concept (PoC) cases of blockchain cooperation with IBM worldwide.
R3-Corda: Born for the financial industry, it advocates combining existing business systems rather than rebuilding the whole set. Compared with the development direction of the public chain to breed applications with the public, the alliance chain is trying in reverse, and it is more targeted to use inter-enterprise collaboration as the main application case. The opportunity for the project to happen is mostly a collaboration platform between enterprises, using blockchain to do things that traditional servers could not do in the past.
If you are not in the company, or have a certain understanding of business processes, the public may not necessarily feel it. I just thought it was a press release issued by a certain bank or a certain company. The actual success or failure experience of the platform may not be made public for the public to examine and learn from.
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General scenarios suitable for importing blockchain
Many companies use old thinking to design the entire system during the introduction process, but they can't answer "Why use blockchain?" So, which scenarios are suitable for the introduction of blockchain?
Requires multiple parties to jointly store data
Requires multiple participants to write data
No impartial third party, or the cost of employing an impartial third party is prohibitive
Multi-party can be from small to large, from different organizations, enterprises, sub-groups, groups, associations and industrial chains, even as large as the country, from the perspective of different interests, under the condition of imperfect competition, through the joint maintenance of data, Let the participants generate greater value.
Sometimes it can even be said that it is a cooperative use of technology to jointly create an "impartial third party". As long as the three scenarios are met at the same time, it is basically possible to answer why the blockchain is used.
1. The absolute advantage of realizing blockchain value at the enterprise end
Importing the blockchain from a large enterprise, what advantages does the start-up team not have?
—— It can be connected with existing business.
Whether there are "existing businesses" running on the blockchain is the key to doing blockchain product services now. why? Because the existing business will precipitate a batch of credible data, only with credible data can new business be developed.
Based on the credible data precipitated by existing businesses, the applications and services bred are solid. Compared with no data support, simply using the incentive mechanism requires everyone to throw data on the blockchain and then develop business, which is much more reliable.
2. The accumulated value of data on the chain
Any transaction records of both parties in the past, if they exist in traditional servers, are often difficult to win the trust of new participants. For example, based on our experience in buying and selling products on Taobao and JD.com, the information about stores and consumer reviews exists in the traditional servers of the mall, and the data is owned by the mall.
In the future, if we want to do business with unfamiliar foreign customers, can we directly take out the credit we have accumulated in the mall and let strangers use it as a reference? The mall temporarily represents a credible third party, but if foreign customers have never heard of these malls, can these transaction information and evaluations still have reference value?
What if the mall fails to operate well and closes down, and you can no longer log in to adjust the data? Then these long-accumulated transaction information and evaluations will be destroyed once.
If such consumption, sales, and evaluation data can be stored in the blockchain format, the transaction information will be helpful for external reference as a kind of credit. Therefore, if sellers have this demand, it is easy for existing malls to develop a new business model.
Corporate financial services is an obvious scenario. In the past, the provider of funds (banks) often obtained trusted data sources through an "impartial third party" to allow high-quality companies to finance.For example, when an SME applies for a loan from a bank, the bank cannot obtain the trustworthy transaction records of all SMEs, so they will go to the Joint Credit Reference Center; multinational companies will also ask for and refer to the corporate information collected by the company when conducting transactions. They are all looking for credible data provided by "impartial third parties".If multiple companies import the alliance chain and upload the key information of transaction behavior under the old cooperation mode, because
, so that the information has a certain reference value, and this part will definitely reduce the audit cost of the fund provider when borrowing.
From the standpoint of an enterprise, even if you find the value and scenarios for introducing blockchain, how do you think about the introduction of blockchain?
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Considerations for not using a public chain
The following two points are the main reasons why enterprise-level blockchain applications do not use public chains:
1. Commercial data privacy
This is the most basic necessary condition to be met. In cross-enterprise collaboration, there must be a lot of business intelligence information. First of all, we must ensure that data security is subject to multiple checks in the group, and then who has the right to see what must be satisfied.
2. Risks must be controllable
If there is a problem with this chain, what risks will be exposed? For example, if the platform fails, will it affect goodwill? If it is related to financial services, if it is hacked, what is the maximum amount of compensation? From the perspective of enterprises, the uncertainty of various risks should be reduced.
It is difficult to achieve layer-by-layer data privacy on the public chain, and other mechanisms are often required. Such as: the second layer protocol, with a centralized server for encryption and decryption, or only using data encryption on the chain. In particular, major updates, hard forks, or transaction jams that may occur on the public chain, as well as gas fees for each transaction, are "uncontrollable risks" for enterprises. Whether it is Hyperledger, JP Morgan's Quorum, or R3's Corda, they all need to meet the above-mentioned "data privacy" and "risk controllable" requirements.
Because the alliance chain is a permission system, except for the members of the alliance, the data is not disclosed to the outside world. After it is enabled, the participants are real companies, and the expansion speed of nodes and new nodes are also predictable. It is not necessary to prevent many malicious attacks like the public chain.
Furthermore, even if there are malicious nodes, there will be real-life governance (kicking out members) to prevent evil from happening. In case of any disaster, there is a last resort, shutting down all nodes can block the risk. From the perspective of execution, there are also the following considerations:
Cost and benefit: The cost of input (including maintenance costs) and the benefits obtained are also one of the important considerations. Blockchain technology is a very new science. It is quite costly for an enterprise to deploy a complete team with development capabilities from scratch, and it is definitely not something that can be done in the short term. Usually cooperate with external manufacturers, such as IBM, SAP or BSOS, and other domestic blockchain technology companies to implement more efficiently.
If the UX (User Experience) design is not good, it will also greatly increase the cost of communication. Especially when there are many cross-enterprise, cross-department and participant roles, the impact of design errors will be magnified several times. Poor design of several links is very likely to cause the failure of the entire import plan.
summary
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summary
Blockchain technology is not a breakthrough in single-point technology, but requires multiple companies to jump in and play together in order to create greater value. Therefore, only large enough companies have advantages in terms of funds and partners, making medium and long-term investments, and deploying a wider range of partners in the long-term.
