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The large-scale commercialization of Blockchain is imminent, and data privacy protection has become a new focus.
The large-scale commercial application of Blockchain is imminent, and data privacy protection has become a new focus.
At a recent blockchain industry conference, a well-known corporate executive delivered a captivating closing speech. He pointed out that the large-scale commercial application of blockchain requires three key conditions: mature technology, stable digital currency support, and comprehensive legal regulation. At the same time, he also emphasized the importance of data privacy protection, a burgeoning topic.
The executive believes that as these three conditions gradually mature and clarify in 2019, the entire Blockchain industry will undergo tremendous changes. During the conference, several experts shared their latest explorations of Blockchain 3.0 technology, involving innovative solutions such as side chains, child chains, cross chains, layering, sharding, and partitioning. These technologies aim to enhance the performance, usability, operability, and scalability of the Blockchain. According to the executive's observations, most of these technologies are expected to mature and go live on the mainnet in 2019, providing ample development space for commercial applications.
However, technological maturity is only the foundation; large-scale commercial applications require digital currencies that can truly be used for payment, exchange, value measurement, and storage. Recently, the technology for stable digital currencies has developed rapidly, with a certain state in the United States approving two companies to issue stablecoins backed by the US dollar. However, to fundamentally solve the problem, state-backed digital currencies may be the best choice.
Currently, the development of digital currency faces many legal challenges, which in turn hinders the progress of Blockchain technology. The executive emphasized that the digital economy on the Blockchain must have legal protection and compliance, which cannot be completely decentralized. It is worth noting that the latest U.S. judicial precedent has classified all tokens as securities, which means that digital currency will be subject to established securities regulations, requiring normalization and legalization from issuance to trading.
The conference also focused on an emerging topic - data privacy protection. Several experts, including the founder of Ethereum, discussed this issue. The executive believes that Blockchain and encryption algorithms provide an ideal solution to address data privacy issues.
With the development of artificial intelligence technology, the value of data has significantly increased. However, ordinary users often do not possess data sovereignty and cannot share the benefits brought by data. This issue originates from AI, but cannot be solved solely by AI. The executive pointed out that only by combining cryptographic algorithms such as zero-knowledge proof, homomorphic encryption, secure multi-party computation, and verifiable computation with Blockchain can the data privacy problem be truly addressed.
He expects that more cryptography experts will join the Blockchain industry in the future, investing more resources into researching immature encryption algorithms. At the same time, more entrepreneurs will also get involved, testing theoretical research through practice to promote the advancement of the entire industry.