任泽平区块链研究报告：将在3

“1”句话概括区块链：可信的分布式数据库；

The phrase “1” summed up the block chain: a credible distributed database;

“2”个核心优势：分布式、不可篡改；

The “2” core advantages: distributional, 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” sentence summarizes 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

In the narrow sense, the block chain is a distributed database (or distributed book technology, Distributed) that combines the data blocks in chronological order and ensures in cryptography that there is no falsification or forgery.

Ledger Technology，DLT）。分布式包含两层意思：

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.

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

Three key mechanisms of the block chain: cryptography, data storage structures, consensus mechanisms

密码学原理之一：哈希算法

One of the cryptography principles: the 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 principle II: 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。

Asymmetric encryption refers to encryption and decryption using different key encryption algorithms, also known as public- and private-key encryption. In the block chain network, each node has the only private key and public key. The public key is the public part of the key pair, as if the bank's account was open, the private key is a private part, as if it were an account password. When using this key pair, if one of the keys is used to encrypt a piece of data, it must be decrypted by another key.

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

Data storage structure: Merkel Tree

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；

1) Interception of web-wide data records by nodes, which will be temporarily stored through basic legitimacy;

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

Certificate of entitlement

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 invested the most in mining, why not simply distribute the “calculus” of mining directly to all current currencyholders? In the workload certificate, more able mining unions are given more votes; and in the certificate of interest, miners with more currency (and the corresponding time) will be given more votes.

股份授权证明/DPOS

Certificate of share authorization/DPOS

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 consensus mechanisms has a greater impact on block chain performance (resource occupancy, processing speed, etc.) and will also determine the extent to which the block chain is “decentralized.” In general, the greater the centralization of the block chain, the less performance is. Decentralization and efficiency are difficult to reconcile in most cases.

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 billing 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

It can't be tampered with.

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。

Counterfeiting and tampering with accounts in the block chain is largely impossible. It also implies a high degree of data consistency and security, which is another major difference between the block chain and the traditional database.

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

II. How the block chain “enhanced” the real economy and financial markets: wide range, cross-subject, efficiency, cost reduction

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。

Block chain technology can serve a wide range of financial areas, such as settlement, paper, insurance, and supply chain management, industrial Internet, product traceability, energy, copyright, etc., as well as the real economy. Almost all industries are involved in transactions and require an honest and reliable trading environment as a prerequisite for the healthy development of the industry. Block chains can create trust through mathematical principles rather than third-party intermediaries, which can reduce the cost of maintaining the system. For traditional financial institutions, the operational and human costs of matching, clearing, auditing, etc. will be reduced; for non-financial industries, block chains can reduce information asymmetries across value chains, thereby increasing efficiency of collaboration and reducing overall transaction costs; for individuals, they can safely transfer value online across physical distances, thereby creating more supply and demand.

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。

Unlike the popular view that block chains will affect existing business logic and environment, we believe that block chain technologies are now better suited to the landscape of value chain lengths, complex communication links, and inter-continental games, which will increase efficiency and reduce costs by upgrading traditional information technologies, optimizing existing business environments rather than destabilizing them. Traditional information technologies (e.g., OA, ERP systems) have shown sufficient ease and efficiency in the current intra-enterprise communication collaboration, and that sector chains are not much needed in these scenarios where trust can be built or built under the thread.

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 expensive.

区块链+跨境支付：加速交易，降低成本

Block chain + cross-border payments: accelerating transactions and reducing costs

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 is equivalent to the creation of a point-to-point network between cross-border financial institutions that directly matches the demand for trans-shipment and re-entry transactions and significantly reduces 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: The new power of block chain technology in the area of cross-border payments

2. 区块链+全球贸易物流

Block chains + global trade logistics

面临痛点：涉及主体多、消耗时间长、信息不流畅、交易成本高

Face pains: multiple subjects, long time spent, poor flow of information, 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。

In the case of Maski, for example, in 2014, Maski transported herbs and roses from Kenya, Africa, to the Netherlands in Europe, where cross-border transport over a month involved more than 200 interactions between more than 30 subjects. Each subject had its own file flow for each interaction, and the overall process ended with the signing of documents of up to 25 centimetres thick.

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 make the supply chain less transparent and less efficient. A high degree of collaboration and transparency in the transaction chain makes it difficult for the subjects to know the real-time state of transport of goods in a timely manner and exposes them to the risk of lower resource utilization, longer transport times, higher potential damage to goods and higher costs.

区块链使贸易更简单、更快、更透明、更安全

Block chains make trade simpler, faster, more transparent and safer

供应链金融：十万亿市场

Supply chain finance: 100 billion markets

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

Traditional supply chain finance: difficult and costly financing for SMEs

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 tend to be very cautious about the legal effects of signing “notifications of assignment” of similar receivables claims, and even require corporate representatives of the core business to sign in person to the bank, making it extremely difficult to do so.

区块链+供应链金融：更加高效、更低成本

Block chains + supply chain finance: more efficient and less expensive

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。

In March 2017, the Internet Finance Platform (IFP) and the Fuscon financial platform, which is rich in gold, launched the block chain financial platform, Chained Finance. Chained Finance first converts the accounts payable by core enterprises into online assets eAPs on the block chain, which can circulate among suppliers at all levels (for use or use in financing). When the core business and the first-level supplier L1 form accounts payable and is included in the block chain, L1 can arbitrarily divide and pay its own supplier L2 and push it to L3, L4 and so on, eventually eAP becomes a “mercial ticket” on the block chain platform. The online asset eAP has an inexorable and non-repellable character through cryptographic encryption, which will help to enhance trust between the supply chain up and down; the traceability of the block chain also ensures transparency in all transactions and circulation processes.

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

4. Block chains + letters

征信系统可以提高经济运行效率

Lettering systems can improve the efficiency of the economy.

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, the "Insular Island" is a serious problem and the information is misplaced.

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.

三、区块链产业发展迅速，政策支持并且逐步规范

III. The block chain industry is growing rapidly, policy supports and progressively regulates

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.

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.

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”

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 decline in the number of VC financing rounds since 2014 and the gradual increase in the average size of the round shows that the industry has gradually reached the end of the early stages.

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

Alliance: Current focus on general education, setting industry standards

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: Science and technology companies and financial institutions

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。

In general, countries attach great importance to block chain technology, both by maintaining a supportive and proactive approach and by accelerating the development of normative guidelines as a basis for effective regulation.

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。

South Korea: In February 2016, the Central Bank of Korea reported encouraging the exploration of block chain technology. In February 2016, the Central Bank of Korea reported encouraging the exploration of block chain technology.

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 PowerComparare, a British electricity-comparison company, shows that the average annual electricity consumption in Bitcoin mining exceeds the average annual electricity consumption in 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. Looking forward: 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.