What is the role of blockchain technology?

Blockchain can reduce the uncertainty in the operation of the economic system. Its functions are: 1. Manage the identity of market actors, provide identity proof when users need it, and help consumers confirm sellers in transactions; 2. Record commodity logistics information to track the source of goods; 3. The transaction guarantee function of the blockchain solves the problem of not knowing who to call to solve transaction problems, etc.

The concept of blockchain

Blockchain is a Distributed database.

The role of blockchain

The blockchain reduces the uncertainty of the operation of the economic system. The functions implemented by blockchain in transactions include:

1. Identity management

Blockchain can manage the identity of market actors and provide it when users need it. Proof of identity is used to help consumers identify the seller during transactions. The identity management function of blockchain solves the problem of not knowing who you are transacting with when shopping.

2. Asset tracking

Blockchain can record commodity logistics information and be used to track the source of goods. The asset tracking function of blockchain solves the problem of opacity in the transaction process.

3. Transaction Guarantee

The transaction guarantee function of the blockchain solves the problem of not knowing who to contact when there is a transaction problem, because the code written by the customer can It acts as a guarantee, and the money will not be transferred to the other party's account (distributed Alipay) before receipt of qualified products is confirmed.

Existing applications

(1) Abra wallet

Abra wallet is a multi-currency that supports Dash and other encrypted digital currencies wallet. Abra is designed for investing and can be funded via bank account, credit/debit card, cash (in the Philippines), Bitcoin Cash or Litecoin. Abra currently does not support Dash deposits and withdrawals.

(2) Mycelia (Mycelium Network System)

A paid music platform based on blockchain technology initiated by musician Imogen Heap, aiming to protect The intellectual property of musicians.

Since 2015, Shipp began to advocate the use of blockchain technology in the music industry. That year, she collaborated with blockchain startup UjoMusic to release a song called “TinyHuman.” Fans can pay for the songs using Ethereum, and smart contracts will automatically split the revenue between Shipp and her collaborators.

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