What is Blockchain?

The blockchain is inseparable from cryptocurrency. In 2008, when Bitcoin was proposed by “Nakamoto Satoshi” in order to make Bitcoin, a virtual currency that can be trusted by users, the concept, and technology of blockchain was introduced to replace the real world. The blockchain focuses on “decentralization.” The simplest way to understand it is that banks are responsible for recording personal income and expenses. A central office handles all records and transactions and all data is stored in a central database. As for the blockchain, all users store, process records, and transactions, etc. It is no longer the responsibility of an institution but is spread across all the user.

The benefits of blockchain naturally are the enhancement of the security and reliability of records, because it is difficult to modify the books of all people, and it is also possible to track the whereabouts of assets, goods or materials, without the fear of possible criminals or hackers invading the central database. However, it is not easy for the blockchain to play its role. Once all users have recorded it, it takes longer to process transactions. Second, if users participate in the construction of the blockchain, it also consumes power and computing power, known as “mining.” As a result, there are various versions of blockchain in the market, aiming to make more efficient use of blockchain technology.

Although the technologies are still in the early stages, there are many industries that can benefit, such as in finance, logistics, games, and media. We plan to explore how blockchain technology will change the operations of traditional industries. Even though many countries have strict regulation or cautious attitudes towards cryptocurrency, many people regard the blockchain as an important network infrastructure for the future.