As we all know, after several years of development, the application of blockchain is still weak. The reasons can be summarized as two points: technology and data.
In terms of technology, the underlying technology of blockchain is not perfect, the balance of Impossible Triangle has not yet risen to a qualitative level, the design of incentive model is lack of innovation, and there are no mature schemes for cross chain technology, distributed computing power and privacy computing. As early as 2017 Wanxiang conference, V Shen said that the core issue of blockchain industry is technology. The solution of this problem is a very long experimental process.
However, data is not. In the past two years, the blockchain industry may usher in the explosion of all kinds of traditional data on the chain, which will derive various ways and opportunities for the application of these data on the chain. The data link in this paper includes hash value chain of data information, certificate chain of ownership rights and interests, and migration chain of traditional payment scenarios.
From the perspective of blockchain, data sources (Oracle) are mainly divided into three categories: the first type is the data generated on the chain, that is, the original database Oracle on the chain; the second type is to cooperate with traditional institutions to give credit to traditional institutions, so that they can output data to the chain as nodes; and the third type of Oracle is to verify and upgrade the data itself through the governance mechanism Chain.
After continuous practice from 2017 to 2019, the first type of Oracle (data generated on the chain) has not developed well. It is mainly data related to asset transfer, and it is widely used in the transaction field.
The third type of governance Oracle has always been a promising direction in the industry, and I personally am also optimistic about it. However, I think that the time point is still too early. It may take the overall development of machine to machine to have an opportunity. In this case, the data is obtained from the machine, not from the person. Because a lot of data that people participate in is uncontrollable, untrustworthy and opaque, but machines are different. The data generated by machines can have the attributes of transparency, credibility and no private interests. The machine can be a node in the blockchain network, and the network ledger can ensure the security and unforgeability of the machine data, and the machine itself does not necessarily belong to individuals, but belongs to the whole blockchain network as a data carrier.
In fact, with the rapid development of the whole industry of blockchain, it is likely that after the maturity of M2M, the whole process will be 5g – “IOT -” M2M – “tracking economy -” blockchain. In this process, there will be a large number of machines (5g supporting at least one million devices per square kilometer). They will naturally become Oracle and distributed nodes of blockchain network. At the same time, they are also virtual asset carriers carrying a large amount of data. Combined with appropriate encryption and communication technology, blockchain can really develop in the digital virtual world composed of MTOM network The era of exerting effect and large-scale landing. But the whole process could take more than five years.
What is more suitable for the current environment is actually the second type of Oracle, which supports more traditional enterprises, governments and financial institutions, so that they can spontaneously link the data. There are two opportunities for this data increment
One is policy. Although many countries are still waiting to see, the whole world holds a positive attitude towards blockchain technology itself. Many enterprises are willing to try to use this technology to support their own business environment for various potential reasons.
Second, smart contract / tokenize has brought new business opportunities. With more and more electronic business models and the popularization of understanding of blockchain technology, enterprises begin to find that smart contracts can reduce friction in their business models, and tokenize can bring new incentives. For example, the NFT of ball game tickets, or some businesses start to use smart contracts to collect customers’ prepaid card funds to prove to customers that the possibility of running away is very low.
Therefore, in this process, there will be more and more traditional data on the chain, including life consumption, personal identity, financial credit, physical assets and so on. This has laid a good data foundation for the future development of the blockchain industry.
Of course, as investors, we are most concerned about the blockchain project with relevant data increment. These projects can be divided into four categories:
The first one is to build a public chain, cooperate with trusted nodes, and then use token to motivate nodes. Vechain is a good example;
The second type is to provide technical services for the government, financial institutions and large enterprises. Such projects are not limited to blockchain technology, but will provide customers with a complete set of technical service solutions. The scheme also includes cloud computing and artificial intelligence, which requires higher overall technical capability of the team. Such companies generally charge fees according to the project system, which is a service focusing on human resources Traditional cloud computing service companies are similar. The main product mode is bottom IAAs + middle baas (PAAS like) + upper SaaS (combined with application scenarios). However, with the overall maturity and modularization of the underlying technology services of the blockchain, there may be more SaaS like standardized products and charging modes in the future. In addition, such companies will have other derivative income opportunities in the future. For example, if they provide technical services for the enterprise’s industrial chain, they may also build a blockchain data circulation platform between industrial chains. Data transactions or online certificate storage on this platform can be charged by platform operators through Commission sharing. We have seen this This is the case.
The third category is to cooperate with traditional scenarios with C-end traffic, similar to tobtoc. Projects will generally choose traditional scenarios with stable traffic to provide technical services for them. For example, scenarios with the attribute of electronic voucher + right confirmation include ticketing industry, electronic collection industry, digital intellectual property, etc. This kind of products are generally implemented through NFT. Interestingly, they are not limited to the product attributes themselves, but also can be extensible. For example, alphawallet cooperates with UEFA related companies to produce NFT tickets. The products not only have ticket functions, but also can integrate sponsored hotels or peripheral derivatives (jerseys and souvenirs) A certain IP collection card not only has the collection uniqueness attribute, but also can integrate the preferential information of the IP related games and cooperate with the operation, which is a new business model with very imaginative space. In addition, it is easy for us to understand the secondary transfer of these electronic certificates.
In addition to ownership, the lock-in and automatic distribution of income right is also a new direction. This kind of project is more suitable for consumption service fields with better cash flow, such as catering, hairdressing, beauty, etc., or internal incentive of employees. The direct distribution of cash flow can be used to motivate users, employees, etc., while the locking of cash flow can avoid the running of money or Ponzi scheme. Generally, this cash flow will be reflected in the form of stable currency. For example, users use Dai to buy fitness cards, and then use smart contracts to complete consumption step by step. At the same time, they are given private education according to the agreed part. Of course, the simple stable currency payment itself is a good chain process of traditional payment scenarios. However, it is difficult to promote it because it does not develop a new business model, but only reduces a certain amount of intermediate fees (at the same time, it touches the core interest groups to a large extent). However, if it is divergent, it may bring new opportunities to combine more derivative business models of digital economy into the scenario of stable currency payment through smart contracts. In addition, individuals feel that the mortgage and transfer of these rights and interests themselves can also open up a new capital market.
In short, the blockchain industry, on the whole, is very short of data from the traditional world. In this case, it is basically impossible to talk about the large-scale implementation of blockchain. This year, more and more traditional data will be put on the chain. The process and data itself can greatly enrich the ecology of the blockchain industry, and bring various innovative business opportunities, so that the society can really begin to understand what blockchain, digital economy and Internet 2.0 are.