We are in the golden era of technological innovation. This unprecedented new technology dividend is driving tremendous changes in the financial industry, giving us many opportunities to experience the infinite charm of technology. What makes the blockchain technology appeared before the Bitcoin to become more popular nowadays?
NGK blockchain technology and inclusive finance
Blockchain technology is essentially a credibility mechanism created by computers. It can achieve decentralization and disintermediation to promote the entire business process. It is effective and has a lower business service cost. In addition, since all transactions registered on the blockchain can be traced, and the data is open, transparent and immutable, the use of blockchain technology is very suitable in scenarios like public donations. NGK blockchain technology creates a trust mechanism through consensus algorithms and security technology, and it uses mutual trust to represent the public trust. Thus, it is suitable for scenarios that require trust, openness and transparency. In summary, the trust mechanism constructed by the blockchain can be a supplement to the existing technology and data-based credit mechanism.
The basic platform of NGK blockchain is a trust mechanism platform built on the basis of security and algorithms. It uses the credit enhancement of this platform to increase its credibility and traceability, as well as the characteristics of openness and transparency. It can track the flow of funds during the entire process of inclusive finance, such as mutual insurance, public welfare fundraising, and agricultural loans, including the rural supply chain finance. These can be integrated with blockchain technology and inclusive finance to create a connection.
The bottom layer of the blockchain technology sandbox is divided into multiple levels: communication layer, storage layer, security mechanism layer, and consensus mechanism layer. The security mechanism determines whether the security of the entire chain is reliable. In the consensus algorithm, from the earliest workload-based algorithm, to the equity-based algorithm and the current alliance chain, now the most popular algorithm is to solve the general problem of practical byzantine fault tolerance (PBFT). Efficiency is a major problem in the blockchain industry, and the consensus algorithm currently explored by the NGK project can solve the core problem. It can improve the efficiency while ensuring the consistency. On top of the blockchain technology sandbox are some application components including the smart contracts, smart assets, private chains, alliance chains, and blockchain.
During the development of platform, the recent consensus of the industry has been combined with security and performance considerations. In terms of technological maturity, the NGK project is a typical representative that can truly be implemented in the future to generate commercial value. It is a better choice at present.
In the future, trust will be a very important resource. This is because the essence of finance is transaction, while the basis of transactions is trust, so trust is the scarcest resource on the Internet in the future. Through the integration of NGK blockchain technology, big data, and artificial intelligence, it will be possible to solve the trust problem together. With that, the construction of a trust mechanism for the Internet is just around the corner.
