cool hit counter Is Kodak's foray into blockchain a windfall or a trap?_Intefrankly

Is Kodak's foray into blockchain a windfall or a trap?

On January 10, veteran film company Kodak announced the launch of Kodak Coin, designed to serve photographers trading on the Kodak platform. Kodak claims it can use blockchain technology to guarantee that creators are paid instantly when their copyrighted works are sold.

On that day, Kodak's stock price soared 50% in one day.

Few dare claim to have a fiery eye for who is a speculator and who is ambitious.

On the day Kodakcoin was launched, Thunderbolt went to a company called Crowdshare Bits to try to find out the answers to the three questions above.

blockchain technology It's not as highbrow as the media hype

While founder Yan Ting is quite well known in security circles, what he is currently doing with his venture seems rather niche.

While attending a security conference, he described blockchain security to his erstwhile peers as different from traditional cybersecurity in this way

In blockchain technology, there is no such thing as a fortress, a tightly guarded concept. The decentralized nature of the blockchain can eliminate clear high points of value, depriving adversaries of specific targets for attack, or increasing the cost and exposing themselves if they insist on multiple points of attack, making the attack much more costly.

He is not just talking about the concept, but has already led his team to put the technology into practical application scenarios and has landed corresponding projects with banks.

At the beginning of last year, Lei Feng has introduced the technology of "ChainSQL", which applies blockchain technology to IT database, not only can realize the database operation logs can not be tampered with to prevent hackers who have invaded the database from erasing the traces of the crime scene, but also can make the database have the feature of multi-live disaster recovery, so if any one of the database has problems, other databases can take over the work without affecting the actual business.

The nature of blockchain is a distributed, decentralized storage of a chain data structure, which is inherently distributed, decentralized, and has the characteristics of immutable information.

ChainSQL technology converts every instruction to a database operation into a transaction, which is then agreed upon by cryptographic algorithms in the blockchain network, so that the database operation log is recorded in its entirety on the blockchain network, thus providing a database service that is tamper-proof and can be recovered at any point in time.

According to Yan Ting, the application of data security through blockchain technology, there are already many practical application scenarios abroad, and blockchain technology is not as lofty as the current media hype.

Addressing trust in the context of security

So how exactly does blockchain technology address liquidity risk, operational risk and credit and cross risk that are prevalent in the financial industry?

The blockchain system is a P2P network, which requires all participating points to be connected to each other, but there are some restrictions in the existing network planning of banks, for example, the servers of Internet banking are separate from the core servers, and the data of each bank is not connected, so we need to do some network penetration in the middle to ensure that the nodes can be connected to the nodes of other banks in the external network, and can also interact with their core business servers for data, and only after solving this problem can we apply the backup and tamper-evident characteristics of blockchain technology.

When the data information of the image is put on the chain, it can ensure that the passed photo is able to identify the authenticity, and the transaction can be carried out more quickly after online confirmation, reducing the cost of capital flow.

Specific applications are hard to get off the ground

As a bank with very high security requirements, solving trust issues with blockchain technology is easy to say, but when it comes to implementation, the difficulties encountered are far beyond their imagination.

The scenarios that really allow for the large-scale application of blockchain technology are those that require multiple participants to do data exchange, and this scenario is where the superiority of blockchain technology can be demonstrated.

Take the letter of credit we mentioned earlier as an example, it is the need for multiple participants, such as buyers and sellers, issuing banks, acquiring banks, etc. Blockchain will have wider and wider applications in the future if it can find more application scenarios in cross-bank business. At the moment, banks are still cautious about the application of blockchain technology and everyone is still in the stage of testing the waters on a small scale.

In addition to the few adaptation scenarios, the blockchain also needs to improve in terms of transaction performance. Banks' core systems can process 15,000 access transactions a second, but when put on the blockchain, the highest is now just over 1,000, which is a problem the blockchain now urgently needs to solve.

Every new technology goes through 9-9-9 from birth to mass adoption.

Let's rewind to 2005, when QQ was only used as an instant messaging software, but in CEO Ma Huateng's view, it was not only a simple technology or communication tool, but also a platform for information, communication and interaction, leisure and entertainment, where online trading and other applications could be developed and people's lifestyles would be changed as a result.

Perhaps, back then, Ma Huateng's emphasis on moving from simple technical tools to rich practical applications is exactly the future that blockchain pioneers like Yan Ting are looking forward to seeing.

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