The first digital asset based on blockchain technology (the first successful application of blockchain)

The first digital asset based on blockchain technology

In June 2018, the “Digital Currency Electronic Payment” (DCEP), initiated by China CITIC Bank, Bank of Communications, and China UnionPay, became another mainstream currency after Bitcoin. According to relevant information, the project was hosted and organized by the China Mobile Communications Association Blockchain Professional Committee (referred to as the “Chain Exchange”) at the New Product Launch Conference and 2020 Trusted Electronic Bill Industry Summit with the theme of financial technology innovation and application development held in Beijing. The term “based on” was widely discussed and successfully launched a new model of blockchain + industrial integration at this event.

The first digital asset based on blockchain technology

In mid-December 2017, the first commercial bank in China, Beijing University of Posts and Telecommunications, was officially established. By establishing a blockchain underlying platform, it digitized traditional paper currency. This measure achieved characteristics of decentralization, transparency, and tamper resistance.

Currently, there are nearly 2 trillion yuan worth of gold globally that can be used as collateral for circulation and usage. At the end of July 2018, The New York Times reported that the central bank is actively studying how to make legal currency more liquid and effectively achieve cross-border payment settlement. At the end of 2019, Yi Gang, the governor of the central bank, stated, “To modernize China’s monetary system, a completely new economic system is needed.” This means that there is huge potential for future development, but at the same time, various reasons have also made various countries pay more attention to central bank regulation. With the rise of Internet technology and the increasing popularity of virtual reality, more and more companies are beginning to pay attention to the virtual world and its underlying applications, which have brought great uncertainty and risk to the market.

With the emerging technological advantages of blockchain, it can promote the development of the real economy and contribute to the healthy development of society, thus accelerating economic growth.

A new trading system built on blockchain technology is an interesting investment opportunity, not only can it solve the current cross-border remittance problems, but it can also greatly reduce costs and improve efficiency.

The first digital asset based on blockchain technology

In early 2013, Ethereum founder Vitalik Buterin proposed a concept called “smart contract,” which allows for the execution of smart contracts that cannot be replaced by code, thus providing high security. Afterward, a new algorithm model was developed to ensure the smooth operation of smart contracts. However, this approach cannot achieve completely open verification process, security mechanism, and security, which makes it difficult for users to obtain the information they want and can only rely on the review and authorization of third-party institutions to complete it. Therefore, when blockchain technology emerged, it became possible to store user identity information in a distributed database. The purpose of doing so is also to prevent fraud and reduce the potential impact in the transaction process.

The first successful application of blockchain

According to bitcoinexchangeguide, the US Securities and Exchange Commission (SEC) has approved the first successful application of blockchain technology, which can simplify the issuance of security tokens. Although it is not yet confirmed whether the full potential of blockchain will continue to be used or what impact it will have on the market, it demonstrates a possible application. This new system called Etherchain will allow investors to sell their cryptocurrencies and cash shares they hold for less than $1. This money may be converted into fiat currency and cashed out immediately. This technology is associated with a single digital asset related to Bitcoin.