When it comes to blockchain, many people first think of bitcoin, which has been hot in recent years, and even confuse the two. In fact, Bitcoin is only the most well-known application of blockchain technology. The system does not rely on the operation and management of central institutions but has been running for many years. It has largely confirmed the reliability of blockchain technology as its foundation.

In June of this year, US Facebook announced that it would issue a blockchain-based encrypted digital currency Libra, triggering hot discussions about its volatility risk and its impact on the existing currency system. In addition to virtual currencies, blockchain has many application models in the financial industry.

In the fields of trade and consumption, blockchain has achieved a high degree of traceability, which can help regulators, transaction parties or consumers to verify the true source of a certain product. In a globalized supply chain, this technology helps to increase the reliability of transactions and improve regulatory efficiency.

At present, blockchain has become a frontier position in the development of global technology, and the global technology giants are stepping up their deployment in this field. The United States continues to improve public policies related to blockchain technology. In July this year, the US Senate Committee on Commerce, Science, and Transportation passed the Blockchain Promotion Act, pointing out that the possible applications of blockchain include tax fraud prevention, medical insurance tracking, social security benefits system, and government file management.

Clearly, blockchain technology is still in its infancy, and has a long way to go before it can be considered even close to mainstream. Yet these examples show how industries are beginning to wake up to its advantages, and, as the technology matures, we can expect to see even more companies investing in blockchains