区块链与比特币中英文对照外文翻译文献Word格式文档下载.docx

区块链与比特币中英文对照外文翻译文献Word格式文档下载.docx

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超越比特币）

国外作者：

MCrosby，VKalyanaraman

文献出处：

《AppliedInnovationReview》,2016,7

（2）:

6-19

字数统计：

英文2904单词，16015字符；

中文5190汉字

外文文献：

BeyondBitcoin

AbstractAblockchainisessentiallyadistributeddatabaseofrecords,orpublicledgerofalltransactionsordigitaleventsthathavebeenexecutedandsharedamongparticipatingparties.Eachtransactioninthepublicledgerisverifiedbyconsensusofamajorityoftheparticipantsinthesystem.Onceentered,informationcanneverbeerased.Theblockchaincontainsacertainandverifiablerecordofeverysingletransactionevermade.Bitcoin,thedecentralizedpeer-to-peerdigitalcurrency,isthemostpopularexamplethatusesblockchaintechnology.Thedigitalcurrencybitcoinitselfishighlycontroversialbuttheunderlyingblockchaintechnologyhasworkedflawlesslyandfoundwiderangeofapplicationsinbothfinancialandnon-financialworld.

Introduction

Ablockchainisessentiallyadistributeddatabaseofrecords,orpublicledgerofalltransactionsordigitaleventsthathavebeenexecutedandsharedamongparticipatingparties.Eachtransactioninthepublicledgerisverifiedbyconsensusofamajorityoftheparticipantsinthesystem.Onceentered,informationcanneverbeerased.Theblockchaincontainsacertainandverifiablerecordofeverysingletransactionevermade.Touseabasicanalogy,itiseasiertostealacookiefromacookiejar,keptinasecludedplace,thanstealingthecookiefromacookiejarkeptinamarketplace,beingobservedbythousandsofpeople.

Bitcoinisthemostpopularexamplethatisintrinsicallytiedtoblockchaintechnology.Itisalsothemostcontroversialonesinceithelpstoenableamultibillion-dollarglobalmarketofanonymoustransactionswithoutanygovernmentalcontrol.Henceithastodealwithanumberofregulatoryissuesinvolvingnationalgovernmentsandfinancialinstitutions.

However,Blockchaintechnologyitselfisnon-controversialandhasworkedflawlesslyovertheyearsandisbeingsuccessfullyappliedtobothfinancialandnon-financialworldapplications.Lastyear,MarcAndreessen,thedoyenofSiliconValley’scapitalists,listedtheblockchaindistributedconsensusmodelasthemostimportantinventionsincetheInternetitself.JohannPalychatafromBNPParibaswroteintheQuintessencemagazinethatbitcoin’sblockchain,thesoftwarethatallowsthedigitalcurrencytofunctionshouldbeconsideredasaninventionlikethesteamorcombustionenginethathasthepotentialtotransformtheworldoffinanceandbeyond.

SectionI:

BlockChainTechnology

1.ShortHistoryofBitcoin

In2008,anindividual（orgroup）writingunderthenameofSatoshiNakamotopublishedapaperentitled“Bitcoin:

APeer-To-PeerElectronicCashSystem”.Thispaperdescribedapeer-to-peerversionoftheelectroniccashthatwouldallowonlinepaymentstobesentdirectlyfromonepartytoanotherwithoutgoingthroughafinancialinstitution.Bitcoinwasthefirstrealizationofthisconcept.Now“cryptocurrencies”isthelabelthatisusedtodescribeallnetworksandmediumsofexchangethatusescryptographytosecuretransactions-asagainstthosesystemswherethetransactionsarechanneledthroughacentralizedtrustedentity.

TheauthorofthefirstpaperwantedtoremainanonymousandhencenooneknowsSatoshiNakamototothisday.Afewmonthslater,anopensourceprogramimplementingthenewprotocolwasreleased,beginningwiththeGenesisblockof50coins.Anyonecaninstallthisopensourceprogramandbecomepartofthebitcoinpeer-to-peernetwork.Ithasgrowninpopularitysincethen.

ThepopularityoftheBitcoinhasneverceasedtoincreasesincethen.Moreover,theunderlyingBlockChaintechnologyisnowfindingnewrangeofapplicationsbeyondfinance.

2.BlockchainTechnology:

Howdoesitwork?

WeexplaintheconceptoftheblockchainbyexplaininghowBitcoinworkssinceitisintrinsicallylinkedtotheBitcoin.However,theblockchaintechnologyisapplicabletoanydigitalassettransactionexchangedonline.

（1）ValidateEntries

（2）SafeguardEntries

（3）PreserveHistoricRecord

Internetcommerceisexclusivelytiedtothefinancialinstitutionsservingasthetrustedthirdpartywhoprocessandmediateanyelectronictransaction.Theroleoftrustedthirdpartyistovalidate,safeguardandpreservetransactions.Acertainpercentageoffraudisunavoidableinonlinetransactionsandthatneedsmediationbyfinancialtransactions.Thisresultsinhightransactioncosts.

Bitcoinusescryptographicproofinsteadofthetrust-in-the-third-partymechanismfortwowillingpartiestoexecuteanonlinetransactionovertheInternet.Eachtransactionisprotectedthroughadigitalsignature,issenttothe“publickey”ofthereceiver,andisdigitallysignedusingthe“privatekey”ofthesender.Inordertospendmoney,theownerofthecryptocurrencyneedstoprovehisownershipofthe“privatekey”.Theentityreceivingthedigitalcurrencythenverifiesthedigitalsignature,whichimpliesownershipofthecorresponding“privatekey”,byusingthe“publickey”ofthesenderontherespectivetransaction.EachtransactionisbroadcastedtoeverynodeintheBitcoinnetworkandisthenrecordedinapublicledgerafterverification.Everysingletransactionneedstobeverifiedforvaliditybeforeitisrecordedinthepublicledger.

However,thereisquestionofmaintainingtheorderofthesetransactionsthatarebroadcastedtoeveryothernodeintheBitcoinpeer-to-peernetwork.Thetransactionsdonotcomeinorderinwhichtheyaregenerated,andhencethereisaneedforasystemtomakesurethatdouble-spendingofthecryptocurrencydoesnotoccur.ConsideringthatthetransactionsarepassednodebynodethroughtheBitcoinnetwork,thereisnoguaranteethatordersinwhichtheyarereceivedatanodearethesameorderinwhichthesetransactionsweregenerated.TheabovemeansthatthereisaneedtodevelopamechanismsothattheentireBitcoinnetworkcanagreeregardingtheorderoftransactions,whichisadauntingtaskinadistributedsystem.

TheBitcoinsolvedthisproblembyamechanismthatisnowpopularlyknownasBlockchaintechnology.TheBitcoinsystemorderstransactionsbyplacingthemingroupscalledblocksandthenlinkingtheseblocksthroughwhatiscalledBlockchain.Thetransactionsinoneblockareconsideredtohavehappenedatthesametime.Theseblocksarelinkedtoeach-other（likeachain）inaproperlinear,chronologicalorderwitheveryblockcontainingthehashofthepreviousblock.

SectionII:

ExistingMarket

Blockchaintechnologyisfindingapplicationsinbothfinancialandnon-financialareasthattraditionallyreliedonathirdtrustedonlineentitytovalidateandsafeguardonlinetransactionsofdigitalassets.Therewasanotherapplication“SmartContracts”thatwasinventedinyear1994byNickSzabo.Itwasagreatideatoautomaticallyexecutecontractsbetweenparticipatingparties.However,itdidnotfindusageuntilthenotionofcryptocurrenciesorprogrammablepaymentscameintoexistence.Nowthetwoprograms,BlockchainandSmartContractscanworktogethertotriggerpaymentswhenapreprogrammedconditionofacontractualagreementistriggered.SmartContractsarereallythekillerapplicationofthecryptocurrencyworld.

SmartContractsarecontractswhichareautomaticallyenforcedbycomputerprotocols.Usingblockchaintechnologyhasmadeitmuchmoreeasiertoregister,verifyandexecutethem.Moreover,opensourcecompanieslikeEthereumandCodiusarealreadyenablingSmartContractsusingblockchaintechnologyandmanycompanieswhichoperateonbitcoinandblockchaintechnologiesarebeginningtosupportSmartContracts.Manycaseswhereassetsaretransferredonlyaftermeetingcertainconditions,whichrequireLawyerstocreateacontractandBankstoprovideEscrowservices,canbereplacedbySmartContracts.

Inparticular,Ethereumhascreatedlotofexcitementforitsprogrammableplatformcapabilities.ThecompanyallowsanyonetocreatetheirowncryptocurrencyandusethattoexecuteandpayforSmartContracts,whileitalsopossessesitsowncryptocurrency（ether）whichisusedtopayfortheservices.EthereumisalreadypoweringawiderangeofearlyapplicationsinareassuchasGovernance,autonomousbanks,keylessaccess,crowdfunding,financialderivativestradingandsettlement,allbyusingSmartContracts.

CompaniessuchasIBM,Samsung,Overstock,Amazon,UBS,Citi,Ebay,andVerizonWireless,tonameafew,areallexploringalternativeandnovelusesoftheblockchainfortheirownapplications.Nineoftheworld’sbiggestbanksincludingBarclaysandGoldmanSachs5haverecentlyjoinedforceswiththeNewYorkbasedfinancialtechnologyfirmR3inSeptember2015inordertocreateaframeworkforusingtheblockchaintechnologyinthefinancialmarket.Thisisthefirsttimebankshavecometoworktogethertofindapplicationsofblockchaintechnology.LeadingbankslikeJPMorgan,StateStreet,UBS,RoyalBankOfScotland,CreditSuisse,BBVAandCommonwealthBankofAustraliahavejoinedthisinitiative.

SectionIII:

ApplicationsofTechnology-CompellingUseCasesinbothFinancialandNon-FinancialAreas

1.FinancialApplications

1.1.PrivateSecurities

Itisveryexpensivetotakeacompanypublic.Asyndicateofbanksmustworktounderwritethedealandattractinvestors.Thestockexchangeslistcompanysharesforsecondarymarkettofunctionsecurelywithtradessettlingandclearinginatimelymanner.Itisnowtheoreticallypossibleforcompaniestodirectlyissuethesharesviatheblockchain.Thesesharescanthenbepurchasedandsoldinasecondarymarketthatsitsontopoftheblockchain.

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