区块链已有9年半历史，现在还没有杀手级应用，瓶颈在哪里？

区块链已有9年半历史，现在还没有杀手级应用，瓶颈在哪里？ 区块链瓶颈 区块链现在有了大约有9年半的历史，There is no killer app yet，Where is the bottleneck here? At the 2025 Global Media Blockchain Summit hosted by the Global Media Blockchain Alliance,，Professor of Finance, Cheung Kong Graduate School of Business、Financial MBA Academic Director、Cao Huining, a member of the American Finance Association, gave his answer。

from a financial perspective，Blockchain can be divided into two parts，The first part is what is called distributed accounting technology，It creates trust among strangers，The second part is the token economy，For the first time in the world, we can do global transactions immediately through the pass.，This global transaction brings us incentives，Give “miners” a reason to do verification。It also brings liquidity，That means it can be cashed out at any time。

In addition, it also brings us information flow，Through changes in token prices，It can tell us the judgment of the whole world on the good and bad of blockchain technology.。 　　“在有些人谈无通证区块链，Or a coinless blockchain，我认为最多是能做出小沟小湖，Can't make big rivers and seas。To build real blockchain technology，Distributed accounting technology and the token economy are indispensable。"Cao Huining believes that。

Blockchain is now about 9 and a half years old，There is no killer app yet，Where is the bottleneck here? Cao Huining believes that there are several bottlenecks： 　　第一、The issue of anonymity has led the government to impose certain restrictions on blockchain technology.，As a result, politics has a relatively vague attitude towards blockchain technology.；second、There are still problems with many technical details.。

On the one hand, distributed accounting technology brings us trust，But when trust arises，We need to consume a lot of energy，On the one hand, we can generate trust through all-round distributed accounting，The trust mechanism generates a lot of energy consumption，The first is the trust mechanism，The trust mechanism is generated through distributed accounting，it is immutable，In addition, it is open and transparent，This is the first aspect of blockchain，The first thing it can bring us is an incentive mechanism，The second is liquidity，The third is the transfer of value，brought liquidity；最后一个是通过通证的价值带来的信息流，Make the ecosystem work，This is considered from the perspective of certificates，If the blockchain token economy is removed，Such a blockchain has no vitality，At most it can be called a database。

Blockchain without liquidity，Because there is no incentive mechanism，It is an input without energy，This is a technology that cannot become globally influential，So we believe that blockchains without liquidity have no power，no incentive mechanism，Can't create value。

A good blockchain is to increase its trust through decentralization，But centralization itself is actually a very good data technology，In other words, it is very efficient，very fast，What's the problem?

The problem is that it is possible that the centralized institution does not serve the entire community，But a small group of people，Therefore, decentralized blockchain technology can help us put some constraints on centralized institutions.，Keep it from being too corrupt，And then when he's completely corrupt，For example, in some countries，Blockchain technology can completely replace centralized institutions，To achieve the purpose of providing financial services。

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