Good afternoon teachers honorable judges .I’m honored to participate in taday’s oral english competition. Today my topic is about blockchain. As we all known, since 2009 when bitcoin firstly appeared, virtual currency became more and more popular. However, The concern with electronic money like Bitcoin is that like everything else on the internet people assume it can be hacked and stolen while, at the same time, supporters say that it is not possible thanks to blockchaining, a way for computers to record sections in a decentralized way.
Unlike a digital picture which can be copied and shared online, the blockchain ensures that only one person can own any digital item at the time. The difference from the traditional banking system is that there is no central computer that can be hacked that's because all the computers in the blockchain keep a record of every transaction which creates a giant decentralized system.
In a decentralized model, we have the opportunity to completely redesign how we create money, how we distribute money, how we keep track money and even how we value money, what we think money is. Blockchain's importance though is poised to go way beyond Bitcoin and financial transactions, Blockchain can be applied to so many different things. It can track supply chains or anything in a city, say a smart city. So that's the revolutionary technology that people are talking about, a lot at the moment.
Like most analysts I expect blockchain to play a major role in guaranteeing online privacy, identifying counterfeit goods and all kinds of record-keeping in the next five to ten years.
I sincerely believe that this advanced technology will bring us more benefits than expected. That’s all，thank you for your listening!。