2016 China FinTech Innovation Conference: Application of blockchain in the financial industry

On October 27, the "2016 China FinTech Innovation Conference" hosted by the DACA Asian Blockchain Association and co-organized by Blockchain and Chuangmeng Amazon AWS Incubator was successfully opened at the Shanghai Dragon Dream Hotel. The conference was themed "The Technological Revolution of Internet Finance" and brought together authoritative regulatory authorities, traditional financial institutions (brokerage firms, funds, insurance, foreign exchange), banks, technology finance companies (P2P/consumer finance companies), smart investment advisory online financial management platforms, third-party payment platforms, blockchain technology, digital assets, PE/VC, network security, big data technology and equipment providers, scientific research institutions and other institutions to conduct in-depth discussions, deepen development, optimize industry layout, and locate potential partners, focusing on hot topics such as technology finance to financial life, blockchain, artificial intelligence and smart investment advisors.

During the roundtable discussion, guests including PwC Management Consulting Partner Weng Tao, BTCC Vice President Zhu Daolin, Guotai Junan Securities Co., Ltd. Communications Industry Chief Analyst Song Jiaji, Kuoyue Technology Founder Chen Gang, and Leiying CEO Shen Taolei shared their views on the conference’s finale topic - the application of blockchain in the financial industry.

As a newly established blockchain innovation company, Kuoyue Technology's exploration of the blockchain industry is mainly focused on two aspects. The first is digital currency and digital assets. Chen Gang introduced at the conference:

“Our team comes from finance and payment, so we will choose projects that are more relevant to the financial industry. Small and medium-sized banks now have a strong desire to penetrate their own businesses. Based on this, we connect the blockchain with the vertical supply chain of banking business and jointly build a supply chain management platform with them. After the supply chain management platform, the assets that appear later will be digitized and combined with digital currency exchanges.”

Another application is to use blockchain for artwork authentication. The pain points of the art industry, such as antiques, calligraphy and paintings, and bronzes, are that anti-counterfeiting authentication is difficult and circulation is poor. The product Yijian under Kuoyue Technology is aimed at this point, using blockchain to solve the authentication and circulation problems of artworks. "We did the Yijian project three months ago, cooperating with art custodians and auction houses to do anti-counterfeiting identification and secondary authentication in the field of art. By utilizing the decentralization and immutability of blockchain, data is permanently retained, and combined with image recognition and artificial intelligence, secondary authentication of artworks is performed. Traditional authentication takes several hours or days, and requires appointments with experts. On our product platform, these do not need to be done. We only need to collect some data, and may give you a report in 15 minutes to report whether the item is authentic or a counterfeit, to achieve this goal."

ETCWin Exchange under Kuoyue Technology is the world's first digital currency and digital asset exchange based on Ethereum's original chain ETC, and it is also the first ICO project on ETC. In response to the question from the audience, "Why choose ETC instead of ETH?", Chen Gang answered:

"First of all, ETC was born very recently, only three months ago. From a time perspective, it is very young. However, from the perspective of our current public chain projects, no public chain project has a better foundation than ETC. When ETC was first born, it had global computing power and global user support. We believe that the future development of ETC is very promising. And in public chain projects, such as Bitcoin or Ethereum, China's participation and entry level are not very high. I think ETC is a very good opportunity for all domestic blockchain enthusiasts and startups to have the opportunity to impact the world's top rankings again in public chain projects. So based on these considerations, we will choose the ETC track."

Chen Gang also shared some of his overall understanding and insights into the blockchain industry. "Blockchain has a very ambitious goal to become the next generation of Internet for value transfer. All the Internet and mobile Internet that everyone has previously come into contact with, including sharing and various concepts, its traffic entrance will be broken, and there will be new ways of distributing traffic." Chen Gang believes that combined with the current value transfer network based on Bitcoin and blockchain technology, there will inevitably be more and more innovative entrepreneurial opportunities and business models emerging. Newer entrepreneurial opportunities and business models are emerging, and the original business model may be replaced or broken. Everything is happening. "The future has arrived, but its distribution is not even enough. More people need to enter to make the distribution better and promote technological progress faster."