Factom helps China’s big data industry and supply chain finance applications

Rage Comment : As a representative of blockchain startups, Factom's speech at this China event will be of great significance to the actual implementation of China's future big data industry and supply chain finance applications. It will be extremely important to gradually solve practical problems by combining the existing economic and legal environment.

Author: Amber Dingding

It is reported that the "China Blockchain Industry Conference" hosted by the Beijing International Convention Center has come to a successful conclusion. More than 1,500 experts, scholars, representatives of investment and financing institutions, and experts from various industries in the field of blockchain technology from around the world gathered together to discuss issues such as blockchain underlying technology, application innovation, industrialization process, and capital trends. In addition, this conference focused on the topic of "Blockchain helps supply-side reform and industrial upgrading usher in a new trend", actively promoting the implementation of blockchain technology and industrial applications.

Zachary Lynde

Many blockchain start-ups were invited to this conference, and they brought a lot of practical information about blockchain. Among them, Factom, as a representative of start-ups, brought a different sharing. Factom's Chief Financial Officer, Mr. Zachary Lynde, said that the integration of big data and blockchain technology will help the development of industrial supply chain finance and inject new imagination into the provision of application solutions.

Zachary Lynde believes that liquidity risk has become the primary risk faced by global and Chinese companies. Since 2009, the liquidity of international currencies has dropped from 60% of global GDP to 30%, a drop of 50%. The number of transactions conducted through paper in the circulation of international transactions exceeds 2 trillion, and companies are constantly increasing capital investment to cover the cost of transaction failure risks. Supply chain financial solutions based on the trustworthiness, transparency and traceability of blockchain technology based on timestamps will effectively shorten the cash turnover cycle, reduce the cost of transaction failures, and thus increase corporate profits.

Zhang Zeen

Regarding the implementation of blockchain applications and how to solve the circulation and transaction problems of big data, Mr. Zhang Zeen, General Manager of Factom China, said that the implementation of blockchain technology should start from the actual needs and gradually solve practical problems in combination with the existing market and legal environment. First of all, the nature of big data should be recognized. Blockchain technology has brought thoughts and inspirations to improving the veracity of big data transactions and the diversity of rights and interests distribution.

Regarding the prediction of the future application development of blockchain, Mr. Zhang Zeen, General Manager of Factom China, pointed out that with the development and accumulation of blockchain technology, a new round of big data industry revolution will break out in China and promote the continuous progress of many industries.