The 2nd Blockchain Global Summit Outlook Exchange Meeting and the "Blockchain Society" Beijing Station Signing Event were successfully held

Baozou Comment : Although blockchain is still in the development stage, its development prospects are still considerable. For the problems existing in the development of blockchain at this stage, such as several problems exposed when combined with financial transactions, blockchain still needs to be improved. However, Yao Yudong of the People's Bank of China made a fair evaluation of "Born in the Internet and Died in the Blockchain".

Author: Amber Dingding

On August 22, Wanxiang Lab and ChainB successfully held the 2nd Blockchain Global Summit Preview Exchange and the Beijing Station Signing Session of "Blockchain Society: Decoding Blockchain Global Applications and Investment Cases" in the Golden Hall of Beijing Financial Coffee. The event invited Xiao Feng, founder of Wanxiang Lab and vice chairman of Wanxiang Holdings, Qiao Weibing, deputy editor-in-chief of CITIC Press, Du Yu, head of Wanxiang Lab, and Gong Ming, a blockchain celebrity, to attend the event and communicate and interact with blockchain enthusiasts from all walks of life.

Several major problems of blockchain in financial transactions need to be solved urgently

As the term "blockchain" is gradually accepted by the Chinese people, the actual application of blockchain has become the focus of attention of all parties. At this exchange meeting, the guests also discussed. Xiao Feng, the founder of Wanxiang Blockchain Laboratory, the earliest blockchain research in China, has a different view. Xiao Feng believes that at present, the more mature application is the blockchain database. The data archiving and registration technology is relatively mature, but when it comes to high-frequency, cumbersome and complex financial transactions, there are several major problems that need to be solved urgently.

What causes the "obstacles" when blockchain is combined with financial transactions? Xiao Feng said that from the perspective of banks, banks engaged in fund business must be licensed worldwide, must hold licenses and be subject to supervision, so the core of blockchain mentioned a few days ago is distributed rather than decentralized. There is still a lot of work to be done to adapt to the high frequency and complexity of the financial market. At present, the more mature blockchain application is the blockchain database, which is relatively mature in data archiving and registration technology, but when it comes to financial transactions, there are several major problems that need to be solved urgently.

Wanxiang Holdings Vice Chairman: Dr. Xiao Feng

Xiao Feng explained that, first of all, the speed of personal privacy protection encryption algorithm is slow, far behind the speed of financial transactions. It is impossible for a financial transaction to wait for an hour or two hours to be confirmed, which is not applicable to financial transactions; secondly, the consensus algorithm is too time-consuming and labor-intensive, and needs to be simplified and optimized, and the energy consumption is large; and, in addition, the TheDAO incident that occurred some time ago, if everyone uses intelligent technology to re-edit it and hand it over to the computer again, everyone will ask you if there are any loopholes in the editing? Will the situation that happened last time happen again? No one dares to guarantee that there is no practical program so far. If there is no verification, everyone dares not use smart contracts. Although encryption algorithms and smart contract verification are not mature enough in technology, they are all making rapid progress.

Born on the Internet, Died on the Blockchain

Wanxiang Laboratory Director: Du Yu

As guests of the conference, Du Yu, the head of Wanxiang Lab, and Qiao Weibing, deputy editor-in-chief of CITIC Press, also shared their views. Regarding the upcoming 2nd Blockchain Global Summit, Du Yu said that a total of 500 overseas guests have signed up to participate, and more than 20 outstanding blockchain projects from around the world will be on roadshows. At the same time, representatives of active blockchain VC funds from around the world will also be invited to cover the most active regions of the global blockchain. In addition, domestic experts in law, settlement, etc. will be invited to share with everyone the prospects of blockchain exploration and utilization in various industries.

Qiao Weibing, deputy editor-in-chief of CITIC Press, said that people from all walks of life are paying more and more attention to blockchain. For example, Dr. Yang Tao, assistant director of the Institute of Finance of the Chinese Academy of Social Sciences, talked about his understanding of blockchain. One of his points cooled down the blockchain, which was contrary to Mr. Xiao's point of view, which was quite interesting. Blockchain is not decentralized but weakly centralized; and Chairman Wang Yongli sorted out the good development of blockchain in China and the development of smart contracts from the perspective of blockchain logic. Yao Yudong of the People's Bank of China said, "Born on the Internet, Died on the Blockchain", which gave a fair evaluation of the development of blockchain.

The central bank clearly stated that issuing digital currency is a strategic goal

Internet celebrity Gong Ming, also shared his experience. He said that for the practical application of blockchain, actual cases or projects would be more convincing. It is worth looking forward to what kind of innovations the 25-30 blockchain innovation companies in the world, most of which are overseas companies, will have to change our current lives. Blockchain may be considered the biggest change in the Internet in the past 20 or 30 years.

Gong Ming ( The Runaway Prince Gong )

As for the development of blockchain in China, Gong Ming, the "Crashing Prince Gong", said that at present, including the central bank, attaches great importance to the possible impact of blockchain on global finance. The central bank has made it clear that issuing digital currency is a strategic goal. Some time ago, the Ministry of Industry and Information Technology asked five blockchain-related companies, including Ant Financial, Ping An, and LeTV, to make blockchain white papers. From this, it can be seen that many departments are concerned about the impact of blockchain on the industry. However, it must be admitted that blockchain is still in a very early stage and has not been widely used by everyone. In early April this year, the chairman of the US ICCC gave his first public speech. We have noticed the far-reaching impact of blockchain on the global trading market and are willing to promote this change. At the New York State Conference in May, officials from the US state of Trudeau publicly announced that all official registration information would be registered on the blockchain. 80% of the United States is registered in Trudeau, and 50% of the world's top 500 companies are registered in this state, which means that they are preparing for future blockchain equity transactions. Any company can easily register on the blockchain. Most public chains have no borders. Does it mean that all companies in the world can register on the blockchain, which will have an impact on the global economy? All companies belong to the United States and even have no borders. The United States has begun to explore.