See how OKCoin discussed blockchain in the 90-minute speech at Hexun

OKCoin COO Hu Zhibin was recently invited by Hexun.com to give a 90-minute speech at a blockchain seminar. Hexun Internet Finance Director, Hexun China Finance Annual Conference Secretary-General and CCTV Finance Special Commentator participated in the meeting and discussed blockchain technology. 15 people from the News Department, Editorial Office, Feature Department, Internet Finance and other departments attended the meeting.

The following are highlights from Hu Zhibin’s blockchain keynote speech:

Governments around the world attach great importance to blockchain technology

"Governments of all countries hope to take the top position in the blockchain technology trend. Some time ago, Zhou Xiaochuan, the governor of the central bank, said that blockchain technology is a very good technology and the central bank will issue digital currency. From a national perspective, this is equivalent to overtaking on a curve. When this new wave comes, China, the United States and some other countries are all standing on the same starting line of digital currency, which will easily build a global layout of our Chinese national finance. Whether in terms of politics, economy or technology investment, the United Kingdom is vigorously promoting some research and development in the financial field based on blockchain. The US stock exchange is also studying the issuance of stocks based on blockchain technology. Japan was preparing to classify digital currency as legal tender some time ago. China's Shanghai Stock Exchange is also doing research in this area and invited our OKCoin CEO Xu Mingxing to a meeting to discuss the details. So various countries are planning some applications based on blockchain technology."

Capital Markets Invest in Blockchain Technology

“The entire capital market is also planning the blockchain technology industry to seize this opportunity, because as long as you seize this opportunity, it is easy to quickly grow into a unicorn company. The scale of investment in blockchain technology is basically tens of millions. For example, Goldman Sachs and IBM have invested nearly 60 million US dollars in digital assets.”

Blockchain is an idea

"Blockchain is a thought. Blockchain technology is accompanied by Bitcoin, which is the first application of blockchain. Blockchain is an open and transparent ledger that records transactions, and all transactions in the ledger are traceable. Blockchain data storage is decentralized. Data is completely stored on nodes around the world, which means that if any node fails, it will not affect the data security of the entire network. In addition, decentralized storage has another feature that it can maintain good consistency, that is, the data stored in each node is basically the same, and it can achieve very timely and consistent storage. Blockchain also has collective maintenance. The data circulating in the entire network is verified by everyone. The data on the blockchain cannot be changed. If you want to change the data, it means controlling more than 51% of the computing power, which is basically impossible and too expensive. Blockchain also has encryption security. You must have both a private key and a public key to log in to the blockchain for transactions."

Blockchain solves the trust and duplicate payment problems

"Blockchain technology is based on a consensus hash algorithm and has a self-certification mechanism. Then the credit problem will no longer exist. This does not mean that it will completely replace authoritative institutions, but only provide assistance. For example, the existence of a central bank is still beneficial, because not everyone understands such things. Based on the complete fairness of mathematics, coupled with the popularization of some authority institutions, it is definitely beneficial. Blockchain also needs to be promoted gradually. A block on the blockchain is a confirmation, and the irrevocability of transaction data also solves the problem of duplicate payments, that is, the double-spending problem."

Future applications of blockchain in China

"Blockchain has a variety of application scenarios, such as cross-border payments, the Internet of Things, notarization, auditing and even counter-terrorism. The most likely large-scale application in China should be the central bank's digital currency. China may also develop blockchain for ID cards. A few days ago, there was news that you can get a driver's license in a different place, you can check your driver's license, including online passes. If you have this technology, what's the difference between different places? Your blockchain address is unique."

To learn about the latest blockchain information and applications, you can follow the WeChat public account “OKLink Blockchain”.