Four companies at the forefront of Japan's blockchain industry hold a "sword fight" in Tokyo

On March 18, an event themed "Blockchain Service Developer Seminar" was underway at Finolab in Otemachi, Tokyo. The organizer of the event was Japan Technology Bureau Co., Ltd. Since the 17th, relevant people from all walks of life have arrived at Finolab, and some interview content of the event will be disclosed to the public.

In addition to the organizer, Mr. Takashi Asayama of the Science and Technology Bureau, this event also invited Mr. Lon Wong (Huang Lun), the head of Dragonfly Fintech, a blockchain company registered in Singapore and a core member of the NEM team, Mizuho and ISID, whose headquarters are located in Finolab, representatives from Microsoft, as well as Mr. Yasunori Sugii, the currency port, and Mr. Akihiro Higashi, the head of Independence Square and the developer of the Counterparty blockchain token market.

The preliminary publicity and investigation work for this event started on the 15th. A total of 60 people attended the conference. In the survey of participants, it was found that unlike most such exchange activities, people who were keen on Bitcoin speculation accounted for only a very small proportion of all participants. In the survey on "the most concerned area", 80% of the participants chose not to focus on "Bitcoin" but on "the technical achievements of blockchain".

Drangonfly Fintech – TEPS

Dragonfly Fintech is a company that provides financial services based on NEM blockchain technology. Their main business is settlement and remittance for enterprises, and they provide them with better solutions. The company's business structure can be summarized as ABCD.

A. The company has the interbank clearing and settlement automated service "ACES";

B. The "BCAIB" service of efficient ATMs for online banking and digital currency blockchain;

C. "CDAPI" for simple connection between POS, payment system and digital currency wallet;

D. DIMONEX, a digital token exchange for fiat currencies such as the Japanese yen and the US dollar. Together they form "TEPS" (Transaction Ecosystem Platform Solution). TEPS, in simple terms, is to provide an efficient, automated and convenient channel for the existing financial settlement system. Unlike the motto of general blockchain technology, "the revolution of traditional systems", Lon Wong, who is well versed in financial institutions, has introduced a new and powerful product. Currency is handled by tokens on the blockchain, and the huge volume of settlement processing can achieve real-time settlement (RTGS). In the real-time settlement of T+0, the exchange rate calculation of financial institutions, and the automation of complex financial management, TEPS can handle such businesses with ease.

“The TEPS solution is not only suitable for financial institutions, its simple API enables it to achieve more functions in many other fields,” said Lon Won.

Money Port – Deals 4

Currency port, blockchain model in Japan. Since February, Mizuho, ​​ISID and Microsoft Japan have cooperated to start the proof experiment using blockchain technology.

The company's "Deals4" platform has successfully built an API platform that integrates multiple blockchains including financial institutions and Ethereum. Mr. Sugii said that private and public blockchains have their own advantages and disadvantages, and Deal4 is a fusion of their advantages. It combines Bitcoin and blockchain-incompatible databases to achieve an easy-to-use platform for corporate users to adopt. When summarizing the advantages of Deals4, Sugii pointed out that the "zero-trust distributed consensus" and "high external transparent audit system" of the public blockchain and the "security of the private blockchain" can jointly achieve a perfect platform design.

Technology Bureau – Mijin

The Science and Technology Bureau has launched a private blockchain "Mijin". On the "zaif" exchange under the Science and Technology Bureau, Japanese yen can be traded with Bitcoin and Monetcoin. The recent alliance effect between the Science and Technology Bureau, Sakura Internet and Infoteria has also set off a whirlwind of blockchain industry in Japan. Mijin can be said to be a proprietary version of the public blockchain NEM. It inherits all the characteristics of NEM. The Mijin blockchain has all the functions that can be done with NEM. In addition, all the functions implemented in NEM are also pre-installed on the Mijin platform. Chaoshan said that three core developers of NEM have joined hands with Mijin for joint development.

Mijin's business includes but is not limited to the financial industry. Like the previous two companies, Mijin's platform can leverage the advantages of "high-speed accounting processing", "easy to add functions", and "practical REST API" and has the ability to establish a very low-cost audit method.

Mentioning the difference between the database system and Mijin, Chaoshan said that Mijin can realize the definition of assets. In our business system, we can directly call the blockchain API without designing the relationship and space between the database and the table. In order to better introduce the Mijin blockchain, the Science and Technology Bureau and its partner Sakura Cloud jointly created the "Mijin Cloud Chain", and 200 companies have become registered users.

Independence Square

Based in Southeast Asia, Independence Square is developing private blockchain technology for financial institutions and creating wallet services for end users. Their goal is to achieve the "token economy" and establish a new personal business model. Its targets are ordinary individuals, celebrities, bloggers, etc.

As a co-founder, Dong Huangci is practicing with the token economy as the core. His own blog "Coin and Peace" is based on Counterparty, and social impact communication is their service feature. Independence Square provides customers with services such as limited edition postal and publication inspections and English conversation classes. Independence Square's platform, Twitter accounts that are accustomed to using tokens are active, such as bloggers such as "SHUMAI", "XFOX", and "KIZUNA".

Dong's promotional method is rather peculiar. He said, "Blockchain does attract attention, but the most important thing is to try it first." He often invites users to actually try out the "interesting" things on his platform and expand the influence of the application through social circles.

Comparison of Ethereum and NEM ’s token mechanisms

In the second half, Mr. Yasunori Sugii, Mr. Takao Asayama, Mr. Akira Azuma, and Mr. Lon Wong held a group discussion. They mainly answered questions and described the "inside story" of blockchain service development one by one.

The first question is: "What is the difference between NEM and Ethereum and the token mechanism?".

Mr. Sugii, who has been exposed to many blockchains through empirical experiments, answered this question. "NEM has an overwhelming advantage. Ethereum's tokens made in the form of smart contract derivatives are not very valuable." Mr. Asayama added, "Although Ethereum has provided a complete solution, I am still skeptical about whether it is practical in the actual environment. NEM token issuance corresponding to the function 'Mosaic' can realize the functional definition. This is because one of its designers, Mr. Lon Wong, once proposed the concept that according to the rules, tokens can be made immediately from the wallet."

It remains to be seen whether financial institutions can ultimately use Ethereum’s “smart contract” function.

"Ethereum, the world's computer, has a design and architecture concept that is completely incompatible with the core views of the financial industry," Lon said. "Banks have spent hundreds of billions of dollars to build business systems similar to smart contracts, which control important aspects of the core management of financial business. Blockchain smart contracts that are not closely integrated with banking business seem difficult to intervene in."

In addition, there are other problems with the smart contract system. Programs are written by people, and contracts may have various loopholes. It is difficult for ordinary people to find scenarios where bugs are included in the content of contract development. The completely decentralized model and the lack of trust make it impossible to fully reflect the significance of smart contracts.

About the future

The guests of this exchange are all entrepreneurs who have their own products or business models. Southeast Asia Plaza is oriented to social and entertainment, and the other three companies are working with financial institutions to carry out various business experiments. They will not stop at experiments, but will definitely create a new chapter in blockchain business. After the industry's tempering and running-in, applications that are beneficial to the public will eventually emerge.

Author: Daisuke Yamazaki
Translator: Ikawa Toshilin, Ikawa Toshima
Compiled by: Return of the Great Sage
Original link: http://btcnews.jp/techbreau-blockchain-event/