The first Global Internet Finance Leaders Summit concluded successfully, with blockchain becoming the focus

On December 20 , the 2015 First Global Internet Finance Leaders Summit Innovation Summit was held in Hangzhou InterContinental Hotel . Well-known enterprises and institutions such as Ancun Technology, Tuodao Financial Services, Fuzhumei Blockchain Research Center, Zhejin.com, OkCoin , and Zhongpu Internet Finance attended the conference. Under the witness of leaders such as Zhu Congjiu, Vice Governor of Zhejiang Province, and Yan Jianhua, Vice President of Zhejiang University, the China Blockchain Application Research Center (Zhejiang) was officially established . The successful conclusion of this conference will also further push the development of blockchain technology in China to a new round of climax.

Innovation and Application

Blockchain is a distributed database that is almost impossible to change. A large number of computer nodes maintain the same blockchain. Through a complex verification mechanism, blockchain data can maintain continuity and consistency. Even if some computers are fraudulent, the integrity of the blockchain cannot be changed. At the meeting, Silicon Valley evangelist Piero believed that blockchain technology is not only used in encrypted digital currency , it can also be applied to other fields, such as smart contracts , which can automatically execute contracts without the intervention of lawyers and judges. According to Gao Hang, CEO of Zhejiang Jinwang , there are currently several relatively mature applications of blockchain, the first is digital currency, the second is exchange, the third is evidence storage, and the fourth is clearing and settlement .

On the issue of the debate between public and private chains, Dr. Wang Qi from the China Electronic Data Research Institute believes that in the IT field, there have been many opposing technologies in the past, such as open source software, proprietary software, public networks and private networks. The most common are public clouds and private clouds. At the beginning, there was a period of debate about which technology would take the lead, but in the end the technologies would merge with each other . Judging from history, public chains and private chains will follow a similar path.

  Regulation and Development

Regarding the regulatory issues, OkCoin CEO Xu Mingxing pointed out that blockchain faces great regulatory resistance, including equity transactions, clearing and settlement, and auditing, all of which are backed by big banks. Blockchain attempts to put everything in a public ledger, which conflicts with many regulations around the world today, so the development of blockchain will not be fast .

However, despite this, the huge energy of blockchain technology has still attracted the attention of many innovative groups and institutions. At present, a large number of innovative teams at home and abroad are putting it into practice. China UnionPay Postdoctoral Workstation has publicly recruited the first batch of postdoctoral researchers in 2016. The research topics include virtual currency, which may involve the research of blockchain technology. At this summit, Yin Haipeng, deputy dean of the Hangzhou branch of Tsinghua Yangtze River Delta Research Institute , hoped to cultivate blockchain talents with companies with blockchain experience, promote the rapid development of the blockchain industry, and allow more blockchain companies to go public. Wu Sijin, CEO of Fuzhumei Technology , said after the meeting that blockchain is a disruptive innovation and the company's investment in blockchain is strategic. After two years of continuous research and development, the company has a relatively mature solution for blockchain wallets and blockchain exchanges. In 2014 , it applied for a patent for the invention of a cryptocurrency wallet that can be retrieved and pre-paid, which effectively solved the security risks of encrypted digital currency . There are no technical barriers to the application of blockchain technology in actual projects.