On August 28, the "2020 New District Potential Blockchain Technology Finance Summit" was held in Beijing. This summit is co-hosted by Huobi Group, 36kr and Odaily, sponsored by Behelix & HBTC, strategically sponsored by ChainUP, specially sponsored by PayPal Finance, Conflux, BitUniverse, WaykiChain, XnMatrix, Hashi Co-sponsored by Technology, Mixpay, COCOS, and Shanghai Diyi.

Many authoritative experts and professors from financial institutions such as funds, securities, banks, and industry leaders gathered here to share new information on financial technology and explore the future potential of blockchain. (Link to the live broadcast of the summit:https://play.yunxi.tv/）

On August 28, the "2020 New District Potential Blockchain Technology Finance Summit" was held in Beijing. This summit is co-hosted by Huobi Group, 36kr and Odaily, sponsored by Behelix & HBTC, strategically sponsored by ChainUP, specially sponsored by PayPal Finance, Conflux, BitUniverse, WaykiChain, XnMatrix, Hashi Co-sponsored by Technology, Mixpay, COCOS, and Shanghai Diyi.

Xin Sihai, director of information technology and blockchain technology of Sinochem Business Research Institute of Sinochem Group, gave a keynote speech on "Application and Development of BIDA Based on Blockchain Digital Identity".

Xin Sihai said that the traditional centralized identification is unsustainable, and there are great disadvantages in the process, such as user information is easily stolen by hackers, and the application party illegally sells user information; while the identification based on blockchain technology has significant advantages, Only users have the right to use their own data, and users can decide which data to submit to the application side. User data is distributed and stored on the blockchain network, and the data is encrypted and protected.

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The following is the full text of Xin Sihai's speech:

Good afternoon, I am Xin Sihai, director of information technology and blockchain technology of Sinochem Business Research Institute of Sinochem Group, and today I would like to share with you the application and development of our blockchain digital identity BIDA.

In our pan-financial work, we found that the identification of enterprises, including personal identification, is relatively easy. Sinochem Commerce has been engaged in bidding service agency for about 20 years, and we have been doing bidding services for a long time. We found that in the bidding process, especially in the recent electronic bidding process, many bidders use CA tools for related operations.

However, in commercial activities, identification is actually very difficult to complete. Some bidders are not familiar with CA-type electronic platforms, resulting in missed opportunities in commercial activities, and problems in uploading, resulting in their identities not being recognized by the platform. . Therefore, in 2017, we began to consider how to use new technologies and new technological means for better identification and provide credit enhancement services for enterprises.

In 2018, blockchain technology developed rapidly. We are very concerned about blockchain technology, and we have contacted many partners in the industry. On July 30th, we released the BIDA white paper on blockchain identity recognition. This white paper is for us to jointly create blockchain-based identity recognition with our partners. I am very grateful to the relevant units in this piece, the Institute of Information and Communication Technology, China Mobile, Peking University, China Shipping and so on.

Everyone may be using mobile APPs. When we perform identity recognition (including face authentication) on the server side, mobile APPs are not very secure in many cases, such as receiving SMS Trojans, radio monitoring, passwords being stolen, and replacement cards. Risk of loss:

Therefore, when the personal identification system is bound to the mobile phone APP, many companies use passwords to log in to the system when doing business activities, and may also be SMS verification codes. In this case, the identity system can be stolen, so The personal identification system based on password and text message verification has disadvantages, especially for tender representatives of important commercial activities. Many tenderee representatives often log in to different platforms and passwords, especially for management personnel. Many departments he manages use his user password to buy tenders. This kind of management is quite chaotic.

Therefore, traditional identification is unsustainable and has great disadvantages. So we also considered this situation and did some research. At present, there are many CA institutions. They have also done some work on CA, but they still can't solve the problem of CA scenarios, and they can't solve the problem of user penetration. So we made some unified plans for the idea of ​​CA at the beginning of this year.

We focus on the application scenario of replacing CA with the blockchain identity system. Bidding includes internal procurement of enterprises, and centralized procurement of electronic bidding platforms. These projects are all invested by central enterprises with an investment scale of trillions. It is no problem that CA must be recruited according to law. However, on many platforms, especially e-commerce platforms, identity recognition systems based on blockchain technology can be considered, especially within enterprises. Because there is no requirement to use CA in this industry.

At the same time, we see that the identity recognition of the blockchain can not only identify the identity of the enterprise, but also identify the identity of the enterprise representative, and identify certain identities of the purchasing company that you belong to. These identities are exactly what we want to manage.

This picture shows the comparison between the traditional centralized personal identification system and the personal identification system based on blockchain technology. On the left is the traditional centralized personal identification system. If the information is lost on the server side, there is no way for the user to be worth it, unless the management side of the server side actively discloses it. The picture on the right is a personal identification system based on blockchain technology. Your identity is stored on the chain. If you use your identity to engage in commercial activities, you can authorize it. The blockchain uses a distributed method, and users have the right to decide to use data, and at the same time, they can save private data by themselves.

The data of many enterprises are currently in their own databases. If the identification system based on blockchain technology is used, the data behind the enterprise can be uploaded to the chain, and the enterprise itself manages or the relevant managers of the enterprise manage their own data. In this way, the data can become an asset on the chain. Conversely, if your data assets cannot be fully identified, then this data will not generate much value. We have also seen that a lot of sensitive information has begun to be uploaded to the chain, and users have uploaded personal and private information to the chain, so that the security and reliability of user data is far better than that stored in any internal system of your enterprise.

We studied the speech of the Secretary of "October 24" last year. We should have industry leadership norms in blockchain scenarios, and we should pay attention to blockchain security risk research. The blockchain is a very safe and reliable technical means, just as the announcement issued by the conference organizer said that the information on the chain is a reliable means of increasing credit, and can reach a new consensus for many application scenarios in the industry.

Therefore, we feel that the identification system based on blockchain technology is a good innovation direction for blockchain exploration in real life scenarios. The previous guest said that currently 7% of blockchain applications are concentrated in the field of identification. From our analysis, only after blockchain technology is applied in the field of identification, it will be used in supply chain finance or other fields. application can be deepened.

From our experience, we took blockchain identification as a scientific research project and did two phases. The main problem we solved at the beginning of 2019 was to use the identification system based on blockchain technology in the bidding field to allow experts to bid The representative can log in quickly, register quickly, authenticate quickly, authorize him through the system, and make an electronic signature at the same time. We have completed the above in October 2019.

Later, we did the second phase of scientific research projects. We not only developed electronic platforms for Sinochem Commerce, but also made electronic platforms suitable for various Internet platforms. According to our statistics, there should be 70 electronic platforms in central enterprises, and there are about 40-50 centralized procurement platforms. If we combine enterprise applications, including commercial credit, with electronic ID cards, our relevant market share will be very promising.

From the perspective of blockchain identity recognition, it is not just a recognition, but also such actions: user registration, real-name verification, identity verification, electronic signature, process deposit, and mutual recognition of identities. We believe that the entire process must be completed in order to truly form an overall system of identification based on the blockchain. Just now colleagues from JD.com also talked about electronic signatures. We believe that electronic signatures are the most important process of binding corporate business behavior. During the epidemic, we promoted the pilot of online expert electronic signatures. During this period, we believe that the epidemic will also launch a large number of mutual recognition of identities.

The most important process of identification is to store certificates on the chain. Distributed nodes are still very useful. There are many systems in related companies, and each system requires user passwords, which makes it difficult to find problems. In the system login stage, including the identity verification stage, various verification methods, including QR codes, are also used, which also improves efficiency. The more systems you face, the more passwords you have, and you cannot remember them all. Logging in to the system through a QR code can greatly improve efficiency.