Different from the stage of "researching and looking forward to blockchain" a few years ago, since this year, we have witnessed more applications of blockchain in various parts of the industry. Under the wave of "new infrastructure", the blockchain ushers in broader historical development opportunities. From the encouragement of macro policies to the strong support of governments at all levels, from the People's Bank of China to traditional financial institutions, from Internet giants to technology start-ups, blockchain has been widely discussed and adopted, and has led innovation in finance, supply chain, logistics and other fields.
What exactly is the industrial blockchain? How useful is blockchain beyond the native cryptocurrency world? What is the next development goal of blockchain enterprises? How long can the DeFi boom last?
In order to seek the answers to these questions, grasp the development status of blockchain technology finance more accurately, and predict the next explosive point in advance, on August 28, Huobi Group, 36kr, and Odaily co-hosted the "2020 New District Trend· Blockchain Technology Finance Summit".
This summit is sponsored by Behelix & HBTC Gold Medal, ChainUP Strategic Sponsor, PayPal Finance Special Sponsor, Conflux, BitUniverse, WaykiChain, XnMatrix, Hashi Technology, Mixpay, COCOS, Shanghai Diyi United sponsor.
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How to arrive at the "future digital world of blockchain metaphor"?
Professor Zou Pingzuo of the People's Bank of China said in his speech on the theme of "Technological Revolution and Value Function" that the blockchain has evolved from the Zeus blockchain to the law of the universe, that is, the basic algorithm has changed from the Hash algorithm The transition to the Nash (Nash Equilibrium) algorithm has greatly increased the value of the blockchain; the technological revolution will eventually destroy the traditional economic foundation and promote social change through the value revolution. Therefore, future financial development must attach great importance to financial technology.
Chen Zhiming, deputy director of the Innovation Laboratory of China CITIC Bank, believes that the innovative application of blockchain technology is an irreversible trend, no matter from the perspective of technological advantages, or the advantages of mechanisms and models. Blockchain is an inclusive and cooperative technology. Blockchain technology represents the development direction of the digital economy. The blockchain model represents the flat development direction of social and economic disintermediation. Blockchain technology will provide national financial and business Infrastructure brings about major changes.
Bian Songhua, chief risk control expert of Inspur Group Tianyuan Big Data Credit Management Co., Ltd., said that the current development of financial technology basically covers five sectors, namely data sorting platform (data governance, data management, index processing), feature processing Platform (algorithm support, model training, feature management), model management platform (model management, model iteration, model output), business policy engine (policy rule management, rule set, full life cycle management, version control), intelligent monitoring and iteration (online monitoring, self-iteration).
Tan Min, secretary-general of the Blockchain Service Network (BSN) Development Alliance and head of the Digital Economy Technology Promotion Group of China Mobile Communications Group Design Institute Co., Ltd., interpreted the new infrastructure of the blockchain from the perspective of the alliance chain: compared with the serial structure of the Internet , The parallel architecture of the alliance chain has seven advantages: reducing reconciliation costs, reducing development costs, preventing data falsification, facilitating data acquisition, eliminating intermediate links, improving fault tolerance, and expanding the scope of supervision.
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What are the problems encountered by the combination of blockchain and industry? How to break through?
Zhang Zuoyi, the person in charge of blockchain product innovation of JD Digits Group's technology product department and the head of innovation ecology of JACOBI Joint Innovation Laboratory, said in his keynote speech "JD Digits Zhizhen Chain's Innovation Practice in the Financial Field" that by 2025, There will be 25 billion devices connected to the Internet, so how to manage people, things and organizations will pose challenges to the entire system. The technology represented by blockchain + artificial intelligence is the core technology of economic development in the new era. From the top-level design of my country's blockchain technology and industrial development, three development directions can be seen, including: blockchain + industrial innovation, blockchain and economic and social integration development, and deep integration of blockchain and the real economy.
Jin Ke, partner of Deloitte China, said that there are five key success factors to promote the application of blockchain in enterprises: improving performance and throughput, strengthening standards and interoperability, reducing complexity and cost, regulatory support, and cultivating blockchain chain alliance.
Du Xiangmei, secretary-general of Tianjin Dongjiang Bonded Port Area Chamber of Commerce, who has landing experience and appeals, said that Dongjiang’s digital financial integration platform is already in trial operation. It was just two months ago for a trading company in a completely unsecured and unsecured Under the premise of obtaining 200 million yuan of financing, this is the current application of blockchain in the free trade zone. Industry experts in the blockchain and financial fields are welcome to pay more attention. It is understood that the Dongjiang Bonded Port Area achieved tax revenue of 24.3 billion yuan in 2019, with tax revenue growth exceeding 30% for four consecutive years, foreign trade import and export volume reaching 95.4 billion yuan, and commodity sales of about 260 billion yuan.
In the roundtable discussion of "The Prospect of the Traditional Financial World for Blockchain", Sheng Wei, Technical Director of Technology Development Center of Suning Financial Technology Division, said that the focus of blockchain development should be to explore how to combine with the traditional economy and the real economy , How to apply blockchain technology to people's real life, instead of focusing and paying attention to the "nothingness" currency price.
Sun Shuang, a researcher at Guosheng Securities Blockchain Research Institute, said that in terms of payment, the attempt to design "currency" based on the bottom layer of the blockchain may have failed, because the price fluctuates too much, the acceptance of merchants is low, and supervision is also a challenge for advancement. At present, the most popular "currency" in the currency circle - USDT, is anchored to the US dollar and supported by the credit endorsement of legal currency.
Liang Wei, head of China Telecom's blockchain research and development, said that compared with traditional finance, blockchain has already had many landing cases in ABS, insurance, factoring, payment and settlement. DeFi has also shown strong vitality in public chains, stable coins, decentralized transactions, lending, and mortgages. I believe that DeFi will definitely combine with real finance in the future to produce stronger chemical reactions.
Huang Xiaodong, co-founder of Zhongan Group’s Zhongan Enterprise Anlian, believes that the distributed storage and encryption technology of the blockchain itself can realize penetrating confirmation of rights, which has a very significant effect on the optimal allocation of financial elements. As a typical scene of multi-subject participation, information asymmetry, imperfect credit mechanism, and non-standard credit targets, supply chain finance has a very high compatibility with blockchain technology. Using blockchain technology information cannot be tampered with, consensus mechanism, a certain degree of transparency, and the division and transfer of credit to empower the entire supply chain financial system.
Michael Wu, CEO and co-founder of Amber Group, said that a great significance of blockchain to the real economy lies in the mobilization of resources, helping the real economy to mobilize optimal resources. As a technology, blockchain has its own great advantages, such as openness and lower participation threshold, which can be converted into higher efficiency and lower threshold; secondly, its transparency, all data is It is publicly available on the chain and cannot be tampered with.
Li Xuhui, deputy prime minister of Hainan International Energy Trading Center, said that blockchain technology makes the data on the chain untamperable, undeletable, fully on-chain, and data transparent. This turns physical asset financing into digital financing and increases the risk of fraudulent financing. The cost provides a guarantee for the supply chain finance industry. The Internet of Things technology allows us to monitor goods in real time, adding a good application and starting point for supply chain finance. The combination of IoT technology and blockchain allows us to trace the generated warehouse receipts throughout the process. We hope to strengthen cooperation with financial institutions and certification agencies in this regard. This is the direction for bulk exchanges to serve the real economy.
Yang Baixue of the China Academy of Information and Communications Technology pointed out that the dominant penetration rate of blockchain for traditional finance is indeed not high. The new technology has already realized payment in many real economy scenarios, such as clearing and settlement, payment and invoice, "but it will take a period of time before we can clearly see its penetration rate."
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How does the underlying technology upgrade support the "superstructure"?
Ji Ruihua, partner of PwC China, believes that blockchain should not be viewed as a single technical application. Blockchain technology itself is anonymous. The key is how to combine it with other technologies and application scenarios to bring some new innovations and achieve more great value. He used "trust automation" and "digital mirror" as examples: trust automation uses multiple technologies (such as blockchain, Internet of Things, and artificial intelligence) to ensure the authenticity of data, verify identities, and achieve secure multi-party Transactions, for example, IoT sensors can track food from farm to warehouse to store, providing verification for the entire supply chain, including transportation routes, and environmental conditions at each stage of the journey; the digital mirror is a reflection of the complex and interdependent physical A virtual representation of processes and interactions that, with advancements in IoT, simulation modeling and analysis tools, has significantly improved its ability to digitize the physical world and can also operate without human intervention, helping to discover new insights and testing scenarios.
Xin Sihai, director of information technology and blockchain technology of Sinochem Business Research Institute of Sinochem Group, said in the keynote speech "Application and Development of Blockchain-Based Digital Identity BIDA" that traditional centralized identification is unsustainable. There are great disadvantages in the system, such as user information is easily stolen by hackers, and the application party illegally sells user information; while the identity recognition based on blockchain technology has significant advantages, only users have the right to use their own data, and users can decide by themselves which The data is submitted to the application side, and the user data is distributed and stored on the blockchain network, and the data is encrypted and protected.
Ju Jianhua, founder of Biheli & HBTC, believes that each blockchain is an information local area network, and only the interconnection between blockchains can become the basis for the implementation of industry applications. He introduced that HBTC Chain is positioned as a cross-chain technology solution. Its technical characteristics lie in the application of distributed private keys to generate DKG schemes to realize private key custody and cross-chain transfer of corresponding assets under custody. The whole process can be achieved Low consumption, fast confirmation and high security.
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How do you view the subsequent impact of digital asset issuance? Is there a general methodology for investing in digital currencies?
Anthony Zhu, deputy managing partner of BitRock Capital, said in his keynote speech "Blockchain and New Finance in the Eyes of an Investor" that the new form of payment based on the central bank's digital currency may appear in four areas: fiscal and taxation invoice innovation, Cross-border payments, digital currencies with special functions, and 5G-related payments.
Yang Zhou, founder and CEO of PayPal Finance, made a speech on the theme of "Finding Certainty in Uncertainty". He said that various data show that from March to May, the stock of Bitcoin on exchanges has dropped sharply, and the number of BTC anchored coins has continued to increase, from 5,000 before the DeFi wave to 50,000 now, most of which are locked. Being invested in DeFi, the reduction in circulation may indicate that a wave of rising prices is brewing for Bitcoin. In addition, the current global economic uncertainty is high, major central banks have released water to promote liquidity to the stock market, and geopolitical conflicts and conflicts have intensified the flow of funds to safe-haven assets. Bitcoin, an asset with mathematical scarcity, may not be as valuable as gold, a physical asset. In contrast to scarce assets, Bitcoin is more certain.
Chen Yong, founder and CEO of BitUniverse, said in his keynote speech "Why is trading against human nature correct?" that grid trading has given users the courage to open orders because of two features: one is position management, which has changed from Stud to In order to sell in batches, reduce risks, avoid missing opportunities, and reduce dependence on timing, the second is to buy low and sell high, repeatedly arbitrage, and use fluctuations to earn profits.
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What does DeFi look like after the bubble?
Gao Chao, head of operations at Huobi DeFi Lab, said in his keynote speech "From DeFi to Open Finance" that the modern financial system has developed quite maturely, but there are still 1.7 billion people without bank cards. This is because there are still thresholds in the financial system, and there are still credit risks and operational risks that need to be avoided. DeFi can simplify complexity and eliminate operational risks. For example, traditional finance calculates interest through extreme calculation of "products", which is very complicated, while Compound's interest does not need to be calculated at all, and only needs to be distributed to holders, which is simple and effective. For another example, the balance in traditional finance is almost dead, but deposits on DeFi can be traded and flowed. There is also interest rate pricing. Traditional finance uses a set of complex risk models, but the interest-earning agreements on DeFi are simply allocated according to the utilization rate. The higher the utilization rate, the higher the interest rate, and the risk is eliminated through the mortgage rate.
Wayne Lin, founder of Axia8 Ventures, also believes that decentralized finance (or finance applied to the blockchain) can improve the efficiency of capital flow. The DeFi protocol has composable and atomic transactions, which can reform finance from the atomic level and become a theoretical unlimited financial infrastructure. Wayne Lin also introduced "a piece of the jigsaw puzzle in unbounded finance" - Injective Protocol, a Layer-2-based decentralized transaction protocol, and believes that derivatives bring together various current infrastructures.
Zhang Yuanjie, the co-founder of Conflux, delivered a speech on the topic of "The Double-sidedness of the DeFi Boom - How Explosive Gas Fees Hinder DeFi's Innovation and Cold Start". He believes that the upsurge of DeFi has caused Ethereum network congestion, soaring gas fees, accompanied by weak user growth, and becoming a big game. To break the game, developers need innovative high-performance underlying systems. The advantage of Conflux lies in its high-performance, scalable, Solidity-compatible smart contracts, and its unique "payment function", which can reduce the transaction fee threshold for participants, the migration threshold for developers, and the entry threshold for DeFi users.
In the roundtable discussion of "The Prospect of the Traditional Financial World for Blockchain", BREEZE, head of BD of NEAR Protocol China, said that there must be bubbles in DeFi, but the existence of bubbles is not necessarily a bad thing. For example, the bursting of the "Tulip Bubble" laid the foundation for The foundation of modern finance. When the tide recedes, only truly powerful companies can survive and change the industry.
Huang Qiaomeng, co-founder of Hashi Technology, said that the key point of DeFi lies in its implementation. The practical significance lies in solving two practical problems: first, it solves the problem of making money. Today’s DeFi is very different from before, and various retail investors can participate in it. To make money; secondly, it solves the problem of custody risk and prevents the exchange from running away. Therefore, DeFi is not only a product innovation, but also an innovation in the concept of Token.
WaykiChain co-founder & CEO Gao Hang believes that liquidity mining is just icing on the cake, incentives are not the essence of business; everyone should look at the true value of DeFi and see if it can solve business problems: First, reduce costs and reduce middlemen The second is to improve business efficiency, such as Uniswap provides trading scenarios for long-tail tokens; the third is to change roles, such as $100 can also become a liquidity provider.
In this regard, Jiang Tao, a partner of Shata Fund, said that in the short term, the liquidity mining project has opportunities and is conducive to the development of the ecology; but in the long run, it is only an assisting role, and the agreement itself still needs to provide enough value. Although the value models of Curve and other projects have improved compared with ICO, they still need to be observed. Jiang Tao is currently optimistic about three tracks: protocols, assets, and DeFi entry ports. At present, the relatively good assets and agreements basically have two characteristics: the first is to manage the pool in the form of a pool with smart contracts, which is very efficient; the second is to solve multiple problems through combination. The entrance side mainly looks at two aspects. One is various types of aggregation, including income and transactions; the other is that the smart contract wallet can simplify the interactive experience of beginners and is a good traffic entrance.
Dane Elliott, the founder of the POFID DAO community, believes that this wave of DeFi is caused by liquidity mining, but liquidity mining is only a very small aspect of the DeFi ecosystem. In the future, liquidity mining will not fully realize the potential of DeFi. Excited. Just like liquidity trading is only a small aspect of traditional finance. Compared to the crypto world, the real world has more algorithm-driven complex solutions proposed for liquidity problems. In addition, Dane said that the continuous attractiveness of liquidity mining to users is limited. As the gas fee is getting higher and higher, sometimes the income cannot cover the mining fee and gas fee. Not very investor friendly and not suitable for large-scale investor participation.
Felix Xu, co-founder and CEO of Bella & ARPA, said that Ethereum is not necessarily the fastest and cheapest, but it must be the most balanced in all aspects. Although the iteration speed is extremely slow, it can tightly integrate developers into the ecosystem. In the future, other public chains can optimize certain functions of Ethereum, reduce certain costs or improve certain efficiency, which may solve a serious defect of Ethereum, but it is unlikely to fundamentally subvert Ethereum.
epilogue
epilogue
From last year's top-level design, to the State Council's proposal of "new infrastructure" in the era of smart economy in April this year, to the recent issuance of relevant normative documents for the application of blockchain in the financial field by the central bank, the loose policy environment, complete Internet and digital industry supporting Practitioners who actively explore will be able to accelerate the further integration of blockchain technology and the financial industry.
Related topics:
Related topics:
2020 New Regional Trends - Blockchain Technology and Finance Summit
https://www.odaily.com/topic/682
Related lists:
Odaily and 36kr jointly released: 2020FAT "Top 100 Leading Blockchain Financial Technology" list
https://www.odaily.com/post/5155228
