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58 Blockchain Funding Raised Over $100 Million In China Q1 2018

Since last year, the concept of blockchain has been the favorite target chased by VC and it is considered as another hot spot after sharing economy and artificial intelligence. Relevant experts said that in order to truly unlock the potential, blockchain need to overcome two major hurdles, security and technical standards.

“I used to run a blockchain course a few years ago and everyone didn’t really care about it. This year the classroom is full of people and only one student out of four can attend the course.”

Said Song Xiaodong, Professor of Berkeley School of University of California.
Venture capital are also chasing blockchain-related targets. Data from third-party research institutes said that according to incomplete statistics, VCs have invested a total of 1.271 billion yuan in 100 investments om 2017. In the first quarter of 2018, there were 58 blockchain investment events with a total investment of 681 million yuan.

Blockchain provide a solution to the issue of trust, which is considered as the core value by Qiu Honglin, an engineer at Ant Financial who works on the development of the blockchain. He told the reporter:

“The best thing about blockchain is solving the problem of reliable and reliable data, so that the digital world is as real as the physical world.”

Qiu Honglin and his colleagues are preparing to apply blockchain technology to housing leasing industry in the Xiong’an New District.

“A landlord’s property certificate is written into the blockchain after the Housing Authority certification. The contract between tenant and landlord is also shared on the blockchain. Then fake listings and black real estate agent has nowhere to go. Through the coordination of supervision, landlords and tenants, real-life rental events are transmitted to the digital world in a verifiable way.”

Although blockchain technology itself is considered as a tool for “cost reduction” , the blockchain itself still has to face cost issues. After all, the operation of the network requires a lot of storage and bandwidth resources. Qiu Honglin said,

“At present, we are also exploring other solutions, such as migrating semi-dormant data to the historical database and releasing storage space through archiving. In the future, blockchain will also continue to test new architectures of storage and calculation.”.

Technical standards system needs to be established

“The blockchain is like the Internet in 1992. Standardization has not yet been fully completed. Therefore, application and promotion will be limited. It is in the early stage of technological reserve. Once standards have been established, various technological research and development can move on. “

Zhang Haining, chief architect at Wei Rui, said.

Li Lihui, former President of the Bank of China and Director of the Blockchain Working Group of the China Internet Finance Association, said that one of the priorities of the China Internet Finance Association in 2018 is to actively promote the establishment of blockchain standards.

“Blockchain must have a new technical standard system, especially a third-party certification authority. This is a top priority for the development of blockchain finance.”

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