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Summary of 2018 Hangzhou Global Blockchain Summit

On March 26, the 2018 Global Blockchain (Hangzhou) Summit was successfully concluded at the Hangzhou International Expo Center (G20 Venue). The summit was hosted by the Hangzhou Office of Finance, and the Xiaoshan District Finance Office of Hangzhou, the Blockchain Technology and Applications Association of Hangzhou. The event is organized by 8BTC.

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The theme of this forum is “Linking the World and Leading the Future”. The summit feature heavyweight speakers: Wang Yuejian, Director of the Hangzhou Financial Office, Zhao Bo, President of the China Electronics Standardization Institute, Zhang Yifeng, Blockchain Technology Institute of CBPM, Zhang Hui, Ant Financial Blockchain Labs, Changjia, founder of 8btc and Bytom are invited. Leaders of blockchain technology blockchain from around the world attended the forum to discuss the cutting-edge technologies, share industrial insights and explore the blockchain trends.

The forum attracted nearly 4,000 people from home and abroad to register. Due to the limited capacity of the venue, 1,400 people were finally screened by the organizers and over 2 million people watched the live broadcast.

Hangzhou to build the global blockchain center with favorable policy

Hangzhou is one of the most active financial and technological cities in China and even in the world. It has gathered a group of financial technology companies, such as Ant Financial Services, Tonghuashun and Hang Seng Electronics. As a representative technology of financial science and technology, blockchain technology has evolved into a new force for new technologies and new finances. Governments, corporate agencies are searching relevant applications in full swing. Hangzhou sees blockchain as an indispensable component for building the global financial technology center.

In fact, in the past year, the blockchain industry has attracted the attention from municipal and provincial leaders of all levels. Blockchain industries in Hangzhou have been intensively interviewed and researched by lots of authorities: including the Zhejiang Provincial Party Committee Office, the Hangzhou Municipal Party Committee Office, the Municiapl Finance Office, and the City Economic and Information Commission.

Wang Yuejian, director of the Hangzhou Finance Office, revealed that the research report submitted by the Zhejiang government’s Research Office has been approved by Feng Fei, executive vice governor of Zhejiang Province. The report mentioned that the blockchain industry should be built into one of the future industries of Zhejiang Province. Several suggestions include researching and formulating the development plan for the blockchain industry in Zhejiang Province, supporting the creation of featured towns, supporting the creation of blockchain labs in university, training blockchain professionals, regularly organizing meetings in Hangzhou. Global blockchain summits/forums/conferences, building test and certification training platform, and introducing blockchain technology to the construction of smart cities.

At present, Hangzhou has launched the first blockchain industrial park in China and has set up the Wanxiang blockchain innovation city. In May 2017, the Xihu District Government also issued the “Opinions on Building the Xixi Valley Blockchain Industrial Park (Draft)”. Hangzhou is attracting more and more attention from blockchain entrepreneurs and projects from both home and abroad. For example, last week, the Boston Government of the United States brought many blockchain projects to Hangzhou for capital and markets. At the China Financial Technology Maker Contest held this week, one-third of the projects were based on blockchain technology. In terms of blockchain innovation, Hangzhou is parallel to Beijing, Shanghai, and Shenzhen.

Large-scale Blockchain Commercialization Still Waits

When talking about the value of blockchain, some often say “AI is productivity, blockchain is a production relationship”. By applying consistency in multi-party cooperation mechanism, blockchain can promote the innovation of traditional institutions in business activities and business models.

The development strategy of Ant Financial is based on consortium blockchain, the blockchain platform of which is centered around some commercial and financial applications. Zhang Hui, head of Ant Financial Blockchain, introduced the user case, such as public charity, mutual insurance, cross-border traceability, and anti-counterfeiting traceability. Taking the mutual insurance for instance, Ant Financial cooperated with Xinmei Life Insurance to register insurance accounts on blockchain, including information of members of mutual assistance plans, investment, details, and income data of the basic assets. Transparency and the credibility of the mutual aid program is enhanced.

In the context of supply chain finance, Fuzhamei, a blockchain startup company, has already provided blockchain + supply chain finance solutions to several Fortune 500 companies such as HNA and Midea. For example, in the supply chain for Midea supply chain system, the loan contract is written on the blockchain. After the lender sees the contract, it will release funds and a contract is created on blockchain. The circulation of funds and goods is also recorded on the blockchain. The advantage of the system that it reduces the participation of financial institutions in the supply chain. The system can provide more profits to enterprises and individuals, reducing the company’s operating costs.

Although blockchain has already shown commercial value in some scenarios, it is still a long way from large-scale commercial use. Huang Butian, the founder of Yuphant, said that the blockchain, as a trust machine, broke the original trust mechanism between organizations. Reformation and coordination of current systems must be made to make the system work. In addition, the infrastructure for the development of blockchain technology is incomplete, and it cannot compete with high-frequency commercial application scenarios as Alipay.

The future is now

As a disruptive technology, what impact does blockchain have on our lives? If blockchain applications broke out at a large scale in 5-10 years, what would it be like?
Che Keda, founder of You Quan Tiancheng, described the picture at the summit.AI and blockchain are combined to enable the self-driving car to pick up passengers on the street independently. Fares are stored on a blockchain wallet. After the car collect enough money , it can find a human engineer to upgrade its system to make itself more competitive and make money.

The issue of malicious crediting rating on e-commerce platform will no longer exist in the future. The traditional credit evaluation model is often an accumulative model, and treats each transaction as equivalent. This brings the problem that credit can be created at almost zero cost, which also gives rise to professional raters and poor reviewers. Changjia, founder of 8btc and Bytom, mentioned that the Coindays Destroyed could be introduced into the credit evaluation system. The credit evaluation system does not distinguish whether a transaction is a real transaction or not. There is no centralized authority to freeze user accounts. This kind of credit evaluation system that is completely based on mathematical models will basically put an end to the mal-doing of human weakness.

In the next 10 years, everyone will live with blockchain. Wu Sijin, founder of Fuzhamei, believes that the most important thing in a blockchain is not the technology itself, but its redefinition of production relations.

“Blockchain is a major opportunity in human society once in one hundred years, and it may be the biggest opportunity for our generation to have in our lifetime. The earlier to get involved with blockchain, the higher the value. I think that after ten years, nobody will not connected to blockchain.”

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