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Blockchain Startup Bubi Working on Multi-centralization to Build Trust


Note: The Chinese version of this article is first released at Raven,  a news platform running a Wechat official account of jingqubc.

Yang Fan, a former employee at PPTV, co-founded a blockchain startup Bubi in 2015. Though shy to admit it, Yang said that he wouldn’t be the person he is today if it wasn’t for Extant.

Extant is an American science fiction television drama series in which it creates a world where everything is digitized so that you can carry your assets with you no matter where you are.

The show prompted Yang to think of this question:“if everything is digitized, where should we store it to keep it secure?”

Blockchain is the answer.

“The very mentioning of blockchain reminds people of decentralization. At bubi, however, we believe in multi-centralization.”

Yang claimed that it’s impossible to make blockchain applications completely decentralized. And he noted that centralization still has the future. Centralization can help provide better services, maintain public order and improve public services.

“By decentralization, it means to make data transparent, secure and available to all. And this is what we are doing at Bumeng.”

Bumeng, a subsidiary of Bubi, is a digital asset platform that has been operating for one year. Now 11 companies have been doing transactions on the platform, including Sunshine Insurance and Sinosafe Insurance. It processes up to 1.5milloin transactions in a single month. At present, 9 million people have made transactions on the platform with a total value of RMB1 billion.

As to future plans, Yang revealed that they are going to work on three things in 2017: pass on values of mutual trust and digital transparency, bring more life to blockchain community and explore more blockchain user cases.

“Many people tweeted me asking what’s the secret of securing a blockchain startup successful and why i left PPTV. I told them the secret is whether you are willing to make data accessible to your clients. Anyway, TRUST is all it takes to survive in fierce competition. And why left PPTV? Because I knew exactly what is ahead of me, but with blockchain, I’m not sure. It’s like I am embarking on a journey of no return. And that’s just exciting.”



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