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Dialogue with Jingtong technology houjunhui: blockchain "good play" is far from being staged

Time : 16/06/2022 Author : i4jp3w Click : + -
        In the past two weeks, the hottest concept is "blockchain", and the related concepts, technologies and industries have received unprecedented attention. Many listed companies have become hot spots by publicizing "exploring blockchain application scenarios and business models". What's more, the great wall of culture (300089, SZ) has pulled six daily limit boards, becoming the star stocks of the two cities, but followed by the case filing investigation of the CSRC, because the company is suspected of violating laws and regulations in information disclosure. Listed companies that claim to be "blockchain concept stocks", how good is blockchain? How big is the imagination space of blockchain industry layout? What are the business models?.
 
        On November 8, houjunhui, South China director of Wuxi Jingtong Network Technology Co., Ltd. and chairman of Shenzhen Jingtong Zhishang blockchain Technology Co., Ltd., said in an exclusive interview with times finance that the commercial situation of blockchain technology is generally divided into three factions: the first is the social blockchain with strong currency and weak chain, which is mainly an open-source blockchain based on community coin issuance and speculation. As we all know, bitcoin and Ethereum are representatives of the community version, but they are not suitable for business. The second is the coin free blockchain, which is characterized by a set of distributed ledgers. This coin free blockchain is preferred and respected by the government. Many domestic giant companies such as China Merchants Bank, China Ping An, Tencent, ant financial, etc. belong to this school and subsequent derivative technology branches.
 
        The third is blockchain with chain and coin. As for the future development of blockchain, houjunhui told times finance that China has experience and advantages, and has the best application scenarios and infrastructure in China, such as mobile Internet and mobile payment, which are far ahead of the world. China has enjoyed Internet dividends and knows the great value and opportunities behind new technologies. As for the current speculation in the stock market, it is the early speculation of funds. Jingtong technology is a company that started with the underlying technology of blockchain. In 2011, Zhou Sha, founder and CEO of Jingtong network technology, established a blockchain research team in Silicon Valley. In 2013, Jingtong network technology was established in Silicon Valley. The following year, it set up its domestic headquarters in Wuxi, and successively set up branches in Beijing, Guiyang, Qingdao and Shenzhen.
 
        Houjunhui is the head of Jingtong Technology Shenzhen institution. He majored in aerospace detection and control as an undergraduate and has been involved in blockchain since he participated in bitcoin mining in 2013. In recent years, his experience in the commercial implementation of blockchain technology made him realize: "the layout and investment of the blockchain industry should be from a medium-term and long-term perspective. It is best not to have the speculative mentality of short-term sudden wealth, and maintain patience for three, five or even longer years. In the next 10-20 years, the general trend of value Internet will be gradually clear, so that he is most likely to share the dividends of the industry.". Houjunhui: Shenzhen is a window of reform and opening up, with a high degree of internationalization, a strong atmosphere of innovation, and a high tolerance for entrepreneurship and innovation.
 
        Jingtong predicts that the next 5-10 years or even 10-20 years will be the explosion period of the value Internet supported by blockchain technology. Shenzhen, the "bridgehead", cannot be missed, so it set up a localization team. This year, it was reported that the Central Bank supported Shenzhen pilot digital payment and other preferential policies, which proved that JTC's judgment on the trend was correct. Guangzhou Huangpu government has also issued "10 blockchain" and other supporting policies. Recently, Huangpu District has upgraded its policies to attract enterprises to settle down. With a good Internet industry atmosphere, Hangzhou is also one step ahead in the blockchain industry. Beijing's national resources are relatively concentrated, and many blockchain companies will set up sites in Beijing.
 
        At present, Shanghai is on the sidelines. Shanghai is a financial city, and finance stresses sufficient security, stability and reliability. In order to be stable, we will have to wait until the technology is verified to be safe before taking action. Hou Junhui: the commercial situation of blockchain technology is generally divided into three factions: the first is the community blockchain with strong currency and weak chain, which is mainly an open-source blockchain based on community coin issuance and speculation. As we all know, bitcoin and Ethereum are representatives of the community version. They are particularly famous because of the huge profit-making effect of the bull market. They emphasize that there is no center, anonymity, mining, open source, no government, and conflict with regulation. The performance of this chain is particularly weak, with small transaction volume, long consensus time, and high transaction confirmation cost. Most importantly, the chain cannot carry the needs and information of various commercial enterprises, so it is not suitable for business.
 
        The second is the coin free blockchain, which is characterized by a set of distributed ledgers. Chen Chun, academician of Zhejiang University, who recently gave a lecture to senior executives, is the honorary chairman of Hangzhou fun chain technology. Fun chain technology is a coin free blockchain route. A hyperledger alliance of commercial super ledgers led by technology giant IBM and many multinational companies. The open source fabric project launched is also this kind of coin free blockchain, and its architecture is an enterprise oriented alliance chain or private chain. This kind of coin free blockchain is preferred and respected by the government. Many domestic giant companies such as China Merchants Bank, China Ping An, Tencent, ant financial, and Weibo have joined the super ledger alliance, which belongs to this school and the subsequent derivative technology branches.
 
        The third is the blockchain with chain and coin. "Coin" actually refers to a token, which is in English called token. As a bookkeeping voucher in the chain, or equity voucher, product general administration, service general certificate, and substitute points. Jingtong follows this route, specifically customizing blockchain technology services for enterprises and governments and the way to serve small and medium-sized enterprises on the chain. It is characterized by multi center, no mining, embracing supervision, and supporting real name anti money laundering. Jingtong chain has been running stably for more than five years. Houjunhui: no one has the current cognition at birth. They all have to experience the gradual growth of infants and children. Many giants are constantly trying to make mistakes in their exploration and cognition in the blockchain field, and it is particularly important to choose the development route and strategic direction.
 
        If we choose community blockchains such as bitcoin and Ethereum at the beginning, the chain performance is too weak, and it is impossible to make any commercial applications based on this basic system. The biggest problem with IBM's fabric coin free blockchain is that it has no incentive and less motivation for everyone to use it. If you choose the route of super ledger alliance, you can only serve large institutions and become a traditional software team. Jingtong chooses to have money and chain. This route has infinite space for future development, and aims at the enterprise side commercial market with controllable compliance and friendly supervision. Tongzheng participates in ecological construction as a voucher for rewards and rights, replacing points. As long as it is not directly linked to money, it will not challenge the status of legal tender and will not encounter the regulatory red line.
 
        Facebook's upcoming Libra project has attracted widespread attention from regulators and giants around the world because it may challenge the existing payment pattern of the financial system. Houjunhui: at present, Jingtong Beijing cooperates with Chinatelecom in a poverty alleviation project called "beautiful countryside". Civil affairs departments distribute various poverty alleviation funds every year, and traditional appropriations are prone to be withheld and misappropriated at all levels. Integrate the communication of blockchain, and the circulation records of the pass corresponding to all funds are on the chain, which are only given to specific groups and directly sent to their wallet address. Their wallet is associated with identity information, and use the relevant pass to exchange products or services and agricultural tools at the designated institutions.
 
        All kinds of benefits of benefiting farmers and helping the poor can only be exchanged at specific points. People who do not have this identity and qualification can't exchange them. To some extent, it has prevented all kinds of corruption or misappropriation of funds, and also achieved the openness, impartiality and transparency of all kinds of information on the chain. Hou Junhui: from the perspective of China's long-term development, we must go abroad, even out of Asia, and expand our influence on a global scale. Under the existing international geopolitical and financial pattern, the internationalization of RMB will be encountered when exporting goods and services, culture and soft power. The pass issued on the blockchain can promote the internationalization of RMB in a higher dimension.
 
        As a sovereign currency, it is very difficult for RMB to directly cross the foreign exchange control of various countries and reach the pockets of residents. With the popularization of blockchain technology concepts and applications, in the future, we all agree with a blockchain token linked to products or services. We are optimistic about its future ecological value and regard it as an investment target or asset allocation. The digital stable currency related to RMB is a very good medium for cross-border and cross-border export, and it is the embodiment of soft power. The internationalization of RMB is now facing great difficulties. It is entirely possible to refer to and take advantage of blockchain token digital currency to bypass various restrictions and reach the places it needs to reach with the advantages of new technologies.
 
        Houjunhui: suppose user a has 100000 yuan on hand now, and it needs to be converted into about 15000 dollars and remitted to the Standard Chartered bank account of a's friend B in Japan. A is remitted through the Bank of China, which involves the swift clearing system between banks. A consumes its exchange limit on the counter of Guangzhou Tianhe branch of the Bank of China, fills in the collection account number, generates a transfer document and sends it to the system, and the bank starts settlement and clearing. It may take twoorthree days, or even a week, and spend hundreds of yuan or even higher exchange costs. All links have costs, and finally Japanese friends can arrive. If blockchain technology + pass is adopted, a blockchain clearing and settlement system will be established between banks, and other systems will remain unchanged. A's 100000 yuan deposit will be transferred out of the account of the blockchain wallet of the branch with a US dollar pass equivalent to about 15000 US dollars.
 
        Through the blockchain network system, it is directly transferred to the blockchain wallet account corresponding to the Japanese receiving bank. Because of the correspondence of the pass, it is equivalent to that the corresponding blockchain account of Standard Chartered Bank of B received a US dollar pass equivalent to US $15000, and the deposit bank will deposit the real US dollars into a friend's bank account. Finally, there is a clearing and settlement system between the two banks, which only needs to clear the pass and US dollars. Using blockchain technology, cross-border exchange transactions can be completed quickly, and unrelated banking institutions do not need to participate. Houjunhui: first of all, this problem should be viewed dialectically. The decision-making level attaches importance to blockchain technology. There is no problem with the strategic direction. It is a forward-looking strategic decision.
 
        In the future, there will be the injection of various government resources, including supporting its own underlying blockchain technology and exploring various application scenarios. The decision-making level has seen this as an opportunity for industrial transformation and upgrading and overtaking. At this level, China has experience and advantages. China has the best application scenarios and infrastructure, such as mobile Internet and mobile payment, which are far ahead of the world. China has enjoyed Internet dividends and knows the great value and opportunities behind new technologies. As for the current speculation in the stock market, it is the early speculation of funds. Moderate inflation and moderate "foam" are conducive to economic prosperity, and excessive foam is certainly not conducive to economic development. The regulator will appropriately handle the degree of regulation.
 
        Second, from the perspective of the combination of blockchain technology and industry, the curtain has just begun, and the good play is far from being staged. In the future, with the favorable policies in essence and the deep involvement of funds and talents, various blockchain infrastructures will be gradually improved and matured, and more blockchains will be combined with industrial applications. Blockchain "killer" applications and companies will surge one after another, and the future will be the era of value Internet. My personal suggestion: first of all, investors should have an independent and rational judgment when selecting relevant blockchain targets, and don't follow others. Second, it is best not to have the speculative psychology of short-term sudden wealth, because the more such a psychology, the easier it is to be used by others, and the more you want to make money, the more likely you are to lose money.
 
        Third, the layout and investment of the blockchain industry should use spare money, and it is necessary to choose relatively reliable targets from a medium - and long-term perspective. Keep patience for three, five or even longer years, and wait until the general trend of value Internet is gradually clear, then it is time to share the dividends of the industry. Houjunhui: "blockchain and industrial innovation: creating a new ecosystem of interconnected industries", a book published by President Zhou Sha (pseudonym: Jingdi Wangtian), founder of Jingtong technology, lists the possibilities of integrating all walks of life with blockchain; There is also a blockchain world, which introduces each blockchain genre. It is relatively simple and easy to understand, and it is more appropriate as an introduction.
 
        In addition, Professor zhujiaming, an economist, is also recommended to write "Libra: a financial innovation experiment"; There is also a book, "Frontiers of financial technology: a journey to explore global digital change", which you can read when you have time.
 
        
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