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Wanxiang Du Yu: 2021 or the beginning of the real large-scale application of blockchain

Time : 10/07/2021 Author : l8vnto Click : + -
        On the afternoon of November 23, at the "blockchain + real economy forum" of the "2019 Netease future conference", Du Yu, deputy general manager of Wanxiang blockchain and head of Wanxiang laboratory, introduced in his speech that Wanxiang has invested about 200 blockchain companies worldwide, with a total investment in the blockchain field of 1 billion yuan. Du Yu introduced some application scenarios of blockchain in smart cities: first, technology, blockchain + artificial intelligence + Internet of things, etc; Second, many new business models have been derived from the blockchain, and this business model is divided into component innovation and subversive innovation; Third, how to use the so-called distributed new mechanism design mode to participate in the construction of more businesses and urban governance, as well as the whole large ecological construction.
        Du Yu's judgment on the development of blockchain is that "2021 may be the beginning of the real implementation of blockchain in large-scale applications, so more long-term value will be truly reflected at that time.". Hello, everyone. It is a great honor to have this opportunity to share with you the experience of blockchain and our real economy, especially some things we are doing. First of all, I'd like to introduce myself. I'm Du Yu, also the director of Wanxiang blockchain laboratory. We set up the blockchain laboratory in 2015 to study and apply blockchain technology. You may know that Wanxiang's friends will say that Wanxiang is not an industrial enterprise of auto parts in Xiaoshan. How can Wanxiang be interested in blockchain? It seems that the wind and the horse and the cow are not related.
        As we all know, Wanxiang Group is the largest auto parts enterprise in Xiaoshan. In addition to auto parts, it also goes to agriculture and finance. There are three major sectors. Well, in the field of automobile, it is also expanding from the original auto parts to the whole vehicle. For example, at the Guangzhou auto show yesterday, a high-end luxury car in the United States under Wanxiang also released two new cars, from parts to the whole vehicle. Then there is an agricultural sector of "agriculture, rural areas and farmers" in Hangzhou. Then there is the financial sector. The financial sector is in Shanghai. We call it China Wanxiang holdings. In the financial sector, we have two businesses. One is a traditional licensed financial institution, and the other is financial technology. So basically, most of the large licenses are available.
        Since 2013, we have been involved in the field of science and technology finance. We always believe that the real change comes from science and technology, not from the business model. Therefore, in 2013, we actually began to explore around 2012, saying whether we could use the artificial intelligence that was not so hot at that time. At that time, people were still talking about the concepts of big data and said that it was used for investment in the financial market, so this company was established. After setting up this company, we are considering what kind of technology will have a great impact on the entire financial industry in the next 5 to 10 years? In 2014, we focused on blockchain technology.
        Then at the end of 2014 and the beginning of 2015, we found that overseas financial institutions began to study blockchain, either setting up their own laboratories or investing in many blockchain companies. Therefore, we were thinking that this might be a better time to enter the blockchain industry. For our Wanxiang financial sector, can these licensed financial institutions bring some different ideas. So in 2015, we started to do the blockchain, and it has been about 5 years now. To put it simply, we did a few things. First of all, we just introduced that we did the laboratory in 2015. At that time, we did not know what the blockchain was, so when we mentioned the blockchain, we probably thought more about bitcoin. So at that time, bitcoin and blockchain were equal. We also did a lot of public welfare things to let you know that the blockchain and bitcoin are different, Blockchain can be used in many different industries.
        In fact, we did another thing in 2015. The blockchain was in a very early stage at that time, and there were very few startups we could see. At that time, we did not know what industries the blockchain was in and what the real application scenarios were. However, we saw a lot of blockchain startups emerge, so we also set up a blockchain fund to invest in blockchain companies around the world, Then, after investing in many companies, we help these companies to provide them with incubation services. In addition to providing funds, we help them provide scenarios, technologies and various resources to help the whole blockchain company grow. So far, we have invested nearly 200 blockchain companies around the world. The total investment in the whole Wanxiang blockchain, including the whole Wanxiang blockchain, is almost more than 1 billion yuan, so we have also built an ecosystem.
        From the technical point of view, we are the same as general fan of Weizhong. In 2016, we talked about the actual application scenarios, so we cooperated with Weizhong on the underlying platform in 2016. More application scenarios are considered this year in consideration of the growing demand for privacy protection. After having these foundations, we must do blockchain applications, not just in the conceptual stage. Therefore, we started to do blockchain from the perspective of finance. Later, it was found that the blockchain seems to be the same as the Internet. In addition to the financial field, there are many application scenarios in industry, agriculture, smart cities and so on. We also raised the whole blockchain technology to a higher level. We can hope that we can do more in these new businesses brought by the blockchain to Wanxiang Group and the larger whole blockchain.
        Let's talk about our understanding of blockchain in the past few years, because I know that there are many guests talking about blockchain in front of me. What is a blockchain? Our president Chen and Mr. Cai have given you a lot of introductions. We won't spend time talking about these. What do we think is the essence of blockchain? Just now president Wang also mentioned that blockchain is a low-cost tool for building credit, so we also selected several well-known ones, one is a magazine, and the other is a speech by President Li, saying that blockchain is a trust machine. How can we understand this? For example, the guaranteed payment of e-commerce started because of the distrust between the buyer and the seller, so with such guaranteed payment, the third-party platform can do this kind of credit enhancement, because we do not trust each other, and the cost here is very high. Why do we trust banks? It is because he has a national license plate and the most luxurious buildings and business halls in the most expensive places in every city. I think he is credible.
        A new way brought about by the blockchain is that we use technology. Because we believe that 1 + 1 is equal to 2 in any place in the world, and we believe in mathematical algorithms, there is another requirement. Just now, two of and wechat have also mentioned that open source is the thing. Because I believe in algorithms, our bottom layer must be open source. Therefore, in various applications, the underlying technology is open source, and the code at the application level is open source to our partners, that is, we have no ability to theoretically and mathematically tamper with data. On the other hand, the integration of blockchain and other technologies, so how do we view this matter? We directly cut into the point we want to express. We talked a lot about data. For the protection of data privacy, we want to say that from the perspective of data, we can see the integration of blockchain and other technologies.
        First of all, the Internet we are using today, including the mobile Internet, our mobile phones are generating a large amount of data every moment, and the Internet of things. In 2015, IBM published a white paper on social democracy, which said that there will be tens of billions of smart nodes in the world by 2025. So how to manage these nodes? How to control and manage these nodes safely? Blockchain can play a great role here. Therefore, we can see that today's Internet and Internet of things actually collect a large amount of data at low cost through technical means. After we have the data, we need to transmit it. Therefore, 5g, which has been put into commercial use this year, has the characteristics of high speed and wide connection. To a certain extent, it also solves the process of how to transmit it back at low cost after data collection.
        After having data, artificial intelligence will process it. So we say that artificial intelligence can process massive data at low cost. What role does the blockchain play in it? We often say that the data he went up was false at the beginning. What should we do? The blockchain is actually a so-called trusted network, which is a source that can provide more reliable data for artificial intelligence. If you give false information at the beginning, your artificial intelligence algorithm will be useless. On the other hand, we have mentioned the so-called distributed business. Just now we have talked about a lot of business changes. We are wondering whether there is a brand-new business model on the blockchain. There are many detailed things in this. I will not talk about them. I will ask you a question. Bitcoin is known to all. It has been out for 10 years. It has no board of directors, no shareholders' meeting, and no CEO, He has been running well for 10 years, with a market value of several hundred billion yuan. He has never had any problems, and many roles work well in it. Why? Are there many things we can learn from him when we are doing real business? So this is how we derive a series of technologies based on these technologies such as cryptography and blockchain. For example, we combine this machine design theory with the economic incentive model in economics, including game theory. Is there a brand-new business model? Just like bitcoin, it does not need to rely on human intervention in its operation. Therefore, this is a new concept, which may be the third hand besides the visible hand and the invisible hand, that is, the so-called distributed business and distributed organization. In fact, this theoretical research has just begun.
        Just now, I mentioned several different dimensions, which are the different aspects of the real value of blockchain that I personally understand. In fact, many of our application scenarios today are actually applied from these angles. Let's see how we can apply these features to the actual scenarios later. Therefore, today's topic is a topic composition called blockchain + smart city. We actually did some research on this topic a long time ago. From two perspectives, one is blockchain as a security engine. How do you understand it? First, the security of equipment and system makes it more difficult for the whole system to hack because it is a distributed and cryptological system; The second security dimension is the data dimension. How can we share our data without losing our control over the data? Therefore, we use the blockchain method to protect our data; The second point of view is that blockchain is an efficiency engine. Because it is more transparent and the process is more transparent, the whole operation mechanism will become more convenient and efficient. This is our idea.
        What is our practice? Because we want to build an industrial city around new energy vehicles in Hangzhou, we want to use these new technologies in this innovative giant energy city, and blockchain is also a very important part of it. In fact, we have been exploring many applications of blockchain + smart city since 2016, more of which are the integration of industry and city, processing industry, and Internet of things. At yesterday's Guangzhou auto show, we also cooperated from the ID of the equipment. In fact, these are the infrastructure of a smart city. In this picture, there are many application scenarios of blockchain in smart cities in more detail. I would like to say from three simple perspectives: first, technology, blockchain + artificial intelligence + Internet of things, etc.; second, many new business models have been derived from blockchain. This business model is divided into component innovation and subversive innovation. How can we use the concepts brought by blockchain technology to, Bring the possibility of new technology to create a completely new business model for application in this smart city.
        At the same time, there is an ecology. We say how to use the so-called distributed new mechanism design mode to participate in the construction of more businesses and urban governance, as well as the whole large ecological construction. This is a very interesting thing. We are now on the way to practice this road, from technology to business, and then to the whole large ecological governance, I think many new and completely different things will be derived from these latitudes. Finally, let's talk about our judgment on the development of the blockchain. This is a very classic sentence, and it is the same in the blockchain. At present, blockchain is still under research and development, and may appear at the end of this year or early next year. Therefore, we think it may be next year or the next year. I always think that 2021 may be the beginning of blockchain's real implementation and large-scale application, so more long-term value will be truly reflected at that time.
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