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Li Wei: blockchain makes the center more transparent and efficient and reshapes the business model

Time : 26/07/2022 Author : 8e4dia Click : + -
        On the afternoon of October 17, 2018, the 2018 Hangzhou Bay summit forum with the theme of "financial security and investor protection" was held in Hangzhou Huanglong Hotel. At the summit forum of "choice and application of blockchain", Li Wei, founder and CEO of Hangzhou quchain technology, delivered a speech. Li Wei, a practitioner of blockchain technology research and development for many years, explained with his own experience that blockchain is a technology used to solve credit problems, and is not omnipotent, nor is it required by all businesses. He believes that blockchain technology can not go to the center, but help the original center to be more transparent and efficient, and can reshape many business models. It can be said that blockchain is very hot, because I was in about 2015, and I used to be a technician. But from the perspective of technology, blockchain is essentially a distributed system. Today, I won't talk about it in detail. From the perspective of technology, it is not a new thing, not a sudden spring breeze. From the perspective of technology, all the technical points in it, including signatures and consensus, The technical details are not sudden, but have been doing some research.
        Including the meeting I held in the United States two days ago, there was a consensus in the academic circle in the past. The prosperity of blockchain has led to the whole academic circle [to participate]. In fact, we think highly of the blockchain. What does it mean? Everyone is doing this thing, this can, that can, but to put it bluntly, we must fully understand what I mean. In a sense, it is not omnipotent. Recently, some entrepreneurs came to me and asked if this could help me to get on the chain. I said, is it necessary? The essence of blockchain is credit. You have trust crises, problems and costs. At this time, we can build a trust system through blockchain.
        The most basic judgment is that the blockchain needs multi-party cooperation. Does the company need a blockchain for internal payroll? unwanted. Then we must choose the most suitable one. There are three basic judgments. What scenario needs? First, we must cooperate with various parties. Second, we need to transmit something of value. We have anything of value in the middle. Third, there must be some trust problems, or at least when a common and trusted third party cannot be found. These three points are met at the same time. Blockchain is needed at this time. However, on the other hand, our transactions are becoming more and more complicated, and our business partners are always there, everywhere and everywhere. Recently, we talked with various industries about how so many countries can reach consensus and how to make transactions. Blockchain plays an important supporting role.
        Therefore, it is effective in the case of multi-party trusted cooperation, so we must choose the most appropriate scenario. Everyone says that blockchain is a very complicated thing. To be honest, the technology itself is relatively high. More importantly, it will have a great change with our original business model. Our entire economy is the Internet economy, or our entire Internet thinking affects our lives, and even the trend of our entire economy is the biggest Internet company, So many Internet companies, including us, have developed many economic models, such as sharing economy and sharing information. However, the blockchain is fundamentally different, because it emphasizes multi center, emphasizes equality and trust, and does not need so many intermediaries to do this, which poses great challenges in terms of technology and business.
        We should not underestimate this thing, nor should we make it simple. We need all walks of life to discuss it together. Not only is technology, but I have a technical background. However, I am now wandering among major financial institutions, including securities dealers and insurance companies of banks, and all participants who can do transactions. Only by participating together can we do this well, not one or several enterprises. However, there must be a division of labor. We do the underlying technology. If we understand all applications on the blockchain as apps on our mobile phones, we are an IOS or Android. Therefore, the whole blockchain is at an early stage, with four words: springing up.
        Finance is the most obvious. We can see a lot of blockchain attempts, which are of great significance. But we need to do this together to do it well. Therefore, it has sprung up, but it is one that blossoms everywhere and has many opportunities. Every industry will see a great impact on this industry. But everything has just begun. It is only spring, and it will take a little time before the final harvest, But this spring must be sown. This industry is very lively. The technology itself is neutral. Just like nuclear technology, I can be used for power generation, various production, and also for. But this thing is not as certain as other technologies, or it gives people a very, very clear picture. What is this thing? I agree with President Wang that what is a blockchain? There is no very authoritative definition in the world, or what is called blockchain? At first, many people said why this name is so awkward and why it is called blockchain? Why block and chain? Now we have also found some new ones. For example, we are not necessarily a chain now, and we can call it a block diagram. Is it also called a blockchain? I think at least it represents the blockchain.
        What is important is that we should see the spirit behind the blockchain, or the value generated. What role can the blockchain play? The most fundamental problem is that we should think clearly about the trust technology generated by the blockchain, or represented by the blockchain, or the world computer, to establish a trust infrastructure for everyone. Our transactions are becoming more and more complex. Liu Yanggang just said why to go to the intermediary, does the chain family not need it? Who will show you the house? The houses in Hangzhou are also very expensive, and those in Beijing are even more expensive. If you take me to see them for a week, you charge me hundreds of thousands of intermediary fees. Why? You have worked hard, but why are you making such a high profit? If you go to the center and don't need intermediaries, everyone looks at the blockchain from point to point. As a variety of platforms, we can think of all the platforms now. It seems that we think that blockchain can be done. We can take a taxi and take out food on the blockchain. It seems that we want to subvert so many platforms built on the Internet. Is it possible? Unlikely.
        It is said that now something has happened to Didi. We need to build a blockchain taxi to make it more transparent. But to be honest, the public opinion has come back recently, saying that the crime rate of online car Hailing is still very low, but at that time, if something happened, you must be responsible. But if you build a blockchain that is really decentralized, who will you scold? I'm not talking about the existence of previous platforms. This business model is right. I always think that decentralization is a false proposition in most cases, and it is impossible to be decentralized. However, blockchain can make these centers more transparent and efficient. You said that if I want to do this thing, someone must run it? Someone asked me what are the business rules of the game? I said it very frankly: hardware.
        So the profit is high. Therefore, blockchain can constrain these things. When we talk about blockchain, we must not say that blockchain will make the original business model better. Why are Internet companies so valuable now? The most important thing is the traffic. It has all the traffic. Should this be the case? Therefore, blockchain can make this business model better, but you still need such a role to operate this business. Blockchain should grasp the essence in the application process, not left or right. Therefore, the application of blockchain must grasp its essence. It is to make the original centralization more transparent and let all participants participate in it. It is really possible to reshape. I don't like to use the word "subversion" because technology is a step-by-step process that will reshape many of our business models.
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