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The financial technology Q3 venture capital report was released, and the technology giant explained the pits of blockchain application development. AI Financial Review Weekly

Time : 29/07/2021 Author : 0rqjlh Click : + -
        There are more than 300 blockchain applications developed based on Ethereum in foreign countries. The scarcity in China clearly indicates that there is still a certain gap between blockchain technology and that in the world. What does the international technology giant say about those holes in the development of blockchain applications? In this session of hard innovation open class, Lei Feng invited LV Xujun, founder and CEO of Weblog technology, to share the experience of blockchain application development. LV Xujun, former co-founder and chief technology officer of Factom, holds a master's degree in economics and computer science from Peking University and Ohio State University. He has more than 20 years of experience in Internet and software development and management, and has many entrepreneurial experiences in the United States, China and Europe.
        1. Development status of block chain at home and abroad; 2. In terms of feasibility, what kind of business are public chain, private chain and alliance chain applicable to? 3. What are the pitfalls of rapid application creation? 4. Application scheme of smart contract& hellip;& hellip;。 Lu Xujun said that the current blockchain industry is in a period like the spring and Autumn period and the Warring States period. Various schools are establishing their own alliances, hoping to establish their own standards to promote to other places. However, I believe that the development of blockchain is still very early, and various new technologies will emerge in endlessly. It is still too early to establish standards. But from the current situation of our country, especially some state-owned enterprises and financial institutions, they need the state to establish a standard before they dare to use it.
        Therefore, for our country, it's good to overtake at a curve. We should seize this development opportunity when the National Games are coming. If we can establish our own standards as soon as possible, it is also beneficial to China. Blockchain is a very popular technical term this year. It is highly valued at home and abroad, because digital currency itself is a great invention, and more importantly, its underlying blockchain builds a trust machine, and thus has more room for imagination. However, how much do we know about the origin, development and impact of blockchain and the technical competition in it? In this open class on hard innovation, we invited Duan Xinxing, chief researcher of oklink, to share his insights and experiences.
        Duan Xinxing, vice president and chief researcher of okcoin, the parent company of oklink, is a scholarship winner of the Gates Foundation. He graduated from Xi'an Jiaotong University and Nanjing University. He once served as a senior engineer of Lucent Bell Laboratories in the United States. His book is blockchain: reshaping the economy and the world (CITIC publishing, 2016). No matter how the global environment changes, financial technology is one of the hottest targets of venture capital in the world. Among them, blockchain technology still occupies its own place in the field of financial technology venture capital. The following are some statistical data based on the reports of KPMG and cbinsights, which were edited and sorted out by Lei Feng: fintech venture capital decreased in Q3, mainly because there were very few large orders of more than US $1 billion, and the total investment in this quarter was less than half of that in the same period in 2015.
        Although the transaction volume has decreased on a quarterly basis, the total amount of fintech venture capital is expected to exceed 2015. The US and UK markets are still unstable due to the impact of the general election and brexit, so the risk investment in financial technology has also weakened. Among the three active areas of fintech venture capital in the world, only Asia increased from US $800 million in the second quarter of 2016 to US $1.2 billion in the third quarter. At the time of the rise of blockchain technology, R3 blockchain alliance is simply regarded as the "center of the universe". Regardless of the actual technical strength, joining it is like leading in the blockchain field. Before that, every institution that joined R3 would receive wide attention.
        So far, there are more than 60 member institutions of the global R3 alliance, including 5 Chinese institutions, including Minsheng Bank, China foreign exchange trading center, China Merchants Bank, Ping An of China, and Hong Kong AIA life insurance company. By developing blockchain technology, banks can use distributed ledger technology to accelerate transactions, reduce operating costs, and better protect banks and other supporting infrastructure. Blockchain technology can provide permanent records of transactions and identities, which will make a large number of intermediaries operating in the existing infrastructure disappear. Lei Feng reported earlier that R3 alliance released corda, a distributed ledger platform for financial institutions, to record, manage and synchronize financial agreements between regulated financial institutions.
        This month, 10 R3 members tested an identity registration system called know your customer to use blockchain to manage accounts and verify user identity. In addition, banks can share KYC services. This initiative can not only use the blockchain technology to share entity transaction information among banks and reduce a lot of repetitive work, but also protect financial institutions and reduce unnecessary transaction risks. But at this juncture, Goldman Sachs and Santander chose to withdraw. What is going on?.
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