The China Development High Level Forum 2018 was held in Beijing. The CEO of Ant Financial Services, Jing Xiandong, proposed that blockchain is the cornerstone of trust for the digital society in the future, but also criticized the current ICO (the first issue of tokens) air currency "empty glove white wolf", and said that the ant gold suit and ICO Clear boundaries.
Jingxian Yin elaborated on the blockchain at the meeting:
"The core of the blockchain is to use technology to create a multi-party trust mechanism. Imagine if the world is fully digitalized, how the participating parties trust the authenticity of numbers, objects, and assets is a great challenge. From this point of view, On the other hand, the blockchain has a very positive significance and is a cornerstone of trust for the digital society in the future."Jingxian Yin said that the current consensus was upon the blockchain has not yet found a real-scale commercial application, and some are similar to the Internet bubble period of the 1990s.
"We have seen a lot of things happen in the past two years. For example, the ICO has engaged in 'air coins' and created a concept of nothingness. Afterwards, the so-called white papers do not know where they come from. They are nothing more than nothing but a kind of nothing. Empty gloves, white wolves, drums and flowers, and a blockchain pet boom, what's the solution to this problem? What real value does it create? I don't know, blockchains are stuck in the stage of hype concept. ,"
Jing Xiandong criticized some of the current false ICO projects.Jingxian Xian said that he remains cautiously optimistic about the future, and within a year it is very likely that the blockchain will usher in a burst of bubbles, and real values will gradually begin to emerge. In the next two to three years, there may be a large-scale outbreak of blockchain application.In February 2018, on the “2017 Global Blockchain Enterprise Patent Rankings” published by IPR daily, the intellectual property industry media, Alibaba blockchain patent applications ranked first in global companies, and all of them were from Ant Financial.
Jingxian Dong said that cross-link collaboration is currently a key direction for ants to overcome the gold service, and he also stated that the position and ICO draw a clear line."So far we have the most patents for blockchain technology worldwide. But I don't think we have anything to do with ICO."
Jingxian Yin believes that currently there are four factors that hinder the development of the blockchain:
The first is the security challenge. There is the possibility of being attacked by algorithm security and system security. Under the decentralized structure, who is responsible for the ultimate responsibility?The second is information protection. For business individuals, sensitive information and business information are hopefully protected. This chain requires a consensus among all parties. It is the need for information to be transparent and open, but how can this be solved simultaneously with the protection of sensitive information?Third, the transaction performance, the efficiency of multi-consensus transactions will inevitably decrease, especially as the number of companies increases. If cross-border transactions are involved, the communication time lags behind, and if the number of overseas and domestic nodes varies greatly, new problems will arise.The fourth is the incentive mechanism. If a multi-party cooperation is formed, the value chain needs a lot of parties to participate together. How to create an incentive mechanism in this chain can promote the efficient collaboration of the value chain. This is also a challenge.