On November 23, under the guidance of Shanghai Science and Technology Commission, Shanghai Science and Technology Association, Shanghai Yangpu District People's Government, Shanghai Science and Technology Entrepreneurship Center, Shanghai Yangpu District Science and Technology Committee, National Technology Transfer East Center At the launching ceremony of the Blockchain Technology Association and the first Yangtze River Delta Blockchain Technology Application Forum, Da Hongfei, founder and CEO of Distributed Technology, delivered a speech entitled "Blockchain and Trusted Society".

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The following is the transcript of Da Hongfei, the founder and CEO of Distributed Technology:

Dear guests, good morning, I am very honored to be one of the initiators of the association and as an entrepreneur, to stand here and share with you some of my knowledge and feelings in this industry. Before I start my sharing, first of all, I think the name of our association is particularly good, Shanghai Blockchain Technology Association. The first attributive here is Shanghai. Shanghai is a very magical city. We are facing the Yangtze River and relying on the sea. Therefore, Shanghai is not only an ordinary economic center, but also a link connecting the east, west and other regions of China. At the same time, it is also China's window to all economies in the world. The building we are in today, I heard that there is a new name called the blockchain building, this blockchain building happens to be very close to our Huangpu River, maybe a few kilometers smaller, the Huangpu River will flow through the Yangtze River, It flows through the Yellow Sea and the East China Sea, and finally converges with the Pacific Ocean, connecting with other oceans and continents. I think it is an honor in our era to be able to start a business in the blockchain industry in Shanghai, and I am very honored to be able to participate in the establishment of this association.

So the first one I can say is thanks to this city, the second I think this city is very well positioned, it is called the Blockchain Technology Association, just as Professor Ling Li said, we are doing blockchain entrepreneurship At that time, what kind of company should we position ourselves as, and what kind of company are we? I believe that these members in the blockchain association, these member units, are more positioning themselves and technology. , rather than positioning other speculative, transactional, or financial attributes together. The synergy formed by our gathering is technical synergy, which can achieve many technological progress and breakthroughs.

I also hope that with the participation of our start-ups, our association and our building can act like a magnet, attracting outstanding talents and companies in the blockchain field from Shanghai, the Yangtze River Delta, the whole country, and even the world. can all gather here. Relying on our association, we will have our own think tank, accelerators, incubators, and our own funds. The entire supporting measures can help start-ups like us grow better and faster, and grow in the right direction.

I just talked about my thoughts on the association. Let me first introduce myself and our company. My name is Da Hongfei, and our company is called Shanghai Distribution Information Technology Co., Ltd. As the name suggests, we are engaged in research and development of distributed technology. Our company has a slogan called data credible and value free. We hope to use technology to construct some credible data, build a trustworthy society, and finally make all kinds of values ​​flow more freely.

Our company was established in December 2016, and it has been exactly two years until now. In the past two years, we also have some advantages and some small achievements. We are a company composed of various technical geeks and experts. All our codes are self-developed and open source. You can find the original codes of all our products on the open source code platform. In addition to our team behind us, we also have three external shareholders, namely Fosun Group, Danhua Capital, and Sequoia Capital (China).

In addition to these external shareholders, we also have some small honors. In the past two years, we have been the only blockchain company among KPMG China's top 50 fintech companies. Along with us on this list are financial companies or financial technology companies that have grown a lot like Ant Financial. We are a very small representative of the blockchain industry. Second, we have also participated in the construction of many international and domestic standards, including the blockchain reference architecture of the Ministry of Industry and Information Technology, including the construction of standards in international electronic engineering fields such as ISO and ITU. At the same time, we used to be a member of Microsoft Accelerator, a member of Hyperledger, the world's largest blockchain technology alliance, and a unit of two standard directors under the Ministry of Industry and Information Technology.

In the past few years, we have also done a variety of blockchain application landing cases，Because the most frequently asked question in the blockchain industry is how to implement. For example, in Guiyang, we made a Guiyang identity chain for the Guiyang government. It can put people, money, things, things, offline identities and data on the chain, and turn them into online digital identities and digital people. , financial, and material identification, and unified management of these identifications, this is the case of the identity chain we did in Guiyang. We participated in the construction of the Shanghai market information sharing platform in Shanghai and were responsible for its underlying blockchain architecture. This is a bit like the Baixing credit investigation model, which can connect and share the trusted data behind various associations, covering thousands of companies and professional groups, and ultimately create a trusted platform.

We also have a consortium chain product, this product is called the legal chain deposit certificate, and it cooperates with some qualified institutions with judicial authentication rights. They serve as some nodes of this consortium chain. When you generate any electronic data, you can Store data on this legal chain at any time. Your data can be emails, electronic contracts, or copyright. I will issue you an electronic certificate of deposit. At the same time, we made a case of a trusted electronic certificate platform with UnionPay.

I just talked about some things that our company does. All of our business now relies on the technology of blockchain. Many people will ask when this technology will be applied on a large scale. I think it can be divided into three stages. .The first is the application of currency. At the earliest time, many people knew the blockchain and learned that the blockchain came from something called Bitcoin. The blockchain will be applied in some virtual currencies at the earliest, and we see that it is gradually becoming mainstream. Many national central banks have considered using the blockchain architecture to improve their vision of future electronic or digital currencies. Secondly, with the application of currency, we can use it in more aspects. For all aspects of market exchange and contract, we can use code to represent the contract in the original human language. This thing is called intelligence. Contracts, with smart contracts, we can not only program and manipulate currency, but manage the entire economic activity. I can even use it in the field of social governance. The legal chain business mentioned just now can be understood to some extent as a new form of existence of notarization services. In the future, our government may have some areas of power. For example, some countries have already used the blockchain to register real estate or land property rights, and these areas can also be applied. With the application in these fields, we can enter the utilization stage of the programmable society.

I am often asked a question, what is the new technology of the blockchain, and where is its real core value.I have heard a British science fiction novel before, it has a so-called famous quote, it has three paragraphs, how do these three sentences say? All the sciences, all the technologies invented before you were born are commonplace, part of the original society. A new technology that appears between the ages of 15 and 35 is often considered to be an innovative technology, a technology that changes the world, and you may even find the direction of your future career development based on this technology. But once you invent technologies after the age of 35, they may all be anti-human and anti-nature, which is not acceptable.

We often hear from many engineers, especially older engineers, that blockchain technology is actually very common and nothing special, but it is the fusion of the original cryptography technology and distributed computing technology. , forming a new technical framework, but essentially nothing new. In fact, I agree with such a judgment, which is not wrong. But if we look back, if we look back at the history of the Internet, in 1995 and 1997, a slogan was often mentioned at that time, the Internet is an information superhighway, and the implicit meaning behind it is that it is a faster tool for transmitting information , so many people think that the Internet can change more news from the original newspapers and magazines to the Internet, and it will spread faster. It may put our original communication by mail and telegram on email, and our communication will be more efficient. . It is possible to communicate things that can be communicated by phone through QQ or instant messaging tools. At that time, many people's thoughts were just like this.

But looking back, looking back at the history of Internet development in the past two decades, we can clearly see that the Internet is not just an information highway, but what it can carry is actually much larger. I think the blockchain is the same. There are many new technologies today. If you only look at the three words in the narrow sense of the blockchain, it is indeed a combination of old technologies, but we will find many new technologies, such as Some new developments in the field of cryptography, some new developments in secure computing, and some developments in distributed application databases can all be included in the basket or umbrella of blockchain technology. For example, cryptography was originally an academic research in a very unknown small field, but now it has become very prominent. Many cryptography professors often give lectures all over the world.I have seen in the past one or two years that blockchain is not just blockchain technology itself, but a general term for new computing paradigms and new social collaboration models that we can see in the future. Here, we should be able to see a lot of interesting phenomena happening.

Finally, I would like to talk about my thoughts on trust society.It is often said that blockchain is a trust machine, a machine that creates or transmits trust. But trust is actually very expensive. We usually have three ways to gain trust, such as through the community, where you have trust with your neighbors, or through the legal system, when your behavior is protected, you will have legal trust. There is also technical trust. For example, if you have a lock, no one else can open it.

In the process of development, the earliest must be community credit. In primitive society, feudal society, and even in the absence of sufficient legal system, we all obtain it through the neighborhood relationship between people. Gradually, humans have invented many social systems and judicial systems for governance, and we have begun to build trust in the legal system. But with the blockchain today, I think technological trust will develop faster for a long time to come. The advantage of technical trust is that its cost is very low, and it can reduce the cost of things that cannot be done in community trust and are very expensive in legal trust. My personal judgment is that the cost of building trust in our society as a whole should exceed 50% of all transactions. We pay lawyers, accounting firms, and even taxes to the country. A very large part of it is It is used to build trust, guarantee transactions, and guarantee the execution of contracts. Therefore, with technical trust, I believe that the cost of trust in this matter will be reduced rapidly. In the real world, trust also has many pain points, and I won't elaborate on them one by one.

Finally, let me make a very brief sharing, what fields can blockchain be used in, and how can we apply blockchain technology.I think in the context of the recent trade disputes between China and the United States, the following should be a better case. The United States often accuses us of not protecting copyrights very well, and we are relatively contemptuous of intellectual property rights. In fact, there are many reasons for this, because intellectual property is a very difficult thing to protect, it is easy to steal, and many electronic documents are easy to be resold. If you want to protect it, the process through traditional channels is very long and the cost is very high. Once your copyright or digital assets are infringed, it is difficult to prove it.

We believe that blockchain technology can play a very important role in copyright protection. This is our vision of what the state of distributed copyright protection will be in the future. This form of protection can not only be used in the digital copyright of audio, video, and articles, but can even be used in your various personal data assets behind it. The articles you posted on social media today and the photos you posted in your circle of friends are actually some of your personal data assets, which are valuable in themselves. You may have no value on your own, but you can generate value after you hand over tools like WeChat to social media. How to manage this asset well is the model we designed to ensure that all your data assets and copyrights can be obtained. full confirmation. When your power is fully confirmed, you have a better market to flow and price it. This is the whole process, the above is my sharing and thinking today, thank you!