Huang Qiaomeng visited University of Chinese Academy of Sciences: Blockchain after the bubble is still a trillion-level market
On December 8, the University of Chinese Academy of Sciences “Digital Economic Forum” was held in Beijing. The University of Chinese Academy of Sciences is an innovative higher education institution directly under the Chinese Academy of Sciences that focuses on graduate education and features the integration of science and education.
Hashi Technology Co-founder and COO Huang Qiaomeng was invited to attend this meeting and delivered a speech “Blockchain Society-A trillion-level market after the bubble”
The following the full text:
Hello everyone, today I am honoured to come to the “New Path Forum for Digital Economy” of the University of Chinese Academy of Sciences to discuss the prospects and opportunities of blockchain with the industry experts such as Professor Wang of the School of Economics and Management of the Chinese Academy of Sciences, Professor Wei of the Digital Economy and Blockchain Research Center and other industry experts. First of all, I would like to introduce the background of myself and Hashi Technology to you. I personally worked in the blockchain frontline for about 3 years, and I am also a veteran in the rapidly changing industry. In the first two years of the 3 years, I was engaged in investment research in China’s first blockchain investment institution-Fenbushi capital, and participated in more than 30 projects. In 2018, together with colleagues from giants such as Huawei, iFLYTE, JD.com, and Novartis Pharmaceuticals, launched Hashi Technology, a company focused on the underlying technology of the blockchain.
Now, our main business is to do the application of alliance chain, and we have reached strategic cooperation with A-share listed company Hongbo. Today my speech is mainly divided into the following parts. First of all, I will help you review and sort out the history of the Internet bubble. The famous Internet bubble between 1995 and 2001 has a high stock price with technology and emerging Internet-related companies. On the rise, the Nasdaq index reached a peak of 5048.62, and then collapsed within 2 years, erasing the market value of technology companies of about $ 5 trillion. The development of history is always advancing in waves. Just as the extinction of dinosaurs gave a niche to mammals, the collapse of a large number of companies after the bursting of the Internet bubble has also left room for the growth of those emerging Internet companies and build the era of giants.
Google was listed in 2004 and later became the Internet’s overlord. Sina, which fell from US $ 60 to US $ 1, rose to US $ 100 after 10 years, and NetEase, which once fell to 13 cents, reached a maximum of US $ 300 in 2016. Using history as a mirror, one can know the rise and fall. Today we are in the tide of blockchain, and history is likely to repeat itself again. In recent years, there are many bubbles in the blockchain industry. In 2017, btc exceeded the historical high of 20,000 US dollars, and then the lowest was 3,000 US dollars. A large wave of blockchain projects was born in the capital bubble, and then burst after bubble dying. However, in a sense, the blockchain bubble itself may objectively lay the foundation for future development.
First of all, the bubble has brought enough attention to the entire blockchain industry. From the search indexes of Baidu and Google, the bubble has attracted at least 10 times more attention. At the same time, the bubble has also brought capital to help. The inflow of 10 billion US dollar capital into the industry has attracted more and more outstanding people to join. These have created the perfect infrastructure of today’s blockchain, whether it is a public chain, an alliance chain, or a baas platform.
In addition, the bubble also brought in enough users. According to BlockChain.com, the number of Bitcoin user wallets has exceeded 43 million, and the number of Ethereum user addresses has exceeded 78.87 million. There is no doubt that the support and promotion of national policies will greatly expand the domestic chain market in the next few years.
The latest report of the “Global Semiannual Blockchain Expenditure Guide” released by the well-known market research organization IDC predicts that the scale of China’s blockchain market expenditure will reach USD 2 billion in 2023. During the forecast period, blockchain expenditure will grow at a strong rate, with a CAGR of 65.7% in 2018–2023. Specifically, in the upcoming tens of billions of market cakes, banks, manufacturing and retail will occupy the dominant budget position. Banking services are mainly divided into debt business (absorption of deposits), asset business, intermediary business, etc. Among them, the most suitable for blockchain to play is intermediary business, including international settlement, trade finance, digital bills, supply chain finance, etc., these are also currently the main landing scenario in the field of blockchain + banking. In the future, with the issuance and practice of the central bank’s DECP, it is believed that it will bring a new format to the banking business.
The second is the supply chain finance business. We see that this is one of the most well-established tracks. There are also many highly valued companies in this field. Blockchain + supply chain finance can mainly support the credit split of core enterprises, thereby helping SMEs to raise funds and reduce capital costs. This track is suitable for all kinds of industrial groups that have a lot of physical business. Next, let me share with you that we are currently doing a landing case of the cooperation with the listed company Hongbo shares-lottery on-chain.
As you know, a very important function of the blockchain is to help achieve “self-certification innocence”, and lottery happens to be an industry that needs “innocence” very much. Blockchain technology will be able to bring revolutionary innovation to the existing lottery system, using distributed ledgers, on-chain random numbers, smart contracts, and non-tampering features to enhance the publicity of lottery tickets in the issuance, sales, lottery, and redemption links to reduce operating costs. Specifically, blockchain has a lot of meaning in the lottery industry. For example, the current lottery, especially the instant lottery, the paper lottery is the only voucher, and once lost, it is easy to be falsified. There is such data that the total number of lottery tickets abandoned nationwide exceeds 2 billion each year. Blockchain can help complete the digital identity authentication of people and lotteries. Solve this pain point. At the same time, smart contracts can greatly help lotteries reduce operating costs. In the existing lottery sales process, the operating cost of the system is very high, and there are a series of cumbersome processes in order to maintain the fairness of the lottery, such as the use of burning discs to seal the data of the lottery, the use of special equipment to draw the lottery, the hiring of third parties to be fair Institutions, etc., have brought a large operational burden to the operation of the entire lottery. According to the announcement of Hongbo, we are together with the Cambodian lottery compliance Golden Elephant Company to put lottery on the chain, which will guarantee the fairness and transparency of the lottery industry and promote the further development of the lottery industry. Finally, next year is 2020, We have also prepared some judgments and predictions about the future and share them with you. Trend 1: In the next three years, as an upgraded version of the Internet, blockchain will be as ubiquitous as water, electricity, and cloud.
As a value Internet, the penetration of blockchain is still very low. In the future, it is likely to penetrate into thousands of households like the Internet. People will be inseparable from blockchain like water and electricity. Trend 2: Enterprise and government blockchain market will be opened on a large scale and become the main battlefield of blockchain
As everyone knows, blockchain is a revolution in production relations, then there must be application scenarios. There are naturally many scenarios in enterprises and governments that can be transformed with blockchain (on chain). Under the strategy this year ’s national blockchain, this budget of government and enterprises will increase next year and become the main service target of blockchain enterprises. Trend 3: Technically cross-chain collaboration and interconnection of web 3.0 is an inevitable trend.
I believe that just like the Internet will not be limited to the local area network, there must be cross-chain inter-communication needs between the various blockchains. Trend 4: Blockchain technology is likely to become a new generation of global financial infrastructure. According to statistics, 26 countries around the world have issued their own digital currencies, and asset on-chain is the global trend, from programmable currency to programmable finance, and then to programmable economy. It is no exaggeration to say that blockchain will help humans smooth the gap between laws, currencies, and languages among countries, regions, and economic systems, and build a globally integrated financial infrastructure. The recent libra released by Facebook is a portrayal of this trend. Thank you everyone.
Hashi Technology- Product introduction
Provision of 20+ industrial blockchain solutions
More than 20 technology patent in application
A-share listed company strategic partner
Cooperation Case:
Hashi Technology and A-share listed company Hongbo (002229) reached a strategic cooperation
