Weizhong Bank issued a “good” social governance framework and used blockchain for social governance

On September 17, at the 5th Global Summit of Blockchain sponsored by Wanxiang Blockchain Lab, Ma Zhitao, Vice President and Chief Information Officer of Weizhong Bank, published “The Evolution of Blockchain and Leading Sustainable Development” Road" keynote speech.

Ma Zhitao summed up the experience of Weizhong Bank in the blockchain in the past five years, including the establishment of the Golden Chain Alliance, the open source FISCO BCOS blockchain underlying platform, the concept of public alliance chain, etc., and constantly explore the use of blockchain technology in financial technology. To lay the foundation for the blockchain technology service distributed business.

Although more and more applications based on blockchain have begun to commercialize in the past few years, there has been no “scale effect”, and people are beginning to question where the blockchain is going. In this regard, Ma Zhitao believes that social governance will be an area in which the blockchain can exert great potential in the next 10 years, and proposes a new proposition – goodness, which is a measure of metrics, incentives, tracking, and supervision for good deeds. Social governance framework.

In the Goodness Alliance, there will be a series of roles such as good issuers, distributors, sponsors, redemption platforms, clearing service providers, supervisors, and end users. Different roles can participate in good value exchange. This mechanism combines blockchain, 5G, IoT, biometrics and other technologies to value each small good record that people have, which is of high value for improving social governance and promoting social civilization.

Mazhitao

The following is the full text of the speech, Babbitt did not change the original intention of finishing:

I am very honored to have the opportunity to return to the annual blockchain event of the Wanxiang Blockchain. Every year, Xiao always invites the representatives of Weizhong Bank to share their thoughts and ideas on the application of blockchain technology.

This year is no exception. To be honest, Weizhong Bank has been insisting on research on the blockchain, and has indeed summed up a lot of experience in recent years. Many people will ask why Weizhong Bank is so interested in blockchain? I think that the most important factor is related to its own genes. Since the establishment of the bank, we have been very focused on the development of distributed technology. So after the establishment in 2014, the preparatory group has been studying how to use distributed technology to reconstruct the technology of the bank. platform.

In August 2015, it successfully launched the first bank core system based on distributed technology in the country and the world. Subsequent days have also been in-depth research in various different distributed technology areas, including the establishment of the "Golden Chain Alliance" in 2016, FISCO organization, focusing on research and development in the blockchain field. In 2017, I am very honored to have the opportunity to launch the BCOS blockchain underlying platform along with the Wanxiang blockchain and open source. After 2018, I have done a lot of open source, including Fintech Day, which held a micro-bank in Shenzhen this year, and opened up many blockchain capabilities. Indeed, blockchain is a technology area that we value very much.

Every year at the Wanxiang Blockchain Conference, some very important milestones will be reached and will be shared at the conference.

Focus on the alliance chain, serve distributed business

In 2016, we determined that the alliance chain is the area we focus on, and we have established the Golden Chain Alliance, and we have taken the lead in implementing the specific application in the inter-bank clearing settlement scenario based on the technology of the alliance chain.

In the next few years, we saw a more vigorous development of the alliance chain in the market. We saw a lot of alliances, including R3, and the Hyperledger organization.

As the regulatory authorities face the tightening of virtual currency ICO regulation, the development is even more vigorous. At the same time, we chose a very important path, adopted a non-profit model, established an organization, and finally completely free of charge through open source, and finally obtained very important verification through the vitality of the organization. The Golden Chain Alliance has grown from more than 20 units in the beginning to more than 110 member institutions today.

In 2017, the bottom-polishing technology and the universal and open-source BCOS platform jointly developed by the universal and matrix elements were officially opened to the public. They also established an open source working group through the Golden Chain Alliance. It can be said that FISCO BCOS is widely recognized in the market. platform. In the market, like Fabric, Corda has also launched the market. There are also many domestic ones, such as Baidu and Jingdong, which have launched their own open source platforms, indicating that open source is a route that everyone recognizes.

FISCO BCOS accounted for the majority in the blockchain application competition held by the Ministry of Industry and Information Technology. Among the 11 award-winning platforms, FISCO BCOS accounted for 4 of them. Therefore, if you are interested in the blockchain or alliance chain application, you can consider using FISCO BCOS because our services and basic capabilities are already ahead of the industry. Now the number of transactions per second has been able to support more than 10,000, which is a representative one in the alliance chain platform.

In 2018, the experience of application development in the alliance chain was summarized, and the form of the public alliance chain was abstracted. After talking about the concept of the public alliance chain, there are many application scenarios in the market that conform to our characteristics of the public alliance chain. For example, BAT uses the form of the public alliance chain in the fields of electronic invoices and insurance claims to serve the public as a target. A coalition-based distributed business model is achieved through alliance governance.

The most representative case is Libra, and the Libra Alliance, which is led by Facebook, is the most familiar and most shocking case for the market. We believe that Libra is also a morphological feature of the public alliance chain. It has gathered alliance members from many different fields to form a coalition structure. The representative ones are Facebook, Uber, and ebay. In the end, it is mainly to serve all users on the Internet. point.

We believe that Libra may have the shape of a public alliance chain, but it is still very central in its thinking . In the future, if Libra successfully launches the market, it may create another risk. Indeed, their influence is enormous. The challenges that Libra will face in the future under the regulatory challenges of various regions will require further observation.

Summarizing the milestones of the past few years, we are also thinking about where the next step in the blockchain will go.

Social governance is an area where blockchains have great potential

Just like the theme of today's conference, “new starting point, new decade”, from the beginning, the blockchain is a controversial technology. In the past few years, there have been many commercial applications, but as mentioned by President Li in the morning. “I haven’t seen scale benefits yet, is blockchain technology limited to landing scenarios like Bitcoin virtual currency? We don't think it is necessary. We think that there is a field that may be the great potential of the blockchain – social governance.

Why mention social governance? In social governance, nothing more than good and punishing evil, but I think there should be carrots and sticks. When we teach children, we will do good things to cover the little white rabbits. If we don't do well, we will cover the little black pigs. However, in the system of social governance, it is more focused on punishing evil and not doing enough to promote good . This is also very related to the characteristics of humanity's profitability. As a child, it may be very satisfying to take a little white rabbit. As an adult, there may be more inducement. We think there are quite a lot of techniques in this aspect. difficulty.

For example, how do you record some small good deeds in the past? It is a lack of technical foundation . How to record good deeds is another problem. It has also been seen that in the specific governance process, punishing evils can often be completed by a single department, and issuing a ticket is very easy to solve. But the true praise of good deeds often requires multi-sectoral and multi-institutional collaboration. This is why we have seen a lot of resistance in the field of charity and philanthropy, which has not been done well, and lacks transparency and governance of the process. Therefore, it is possible that the blockchain can come in handy in this field and can bring value.

Can I use blockchain technology to drive the optimization of social governance models? I think it is possible.

Today, with the opportunity of the Universal Blockchain Conference, we propose a new proposition – goodness, a social governance framework that targets good deeds, implements measurement, incentive, tracking, and supervision mechanisms. It is a reference framework, not a single product. It is a reference implementation. If you are interested, you can form an initiative alliance to achieve a good mechanism.

The core mechanism includes several aspects:

(1) Measurable mode. “Goodness” uses the smart city infrastructure such as 5G, IoT, biometrics and other smart city infrastructure to obtain the user-authorized good data, and it is measured by the city management agency such as the vehicle management office and the transportation bureau. At the same time, each user has a bound good account. Can be used for good record and accumulation, according to the accumulation can get the corresponding incentives.

(2) Incentive compatibility. The governance framework participants are divided into seven roles: good issuer, good distributor, good sponsor, good exchange platform, clear settlement service provider, good supervisor and good end user to ensure efficient operation of all links. Can achieve multi-win.

(3) Compliance governance. “Goodness” takes into account the balance between innovation and risk. Firstly, users voluntarily authorize participation, ensuring that data security is not abused in the mechanism, guaranteeing controllability and not realizing in the scope of circulation, and “precision” also reserves a supervision interface, according to the role. Segmentation isolation, minimum authorization. With the development of IoT, 5G, blockchain, biometrics and other technologies becoming more mature, there are technologies for recording good behaviors, and many good data can be automatically obtained through smart devices. Metric work, and can bind behavior records to individuals based on the digital identity on the blockchain.

We believe that there will be a series of roles in the Alliance of Goodness that need to be played by different institutions, such as good issuers, distributors, sponsors, exchange platforms, clearing service providers, supervisors, and end users. We have a very rigorous definition of the responsibilities that different roles need to participate in and assume. The time of today's meeting may not be enough, but the definition of different roles in the white paper is very well shared.

Different roles are involved in value exchange, which requires interest-oriented, so that they can actively participate. Therefore, different roles will carry out the corresponding value exchange. In the end, I hope to balance the balance between innovation and risk. Good users can participate in it voluntarily or not, so it is a very rigorous authorization process. At the same time, factor protection is achieved through encryption technology on the blockchain, and in order to be supervised with the financial regulatory system, the closed-loop use should be emphasized at the beginning. A regulatory structure is also reserved in the system so that the system can become regulated and auditable.

Make good deeds and make society more sustainable

The projects we are currently carrying out are very representative, and they are also specific and concrete landing modes, which are worthy of reference by the industry.

This is a low-carbon travel scenario, hoping to build a public alliance chain based on blockchain technology to realize the ecology of green carbon education. In the different roles just mentioned, the distributors can be played by the transportation platform. The issuers can be environmental protection agencies, traffic authorities, regulators, and which regulators want to participate in it. Banks can also act as providers of alliance clearing services for alliance members. It is very important that sponsors and funders need financial support from some commercial organizations. And exchange platform (environmental trading platform)

In this system, the mechanism of goodness is realized, and the public alliance chain proposed before has also been adopted as a very effective case.

Looking to the future, goodness is a generalized part of speech, not necessarily charity. Scenes like low-carbon life, scenes of healthy living, corporate social responsibility, charity, etc. can follow the mechanism of goodness, let the multi-party participate, revitalize the good, and make the society more sustainable.

In response to the mechanism of goodness, we have prepared a white paper. All interested colleagues are welcome to download the white paper and give us some suggestions. Of course, we hope that more people can participate, so that we can motivate good deeds through an effective mechanism to enable society to embark on a more sustainable path.

The industry has been talking about technology to be good, technology to promote good, the industry has reached an agreement on this topic, but often lack of how to land. It is hoped that Weizhong Bank will provide reference for the industry based on the research and application scenarios of blockchain technology in recent years, and it can inspire more thinking.

White paper download link: http://vb.8btc.com/doc-view-3793.html