Wuzhen, Weizhong Bank Fan Ruibin: Blockchain technology is an important infrastructure to support distributed commerce

On November 8th, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt was officially opened. The conference gathered more than 100 global blockchains, digital assets, AI, 5G experts and scholars, and technical geeks. Opinion leaders and founders of popular projects, with the theme of “application unbounded”, explored the application of blockchain, technology frontiers, industry trends and hot issues, and promoted blockchain technology and industrial innovation.

On the morning of November 9, in the “Blockchain Big Event: New Hotspots and Explorers” forum, Fan Ruibin, head of Weizhong Bank Blockchain, published the title “The Road to Blockchain Practice for Distributed Business”. Speech. In his speech, Fan Ruibin shared the exploration of the blockchain in the four years since the establishment of Weizhong Bank.

Fan Ruibin believes that blockchain technology is an important infrastructure to support distributed commerce. Through comprehensive open source, Weizhong has attracted more companies to explore the application of blockchain, and has made some progress.


The following is the full text of the speech by Babbitt:

Hello everyone! I am always grateful to have the opportunity to share with you some thoughts and practices in the field of blockchain, and I am very grateful to the organizers for setting up such a good communication platform for the industry.

My name is Fan Ruibin. I am from Weizhong Bank. I am mainly responsible for the blockchain of Weizhong. At the same time, I am also responsible for the work of the Golden Chain Alliance Open Source Working Group. Before joining Weizhong, I mainly did some mobile Internet related services in Tencent.

Weizhong is a bank established by Tencent in 2014. We are also the first Internet bank in China. We have no offline outlets and are pure online businesses. By the end of last year, our number of customers has reached 100 million, and the business has been developing at a high speed in recent years.

The main service of our company is actually small and micro enterprises and the general public. The name of Weizhong is also derived from the words of the micro-enterprise general public. We mainly do inclusive finance, what do we do? We mainly connect, and connect to various platforms at one end. They have users, some data, and some application scenarios that reach users. On the other end, we mainly connect financial institutions. They have capital, risk control, and financial products. We connect these institutions together through our product design, data analysis and technology capabilities. Provide services. Micro-products are basically based on this model and ideas, which is also our characteristics.

In the field of financial technology, we have been doing the following four aspects. Today's key points will be to introduce the work of Weizhong Bank in the blockchain.

Weizhong 1

Established for 4 years, the blockchain exploration of Weizhong

Speaking of the exploration of the blockchain field, I think the first question is to answer: Why do we have to do blockchain? Weizhong has its own thinking and judgment on this matter. Looking back at the changes in human commercial civilization, we have found that the past human business model has undergone many changes. When the technology was not so developed in the past, for a business organization, it put all the resources in its own hands, so that the operation efficiency is relatively high, which is a typical centralized business model. By the middle of the last century, we have seen some models of chain business have emerged abroad. This business model has achieved a certain degree of distribution in terms of operations and services. Further evolution into the last decade, we will see the emergence of an updated business model called shared commerce, which is further distributed, but it still has a centralized platform behind it. We feel that this platform is likely to be replaced by blockchain technology in the future to achieve true distributed commerce.

What does this have to do with the blockchain? We have always believed that blockchain technology is an important infrastructure to support distributed commerce. This is our thinking about future business and some of our thoughts on the blockchain.

We have always adhered to the development direction of the alliance chain. We started to build teams to do blockchain-related work from 2015. In fact, our work can be summarized into five things in the past few years. I will report to you one by one.

The first thing was actually done in 2016. We joined forces with Shenzhen Financial Technology Association, Shenzhen Tong and some institutions to form a gold chain alliance. Currently, there are more than 100 financial institutions, most of which are licensed finance. Institutions, including banks, securities and funds, have many working groups under the association. Some working groups may be research applications, some working groups research standards, some working groups do open source, and the open source working group is mainly responsible for me.

Why are we doing this? In fact, in the early stage of an industry development, in fact, every enterprise, including the industry, is very weak. At this time, people with like-minded people are especially needed to jointly explore the application of landing, underlying research and development, open source, standards, etc. For companies and for the entire industry, it is actually very helpful.

In addition to the alliance, there are important things that cannot be separated from technical research and development. There is a story here. Because we are a business organization, when we entered this field in 2015, we started with the application. But the first problem we face first is that in 2015 you want to be a coalition chain application, you can't find a good use of the financial chain level of the alliance chain grassroots platform. How to do? do it yourself.

Later, the second question came. Because the blockchain is not used by a company itself, especially the alliance chain is more suitable for multi-party collaboration scenarios, and multiple organizations need to build a chain to carry out their business. How can your partner be willing to use the blockchain with you? We thought about a lot of ways. Later we chose a road and it was an irreversible road, which is open source. In 2017, we joined the Golden Chain Alliance open source working group to bring out the accumulated accumulation of several parties on the underlying platform. Together, we made open source, which is the underlying platform of the alliance chain FISCO BCOS. We completely open source in 2017. . Through open source, you can greatly reduce your technical threshold and psychological threshold. Everyone says that blockchain is a machine for creating trust, and we are very much recognized. If the machine itself is a black box, we think it is quite strange, so we have been firmly on the open source route.

After the open source working group of the Golden Chain Alliance opened up the underlying platform, many people are using this underlying platform, and then there is a new problem, a low-level platform, such as Android, iOS, Linux, if a developer Direct research and development on the underlying platform, in fact, the threshold is very high, especially in the community there are many developers, including many people inside our company, it is very difficult to directly develop on the underlying platform, what should I do? We collected the voices of many community developers and worked with you to create a middleware platform for development, testing, launch, deployment, operation, monitoring, that is, the entire R&D operation process. This platform, we also made open source to the outside world, convenient for everyone to use. And it is also very interesting. This platform, we have contacted many companies, and all the architects, developers and other technical personnel are very recognized and very interested in this. This is also understandable. This is mainly for the development of classmates.

After the second middleware was opened up to the outside world, the third question came. Because we are in the enterprise of the users of the alliance chain, in fact, most of the concern is how to combine the alliance chain technology in my existing products and services, so as to quickly improve the competitiveness of the product, and then get the project to make money, this is The business is most concerned about things. So there is a bottom layer and a middleware. Maybe we don’t think it’s enough, or we can’t support them better. Therefore, we have worked with many community partners to create a number of application templates or components for specific application scenarios, such as the field of judicial deposits, copyright protection, and data exchange. In the blockchain application scenario, some of the more mature segments are currently being developed. We abstract the application components of these domains and provide them to the users, and they are all open source. In this case, the user can quickly build his own product by taking this component and can release it.

We help the development of the entire alliance chain ecosystem through the bottom layer, middleware layer and application component layer. It enables all users to build their own products and build their own services on these three layers to greatly reduce their Cost, lower their threshold and increase their efficiency. In the past, many new technologies have been developed. In the early stage of development, we can fully appreciate the thresholds, including technical thresholds, application thresholds, governance thresholds, and legal thresholds. Our initiatives promote the entire industry to join hands in various The threshold is greatly reduced, which has a great impetus to the development of the entire industry, but it is also hard work and tired. Here is how to do this together with many partners, so we feel very meaningful.

For the underlying platform of the alliance chain, what are our concerns? In the past few years, from the experience we use ourselves and the voices used by our partners, we feel that there are so many important things: security, privacy, performance, ease of use, and reliability. These are the places where we focus our efforts.

  • Safety: The most important thing is a full range of safety. Avoid short boards to avoid breaking windows;
  • Privacy: In addition to supporting permissions, homomorphism, etc., we first supported the national secret in 2017, and now we support the most complete national secret system, we think the choice at the time is very correct;
  • Performance: We supported parallel multi-chain parallel expansion in the first open source version in 2017. In addition to single-chain support of 10,000 or more, we can support parallel multi-parallel expansion, performance is not a problem, and we support distributed storage. Storage without pressure;
  • Ease of use: As mentioned earlier, we have always had a point of view. Is a platform a service that is a personal developer's toy or an enterprise-level application? Ease of use is one of the most important but easily overlooked points; reliable: I feel that if it is not reliable, the above is meaningless. How to judge whether it is reliable? You can say that you are reliable, this is a way, and there is another way to let everyone see through all open source, let everyone, let everyone judge reliable and unreliable.

We don't think this is enough. We think that the practice is true, because this low-level platform has passed the practice test of long-term production environment of multiple applications from multiple external organizations. I think this is very important.

How is the blockchain used? Weizhong sharing application case

What is said before is technology. It is more important to do technology to solve practical application problems in the actual production environment, in order to bring out the value of technology. In the past few years, Weizhong has also done some applications. I chose several representative cases to share with you.

Weizhong 2

This is a benign launch platform for online lending institutions launched under the guidance of the Shenzhen Financial Bureau. Everyone knows that in recent years, online lending has been a serious violent thunder, involving a large number of exiting organizations. How do you work with debtors and creditors to implement this matter? We apply blockchain technology to help the government better better exit the online lending institutions.

Another interesting case is copyright. We cooperated with People's Network, and People's Daily released the copyright protection platform for people's copyright in July. The copyright field has always had problems in the industry, such as the difficulty of realizing the rights, the difficulty of defending rights, and the difficulty of trading. The blockchain can hardly give full play to its value. This was officially released in July, and now a large number of media have placed their content copyright on this platform.

Another interesting case is that Macau is building a smart city. We work with the Macau government to use the blockchain to help it become a smart city. What is the problem solved? Everyone knows that many departments of the government have very serious problems with data islands, which bring a lot of troubles and troubles to the people in handling government affairs. We mainly use blockchain technology to open up data silos, while avoiding the problem of data abuse and data privacy protection. This has been developed in July, and now it is being tested in the Macao region, and will gradually be released to the Macao citizens by the end of the year.

Another interesting case is the application of blockchain technology in the community. Everyone knows that in many communities, because many public decisions and public fund management are opaque, there are many contradictions and discord between the owners and the property. I believe that many owners have experience. Through blockchain technology, we will put all parties, including the industry committee, property, regulatory authorities, and banking financial institutions, together to put the information here on a chain, to achieve information sharing, information transparency, and public decision making here. And the management of funds is transparent. In this way, the efficiency of the property operation is improved, and the owner is provided with a better way to participate in public affairs, so that the whole community is smarter and more harmonious.

The inter-agency reconciliation platform is an early application we made, and it was the case in August 2016. In fact, it has been running for several years now, which is a very good test for the stability and performance of the underlying platform of the entire alliance chain, and this scene is still very useful in many financial institutions. This was the earliest application in the production environment between multiple financial institutions in China.

The arbitration chain is used in the field of judicial deposits. In fact, Weizhong is not the first company to use the blockchain in judicial verification, but Weizhong was the first to access the judiciary and was the first to issue the first judicial ruling. I think this is a small minority in this field. A small contribution, in order to make the entire model a value closed loop. Because in the past just replacing the database with a blockchain, we believe that this is not solving the fundamental problem. I think the most important issue here is to bring the judiciary into it. We did this in 2017, when the judiciary issued the industry's first judicial ruling in early 2018, based on this technology.

At the time, we also participated in many standards development and government cooperation. We are also honored to be invited by the National Standards Committee to represent China to participate in the formulation of some standards. We also hope to play some of our strength here.

Finally, let's talk about the open source ecology. We are going to do open source, how to do it? This is a very important issue. Frankly speaking, domestic companies rarely do this. In recent years, we have had a experience, that is, uniting many partners to build and share an open source ecosystem. This is our main idea. Over the past few years, we have been building an open source ecosystem with a variety of corporate roles.

Why are others willing to participate in this ecology? First of all, each character can play its own value here, and more importantly, the value that the company here can gain from it. Simply put, he has the opportunity to make money, so that this ecosystem will become more and more With vitality, this open source project will become more and more vital, instead of simply posting a PR on the Internet, I think that is meaningless. In the past few years, our community members have passed 10,000, hundreds of cooperative enterprises, and more importantly, there are a large number of application chains of the alliance chain, which is the underlying platform of the alliance chain that is the most widely used in China. We have classified the applications from the ecosystem. We have also selected some representative cases. Each type of application scenario only selects one or two representative cases. We have compiled a case set, which is in various fields. The case of the alliance chain, and most of them are not in the public, it is the application of other companies with their own open source technology, I think this is a very good result. In July of this year, when the 11th award-winning project of the 3rd China Blockchain Application Contest held by the Ministry of Industry and Information Technology, there were actually four teams using FISCO BOCOS, which is a very extensive underlying platform in China.

Weizhong 3

We continue to hold a variety of community events in the open source community. We have hosted more than 20 offline Meetups and salons throughout the country, and we have our open classes online every week. Many local communities are inviting us to go.

In addition to this small salon and open class, we continue to hold corresponding competitions, whether it is the application contest, the hackathon competition, and the financial technology competition for colleges and universities. In addition to the events, we have more exposure to more companies and individuals and more good ideas. At the same time, the open source community is actively doing various trainings. For example, we have worked together with People's Network to do blockchain colleges. This has been open for 13 issues. At the same time, we have established blockchain courses in more than 20 universities around the world. I think For medium and long-term careers, training is very important and very basic work, and this is what we have been doing vigorously.

The content I share today is mainly this. In the end, I very much hope that there will be more partners. We are also very willing to build China's open source alliance chain ecosystem with more partners in China. thank you all!