On December 14, the "IN-Chain Global Blockchain Summit" hosted by Mutual Chain Pulse under the guidance of the Fifth Institute of Electronics of the Ministry of Industry and Information Technology was successfully held in Beijing Shangri-La. Chinese community manager Long Wenxuan shared the latest progress of the super ledger.
Long Wenxuan said: "In addition to the fabric originally contributed by IBM, there are currently a total of 15 projects, including the first public chain project BESU accepted in June this year, ARIES that complies with China's national secret algorithm, CALIPER contributed by Huawei, etc "In addition, he also introduced that the Super Ledger established the Chinese Technology Working Group TWGC and launched the Certified Service Provider Program. The first six companies approved were Ant Financial, Zhongxiang Bit, Accenture, Paper Your technology, IBM and Chainyard.
The following is a compilation of the contents of Long Wenxuan's speech, organized and released by Babbitt.
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- What can the blockchain do? 532 patents, 506 filings, 414 companies point out directions
Part I: Recent Development of Super Ledger
Speaking of the super ledger, we must first introduce the Linux Foundation. The super ledger is one of the many open source projects under the Linux Foundation, focusing on industry blockchain and commercial blockchain. It is hoped that after many years, we can also create a blockchain operating system that is used by everyone like the Llinux operating system.
We have defined the blockchain from a technical perspective. It has three core technologies: one is the distributed ledger, which must involve multiple parties; the other is cryptography, which writes data into blocks, performs hash calculations, and connects them into one. Chain, if you modify any of these blocks, all subsequent blocks will be wrong, and everyone can find that your ledger is fake; the third is the consensus algorithm. When I write data, I must get the approval of many parties on the chain. These are the three core technologies of the blockchain. Therefore, the blockchain is characterized by multi-party participation, transparent data, and difficult to tamper with, and finally achieve credible execution.
In the past few years, digital currencies have developed vigorously, and many people do not know the relationship between blockchain and digital currencies, so we have to clarify here that blockchain is not equal to digital currencies. In our opinion, blockchain is a combination of a series of technologies, and digital currency is an application based on blockchain. Blockchain technology was first used for Bitcoin, but it does not necessarily require digital currency. We can have a currencyless blockchain. Blockchain is divided into two types. One is a permissioned alliance chain. When you join, you must get the approval of most participants on the chain. The second is a license-free public chain that anyone can join.
In 2015, the Linux Foundation commissioned Hyperledger to begin exploring the application of blockchain technology in business scenarios. After 4 years, we have grown from 30 companies as sponsors and now have 275 member units. In addition to the most familiar IBM-led Fabic, we currently have a total of 15 projects in progress.
As shown in the figure, including SAWTOOTH used to build the supply chain, the first public chain project BESU accepted in June this year, ARIES that complies with China's national secret algorithm, and CALIPER contributed by Huawei, etc.
In April this year, Forbes released a list of the top 50 global blockchains, of which 75% of enterprises have used super ledger technology. In addition, mainstream cloud computing platforms worldwide support fabric-based services, including Amazon, Google, Microsoft, Ali, Tencent, JD.com, Baidu, Lenovo, and Kingsoft. If you want to know about the hyperledger, you can go to this website: Wiki.hyperledger.org. As an open source community, our project code, manuals, and meeting records can be obtained here.
In order to better serve the Chinese community, we have specially established the Chinese Technology Working Group TWGC, which is completely operated and maintained by developers and community contributors. In November this year, we elected the co-chairs of China's TWGC: Guo Jiannan from IBM, Liu Yuxiang from MediConcen, and Yi Zhangjiong from FunChain. In addition, we released the code contribution list for the third quarter of 2019. Chinese developers have contributed to four projects, including companies from Huawei, Xiaomi, Yunxiang, and Weizhong Bank.
In order to improve the speed and efficiency of enterprise blockchain deployment, we have launched a certification service provider program. Six companies from around the world have obtained the first batch of certification service provider qualifications. Three of them are from China. They are Ant Financial, Zhongxiang Bit , Accenture, Paper Technology, IBM and Chainyard.
Next Article: The Global Case of Hyperledgers
Next, I will introduce several cases of application of super account. Please recall the characteristics of blockchain technology. The first is to let the nodes communicate with each other through alliances. The second is data that cannot be tampered with. The third is to allow some transactions to occur automatically through smart contracts, which greatly improves efficiency. . Based on these points, many companies have created some very good cases.
Case 1: Change Healthcare Medical Insurance
The first is the case of Change Healthcare from the United States. Their network connects 5000+ hospitals, 2000+ institutions, 90W + doctors, and tens of millions of Americans. This is a very large network. In the past, reimbursement methods were medical treatment, filling in forms, and reimbursement. After one or two months, there was no problem in data verification before we could get reimbursement. The blockchain connects insurance companies, hospitals, and finance companies, and all processes are electronically broken, breaking the silo of data. By April 2018, the entire system was processing more than 50 million transactions per day, which is a very big improvement for the US medical reimbursement industry.
In the first half of this year, we launched a similar case in Hong Kong. A small startup, Mediconcen, wanted to innovate from a business perspective. After investigation, they found that many people are unwilling to participate in the insurance. One is because the reimbursement process is cumbersome, but the insurance company's business coverage is not enough. For example, the small clinic has a weak reputation and the insurance company is unwilling to provide them with services. With the blockchain, we can immediately review the medical expenses of the patients at the moment. This is the benefit of the system, so the insurance company adopted their plan.
Case 2: Dltledgers Global Trade Platform
This is a case of trade finance from Singapore. Dltledgers do global food distribution. They transport food to the United States, China and other places, upload location information, storage status and other data on the chain, do traceability deposit certification, and then access the bank to realize all parties. Seamless payment. The addition of DBS Bank Yep to this system has led to a rapid rise in the credit of the supplier industry and reached a very positive cycle.
When the company set up the network for 18 months, the platform reached more than 1 billion in trade financing. At present, their network has deployed more than 60 nodes on the three clouds of Amazon, Google, and Microsoft, and currently has 4800+ partners on the platform. , 350+ traders, 30+ banks on the platform.
Case 3: China Minsheng Bank's cross-bank trade financial service platform
Another trade finance case was jointly created by China Minsheng Bank, China CITIC Bank and Bank of China. This is China's first trade finance case. The project went live in 2017 and has been in operation for 2 years. The original Chinese letter of credit and forfaiting relied on the SWIFT system, and we wanted to get rid of this limitation and build this system. This enables the data that can be exchanged in a day or two to be confirmed in seconds. The effect is very obvious. More than 40 banks have joined the alliance.
Another manifestation of the effect of this platform is that the Banking Association has built a larger credit payment network based on the case of Minsheng Bank, which connects all of China's leading banks. Now this network has hundreds of billions of trade financing Quota.
Case 4: Tencent cloud warehouse receipt pledge financing
Next, let's see how Tencent Cloud uses the blockchain to make warehouse receipt pledge financing. The first step is to add some Internet of Things detection methods to the warehouse receipt, and all the inbound data are on the chain. The second step is to use monitoring to create an electronic fence in the storage environment. Any subsequent changes in the inbound assets can be observed in real time. Ensure the credibility and supervision of data assets. In addition, the data has been connected throughout the entire process. The input workload has been reduced by 50%, and the inventory workload has been reduced by 80%.
For warehousing companies, after the establishment of this model, many large enterprises have pledge requirements and are more inclined to find warehouses with monitoring. The pledged warehouse reserves account for 32% of the total warehouse reserves. The number of customers with pledge needs increased by 12 in the first nine months. This is a very specific case.
Case 5: Xiaomi Finance Supply Chain Finance
This is the case of Xiaomi Finance's supply chain finance. The core company involved is a well-known chain supermarket, but they are not willing to do this system. What if the head company is unwilling to do it? It can be jointly assisted by other companies to build an alliance chain. The supply company sells its goods to Watsons. The credit of the core enterprise can be trusted, and the supply company can use this receivable to package it into a standard asset in the financial company. , And then resold this standard asset to the bank, allowing many small companies to quickly obtain financing through the core company's recognition of assets on the chain. The original financing time was relatively long, and now T + 0 can solve it.
Case 6: Wal-Mart Food Traceability
Wal-Mart does the food chain because cross-border passes through customs, and many departments are involved. The key problem that Wal-Mart is to solve is that if there is a problem with agricultural products, if it is infected or a virus is found, it must be traced back quickly to prevent the harm from spreading to the whole society.
At present, Wal-Mart Traceability has been able to track the global distribution process of more than 20 products in five categories, including meat, food, fresh, milk, etc. If you used the paper method to trace the supply chain in the past, it would take a week to trace back to each batch of products, but now it only takes 2.2 seconds. This solution was originally created by IBM and Wal-Mart, and IBM later extended it to Walmard's overall traceability solution.
Case 7: Inspur supply chain management and QR code marketing
This is the case of Inspur's supply chain management. It uses two-dimensional code to track the inbound and outbound behavior of all warehouses for management, and also includes some financing functions.
Case 8: The judicial alliance chain
This is the government application, LegalXchain. Its nodes cover 17 authoritative judicial units, including notary agencies, judicial appraisal agencies, and courts, and are deployed by 10 distributed application platforms.
This network connects all domestic Internet courts, including the Guangzhou, Hangzhou, and Beijing Internet Courts. The main function of the platform is to perform certificate deposits, and to create different applications based on the certificate deposits, supporting judicial services, data verification, electronic forensics, smart electronic contracts, online notarization, etc.
Case 9: Ant Financial & Wangchain's technology transfer platform
This case is a national technology transfer eastern center jointly created and built by Ant Financial and Wangchain Technology. It is mainly to help companies in East China's parks to conduct electronic asset transactions.
This network has several benefits: On the one hand, the original electronic transactions were all through intermediaries, and now smart contracts are automatically completed to achieve direct docking between the asset side and the demand side. And in order to increase trust, the park will review the data submitted by them before going on-chain. On the other hand, since the equity of a small business is carried out as a future transaction asset, this system performs on-chain certificate to ensure the subsequent transactions' review of the company's real assets and equity.
A few final suggestions
Finally, due to the general secretary's speech, the blockchain industry is very hot these days. I would like to make a few suggestions for friends who have just entered the industry.
1. Do I need to use a blockchain? Not every project must use the blockchain. We don't think we need to use the blockchain without the participation of many parties. Perhaps the existing technology can solve the problem faster and more efficiently. Available or not, use blockchain with caution.
2. What blockchain technology to choose? It is best to choose open source, influential, and high adoption technologies that can support the development of your business for longer.
3． Do you have to develop it yourself? We don't think so, because there are so many BaaS and alliance chains now, they can use their stuff directly, as long as they pay attention to the business themselves.
4． How to manage open source? Choose open source with a loose license, participate in the open source community, continue to participate in development, and interact with the open source community.