Since the "10.24 speech", the entire industry has set off a wave of blockchain applications. At the cusp of the times, opportunities and challenges coexist. How do entrepreneurial rookies make a strong entry in the market with giants and develop in dislocation? The capital market bubble is rising, how do investors lay out? The public chain is not without land. How can regulators break the situation?
In the face of the above questions, from January 2nd to 3rd, Babbitt launched the "SheKnows final debate at the end of the year: 2020, the big change of the blockchain", inviting entrepreneurs, investors, research institutions and law firms in the blockchain field Delegates, find directions for blockchain practitioners, find their way, and welcome the big change of blockchain in 2020.
In the entry of the big factory on January 2nd, can the startup company "ant pull the elephant"? In the first event, Li Rui, Vice President of Zhongxiangbit, Fan Jingang, CEO of Liangguan Network, Luo Wei, CMO of Heyue Technology, and Zhang Hedong, General Manager of Hengwei Information Technology, accepted an interview with senior journalist Qiu Xiangyu and discussed Under the pattern of large-scale factory layout of the blockchain, the coping magic of startup companies.
- Analysis: China's support for blockchain development is actually a set of "combination punches"
- Babbitt's first launch | Deng Jianpeng: The Enlightenment of the International Practice of "Regulatory Sandbox" to the Blockchain Industry
- Large-scale Korean companies such as Samsung and LG will jointly launch a blockchain-based mobile identification system
- Observation | 5 pictures depicting the Web3 stack in 2019
- Depth | Legal and regulatory allowance, why hasn't Japan succeeded in an ICO?
- World Economic Forum: Can the blockchain get rid of the speculation in 2020?
The highlights are organized as follows:
Moderator: In the face of BAT's strong entry, there is a voice that there are not many opportunities left for startups or that the time window is not long. You all come from startups. In your opinion, is there such anxiety?
Li Rui: After speaking in 1024, whether from various industries or technology companies, all of them came in and started to move forward faster. This is the sign that our industry has started to take off and started. An industry is moving forward. Only when you take off can you have business. I think BAT is not really a giant, it is an Internet company. The Internet companies all have their own emphasis. Baidu emphasizes technology, Ali emphasizes operations, and Tencent emphasizes products. The genes of this Internet era cannot be erased. Really doing blockchain technology landing, I think IBM and Huawei are the real giants.
Because IBM has its own open source framework, everyone knows that it is Hyperledger Fabric, which is actually contributed by IBM to the Linux Open Source Association, which is also the most widely used underlying framework for the alliance chain and private chain. There are hundreds of people in Huawei who are specializing in blockchain. This is the real giant. Therefore, I think it is a good thing for big factories to enter the bureau. I hope more big factories can come in.
Fan Jingang: In the first half of the development opportunities of the blockchain industry, the positives should be those who are committed to the construction of infrastructure such as the underlying public chain, while in the second half, the positives should be those who use blockchain technology.
Then the question arises, which stage is blockchain technology currently in? The answer may surprise many people: neither in the first half nor in the second half. The current blockchain industry is likely to be at the time when the opening whistle just sounded. The division of the company's scale in the blockchain industry needs to be evaluated from several dimensions: 1) the original innovation capability of the underlying technology; 2) the integrated innovation capability of applied research; and 3) the regeneration capability of scene innovation and cultivation. According to the Gartner2019 blockchain technology maturity analysis, it is still in a very early stage, and there is at least a 5-10 year window period before the era of large-scale applications. Therefore, whether for giants, large-scale enterprises, or for small and medium-sized enterprises or startups, there are many opportunities to grasp and play.
If the blockchain industry really opens the first half, it may make some blockchain startups feel anxious, and giant companies are more likely to get more business orders in the process of laying down the blockchain infrastructure in the future. But the Chinese market is big enough that startups can do a thorough analysis from the segmented scenarios, and thus obtain a blank market that giant companies can easily ignore.
Luo Wei: Although Heyue is a new brand, our team has been exploring the industry blockchain industry for 4 years, and has not issued a coin to do ICO. It has developed by serving customers. I don't think anyone can understand such anxiety better than us. A cruel reality is that the iteration speed of the blockchain industry will be very fast. Now the pressure from the giants will be even greater, leaving the startup team. I am optimistic that only 1.5-2 years, pessimistic estimates are only 1-1.5 years. This can be seen from the changes in the cryptocurrency industry, and every market change will eliminate a lot of startups. Anxiety is the norm, but anxiety is also the best partner.
Zhang Hedong: I personally think that BAT's use of blockchain will not have a great impact on our actual engagement in the blockchain industry, because BAT has its own ecology, and it is difficult for them to interact with companies of the same size, such as Ali and Tencent. There is no way to interact, but the blockchain technology achieves data confirmation, reduces transaction friction, reduces costs and increases efficiency, and value sharing. Therefore, I think that BAT's strong entry into the blockchain may be more from its own ecology, and it can't really exert the value of the blockchain. It is precisely that I have relatively great anxiety for the traditional industry giants to enter the blockchain , because they have industrial resources and application scenarios, can be quickly applied to the ground, build ecology, and promote industrial transformation. This is what I worry about, especially in After the 1024 speech, this worry is even more urgent.
Moderator: What do you think of the development path of giants doing infrastructure and startup companies doing scenarios?
Li Rui: Our company will emphasize two points on several occasions. One is that the blockchain technology is a very complex and comprehensive IT technology. It has time to enter the threshold and also has a technical threshold. It is a basic database, encryption The integration of various IT technologies such as algorithms, smart contracts, P2P point-to-point transmission, consensus algorithms, etc., has very high requirements for engineering landing capabilities, not that only white papers or PPTs can do it. Whether it is from code to program, from program to product, to product operation and maintenance, the entire process is actually extremely demanding. Therefore, whether the giants do infrastructure or startup companies do infrastructure, they all need technology accumulation.
Luo Wei: The infrastructure will undoubtedly require huge investment. The giants have more advantages, but the blockchain needs more openness. If the giant's infrastructure is as closed as before, then such a path will be difficult to become a real foundation. Facilities , but when the giant is sufficiently open, he must inevitably make himself smaller, which will cause the giant to be on the same starting line as the startup, but the giant has a more durable resource investment, which is not available to startups.
Heyue Technology has chosen to deepen the field of pan-financial and government affairs. This is also the reason. In the field of supply chain finance, the assets carried by Heyue Technology in 2019 have exceeded 20 billion, and there will be no problems in 2020 exceeding 100 billion. When the value carried by our technical standards exceeds 500 billion, the technical standards of Heyue Technology will become the industry standard and the infrastructure in this field. "Rural encirclement of the city" has always been an effective way to face the besieging of giants.
Zhang Hedong: Judging from the investment and output ratio, I think that infrastructure is too expensive, and there is no output without the application landing. Small companies are not affectionate and have some strength. They really ca n’t afford it. From the perspective of truly understanding the blockchain, feelings and wanting to do things, first of all, there are really few low-level blockchain infrastructures that are really good for commercial use in China. Secondly, many times, after the giants have completed the infrastructure, the scene is incidental. If it is done, it is basically impossible for small businesses to do it. The most critical thing is that we think that the scenario of the blockchain is often ecological, and it is difficult to bring the value of the blockchain to a single scenario. It's also very difficult for startups to do it at this time.
Moderator: It seems that there are not many well-known companies doing blockchain solutions in China. What is the future development prospect of this track?
Fan Jingang: We can see that there will be two epochal opportunities in the next decade, one is to study the technology related to the digital economy, and the other is to explore the integration of digital technology and industry. Technology research has a huge threshold for start-up companies. At present, this field is basically led by Internet giants and a few head companies, and most start-up companies do not have such research and development capabilities. However, exploring the convergence of digital technology and industry is an opportunity that startups can touch.
Startup companies that are willing to actively explore and embrace this new world, willing to be a bridge between digital technology and industry, and willing to promote the implementation of digital technologies such as blockchain in various industries will certainly share the dividends brought by the development of the new era . Moderator: How do you think of "+ blockchain" and "blockchain +", these two development routes?
Li Rui: This issue can be considered from two angles. The first is technical. We emphasize on the original business system + blockchain . Do not touch the underlying logic of the original business system. Business system processes, using a good technology to improve the pain points of the original business, so as to make this system more efficient. In terms of business models, we will also go to + blockchain according to the needs of system integrators . So under what circumstances will there be large-scale killer applications of blockchain? Some people would say it is supply chain finance. Some people will say that it is a specific application, but I think that our business model has always been done this way, only when the system integrator has all business systems, software systems, system integration business + blockchain, Only then will large-scale killer applications come out.
Fan Jingang: "Internet +" solves enterprise problems, and "Blockchain +" solves industry problems. Now many people say "blockchain +", in fact, it is likely to be inertial thinking. It comes from what we often say "Internet +". In fact, at the current level of blockchain technology development, we are not easy to reach the current stage "Internet +" level. We can recall that in the "Internet +" era, "online" has become commonplace, and "online" is basically isolated from the world. But are we able to "wind up" very conveniently now? The answer is not easy.
From this simple comparison and association, we can clearly see that we are still in the early "+ blockchain" era, and we need to emphasize blocks through government guidance, policy promotion, association appeals, corporate participation, and public support. The advantages and value of the chain, in order to cultivate the thinking and awareness of the blockchain, encourage everyone to test the "on-chain" and experience the benefits and value of the "on-chain". Then, let it naturally transition to the era of "blockchain +". At that time, blockchain application platforms (various Dapps) have blossomed everywhere. Many products and services lack "credit value" or "reputation score" if they are not on the chain. ". At this stage, we can be called the real "blockchain +" era.
Therefore, the "blockchain +" line is a component of artificial irrational factors, because many people often have too high expectations and hopes for new things that are not familiar with them, such as the term "subversion". However, if the current application practice is considered, the "+ blockchain" may be more pragmatic and it is easier to reach consensus with multiple partners.
Luo Wei: Blockchain is a technology first, and it must be based on service commerce. Whether it is Blockchain + or + blockchain, there is no clear demarcation and definition of both at the current stage. Pay more attention to the transformation of the unique technical characteristics of the blockchain into commercial value. This transformation has different application scenarios, and the impact on business is also small. We need to observe and summarize the changes brought about by each technical characteristic. What problems were resolved. But it is clear that blockchain as a new paradigm has not yet fully realized the large-scale commercial paradigm shift, which requires our continuous trial and error and exploration.
For us, we see the huge potential of the blockchain as a new type of financial infrastructure and the subversion of the multi-party bookkeeping principle behind the blockchain to the original double-entry bookkeeping. We will try various applications of blockchain technology in this field, including supply chain finance, settlement, import and export trade, cross-border transactions, etc. My point of view is neither blockchain + nor + blockchain, and Blockchain is used as a new type of infrastructure. At different stages, it can be a tool or a new business architecture. It also needs to be practiced and pay more attention to scenarios and issues. In fact, we gave up many + blockchain projects, because there may be social value, but no commercial value.
Zhang Hedong: First of all, I feel the profoundness of Chinese characters. The meaning expressed before and after is really different. Adding it to the front is more about expressing traditional industries to embrace the blockchain, and adding it is Expressing the use of blockchain technology to empower traditional industries, I think the biggest problem reflected here is that not all traditional industries are suitable for using blockchain technology. We cannot use blockchain for blockchain. If it is For the blockchain, we make mistakes. We should combine the technical characteristics of blockchain to find an industrial scenario that is truly in line with the application of blockchain technology, accelerate industrial development, give full play to market advantages, and further open up the innovation chain, application chain, and value chain. So I think "Blockchain +" is in line with the needs of industrial development and is correct.
Moderator: I have learned of some cases of blockchain landings, followed by blockchain technology provided by startups, but in the publicity, these startups rarely appear. Does this phenomenon indicate that startups are on the weaker side when talking to governments or large companies?
Li Rui: I think this is an inevitable phenomenon. As long as I have mastered the technical products, no matter if I do marketing or pr, there will be business. This is the necessary route for the company to b. In addition, when it comes to large-scale strong propaganda, whether it is a large company or industry, it means that there are more and more scenes. The opportunities brought about by this must be more cooperation than competition, and the blockchain must eventually move towards consensus rather than division.
Fan Jingang: On the one hand, governments or large companies tend to consider project compliance, project auditing, and brand effects. They believe that cooperation with Internet giants and large system integrators will reduce unforeseen risk factors; in In this regard, due to the lack of qualifications and hardware performance of startup companies, startup companies tend to be on the weak side when speaking with governments or large companies; on the other hand, some local governments recognize the blockchain of startup companies. The level of technology and application innovation will proactively open up some blockchain application scenarios to startups, promote the development of local blockchains and related industries, and attract more startups to settle in local industrial parks. Good pilot effect and brand effect.
Therefore, in terms of project cooperation and development, although it is not easy for startup companies to cooperate directly with large companies or government agencies, it is often unknown to the public through indirect cooperation, but it does not mean that startup companies lack technical service capabilities; As the blockchain is promoted to the status of a national science and technology strategy, I believe that more and more local governments and large-scale enterprises will have a welcoming and pragmatic attitude towards blockchain startups with better technical strength and credibility.
Luo Wei: For us, at this stage our role is a technology service provider. Our core concern is to provide reliable technology and services. Most of the companies we cooperate with are listed companies and government agencies of central enterprises. There are relatively strict requirements and plans, and not too many details are released at once. At this point our team needs to maintain strict alignment with our customers. However, we believe that as long as our technology and services are solid, customers and the market will definitely give us a fair feedback.
Zhang Hedong: This problem does exist . We are always the first to do blockchain in Jiangsu Province. We should be the earliest in China in terms of integration with the Internet of Things technology, but even so, we often go out When docking with governments or large companies, they still show distrust. I think it is because of security considerations. Whether it is a government or a large company, the first consideration when implementing a blockchain project is security. This kind of protection may be weaker for startup companies. Secondly, due to the consideration of strength, the traditional thinking of everyone may still feel that the technical strength of large companies is stronger, and startup companies may have a lot of constraints that lead to certain technical limitations. Sex. The application of blockchain has just begun, it is still very early, so although startups will face short-term discourse weakness, but as long as they have core technology and continue to cultivate, there will be many opportunities.
Moderator: Zhongxiang Bit and CCB, China CITIC Bank, China Merchants Bank, Suning, etc. have landed many application practice cases. These are powerful large companies. How did Zhong Xiangbit as a startup company enter their purchasing list? What have you learned in the past five years when your business has landed?
Li Rui: I will answer this question from several aspects. First, we are not a single company . We actually work with system integrators. System integrators or customers do the upper-level applications by themselves, and Zhongxiangbit builds this low-level publicity platform to serve end users. We basically do business with system integrators or customers. I have been emphasizing that we make the underlying platform of the blockchain, and you asked me to do the application, not that I could not do it, but that I would not do it. The application of the upper layer has its belongings and manufacturers do it. We rarely do this.
Secondly, let me talk about my experience. I think everyone should talk less about autonomy and control . The blockchain is not invented by the Chinese at all, and neither the consensus algorithm nor the hash algorithm was invented by the Chinese. We need to mention less controllability and more case development. So when we do landing, we do it around customer needs. We prefer to attend meetings with customers, such as meetings in the financial, oil and power industries.
Third, some companies will emphasize the number of their patents, including BAT. Ali also claims that he has more than 200 patents, but you can check the number of authorized patents. In fact, Zhongxiang Bit has not applied for many patents, only 63, but we have obtained 24 authorizations, ranking among the top three in China, and the first is the State Grid. This is very important. It takes at least two to three years for our country to grant a patent, and it must be strongly related to the quality of the patent .
Fourth, do not engage in malicious competition between your peers. When faced with a maliciously bidding competitor, we will exit directly. This is doomed to certain companies, and some companies that want to speculate, do not go far in this industry. Moderator: Is it an interim decision to start a blockchain venture in a policy? What opportunities and challenges will we face? At this point in the blockchain, there are Internet giants on the left and star startups on the right. How do you stand out?
Luo Wei: In 2019, the blockchain industry has indeed reached an inflection point, and it is very deep for the teams in the industry. Heyue Technology is positioned at: new financial infrastructure, which has two core logics. 1. The value on the blockchain determines the value that enterprises and blockchain technology service providers using the blockchain can obtain. 2. The multi-party bookkeeping paradigm will definitely subvert the double-entry bookkeeping paradigm. This is the path we choose after deeply thinking about the landing of the blockchain.
Blockchain technology must first serve the business and must be familiar with existing business scenarios. For the blockchain team, if they are unfamiliar with the scene business, they will only find nails with a hammer. For example, there are accounts receivable business in the field of supply chain finance. Orders, waybills, forfaiting, and other complex services, without going deep into the scene, without any experience of landing, will talk on paper . Among them, complex business processes, risk control logic, actual IT status, data distribution, regulatory standards, and legal relationships can be said to be important Sex is above blockchain technology.
Fan Jingang: First of all, from my personal experience, I started to study blockchain as early as 2015, and started to serve as the Deputy Secretary-General of the Zhongguancun Blockchain Industry Alliance in February 2016. Later, I joined a blockchain company as an executive. From 2016 to 2019, he presided over the industrial application of financial blockchain, food blockchain, automotive blockchain, and energy blockchain. Based on these practical experiences, it provides the necessary conditions for building your own company.
Secondly, from the time of setting up the company, I started planning to establish a blockchain technology company in May 2019. However, at that time, the blockchain was in the cold winter period, and the capital side was generally reluctant to invest in it. Our team turned to a blockchain technology outsourcing service project for a central enterprise; on the night of the "10.24 speech", we had previously discussed The capital side called me to meet and communicate with each other, and quickly reached a high consensus. Then we quickly established Beijing Liangguan Network Technology Co., Ltd.
Therefore, my participation in the blockchain entrepreneurial army is not a swift, but a collision of necessity and accident. Thanks to the promotion of national policies, which enables the company's development to operate and manage in an ideal state.
I think there are opportunities and challenges: people outside the blockchain industry have a poor understanding of the blockchain and even have a strong cognitive bias. After 1024, the upsurge of studying and researching the blockchain on the Chinese mainland, from the central to the local, from the government to the private sector, has led to a lack of talents who really understand the blockchain and can be dedicated to the industry. Our company is to be a bridge between blockchain technology and industry, let technology enter the industry, let the industry know more about technology , and share the industry dividend in the process of promoting the integration of technology and industry.
In view of the fact that it is still at the stage of "promoting the application of blockchain technology", for our startups, we must go deep into the actual business and truly understand the existing business operation processes and underlying technology implementation logic. At the same time, we need to strengthen the technology Attach importance to tackling key problems and standards and norms. We must use the open source, open, co-construction and sharing mentality and philosophy to join the blockchain organization or ecology. Only in this way can we better serve the real economy and promote the block in a more healthy way. Development of the chain industry. Moderator: What capabilities do startups need to have in the process of landing a "blockchain + government" business? How to compete with BAT?
Zhang Hedong: I think that the first ability that a blockchain startup company must have in the process of landing a "blockchain + government" business is to be fully familiar with the pain points of the business, understand the regulatory policy, and come up with an effective implementation plan so that the government can believe You can do this well. The second is that the underlying technology must be strong enough to support the implementation of the plan. In addition, we also need efficient technical operation and maintenance capabilities.
In terms of positive competition with BAT, I personally think that we must do our best to provide customized services, use our own technical advantages to fully sort out government needs, and come up with cost-effective implementation solutions to win competition with BAT. Moderator: How do central enterprises view and use blockchain? Relying on the resources of the central enterprises, will the Quanguan Network be smoother in the process of landing the blockchain?
Fan Jingang: The spirit of General Secretary Xi ’s important speech during the eighteenth collective study of the Political Bureau of the CPC pointed out the development direction of blockchain technology for us. Major state-owned enterprises are involved in various fields of national economy and people's livelihood, and have rich application scenario advantages. Blockchain is to combine these application scenarios in order to take advantage of the huge advantages of the blockchain.
At present, many central enterprises such as State Grid, Sinochem, China Nuclear Group, China Shipping, Baowu Iron and Steel, China Unicom, SDIC Group, and China Eastern Airlines have been engaged in energy management, supply chain finance, oil trade, supply chain management, and information security. Transmission and storage, intelligent shipping management, electronic warehouse receipts, identity authentication, points management, contract management and other business areas have successfully used blockchain technology to develop more efficient, convenient, and more secure information systems and solutions.
Relying on the resources of central enterprises, the Quanguan Network will be smoother in the process of landing the blockchain. We can choose more application scenarios. Moderator: In your opinion, is BaaS the most suitable product form for blockchain to land? How do startups compete with big players?
Li Rui: Dachang mainly sells cloud services, so you will find that Dachang tells you: "Use my BaaS platform, it's free, but you have to deploy your blockchain on my cloud platform." ; The BaaS platform belongs to the blockchain operation and maintenance platform, and the scenario still needs to be built by the customer; The blockchain BaaS platform itself is a big data operation management platform to solve the problem of data islands. But there are also problems. First, the company does not have the ability to build a blockchain scenario on its own. I know this is a good thing, but I do n’t know how to use it. Second, many companies do not want to put their own business data on the BaaS platform. , So that the data source cannot form massive data. In addition, the authenticity of offline data needs to rely on the Internet of Things technology to achieve fidelity. Blockchain can only guarantee multi-party consensus, authenticity, and immutability of the data on the chain.
In summary, the BaaS platform is a good thing, but it is more important for the enterprise scenario to be suitable for the use of blockchain, and whether the enterprise has the ability to deploy and operate its own blockchain platform.
Fan Jingang: With the effective implementation of blockchain application scenarios gradually becoming clear, BaaS has attracted more and more attention from developers, especially in the enterprise and financial markets. The advantages of the BaaS platform are obvious: it greatly reduces the barriers to entry of the blockchain and developers' learning costs, is easy to deploy, and is cost-effective. In addition, BaaS services provide developers with all the technical capabilities below the application layer of the blockchain technology. The response and acceptance of BaaS in the market far exceeded expectations.
I think that big factories and startups should be competing relationships. On the one hand, the BaaS platform provided by Dachang is currently a general-purpose platform, and the integration with specific businesses is not deep, and it is deeply bound to Dachang's own cloud computing platform. Start-up companies can delve into industry segments, establish industry-specific BaaS platforms for solutions, aggregate more cloud resources, and fully meet customers' needs for independent selection. On the other hand, the blockchain application is not an enterprise that can operate exclusively. It requires more participants to join in to jointly build a blockchain ecosystem, and it will produce great value. Therefore, big factories and startups can also start business cooperation based on blockchain.
Luo Wei: I don't think BaaS is a good choice at this stage, especially for start-up teams. At this stage, we still think that we need to deepen the scene and serve existing commercial customers and ecology. After the blockchain is widely trusted and understood, Only then can the blockchain BaaS be a good choice.
Zhang Hedong: I think BaaS service is not the most suitable product form for blockchain implementation. The most suitable product form for blockchain implementation should be application solutions + BaaS services. At present, the application and implementation of blockchain technology is still very early. Many traditional manufacturing industries and even traditional Internet companies have a very vague understanding of blockchain technology. There is no way to find out what kind of business value blockchain technology can bring to them. Therefore, simply providing BaaS services is difficult to transfer the blockchain. The landing of chain technology. On the blockchain BaaS service, I think that if entrepreneurs want to compete with big companies, they still need to be able to provide better industry solutions. This is only possible by combining industry solutions with cloud services. Cloud services are still more difficult.
Looking to the future
Moderator: In 2020, what scenarios will blockchains focus on in the industry? What is the company's strategic plan for the future?
Li Rui: The first is definitely a scene in the government field , which is beyond doubt. After speaking at 1024, you can see from the reaction of the stock market and the digital currency market that the entire industry can be said to have reached an explosive growth stage. In the field of government and e-government, not only in 2020, there will be large-scale applications in the next 3 to 5 years, and hundreds of millions of funds will be invested. The second is the financial sector . Blockchain is originally a bookkeeping technology, regardless of the traditional bank finance or non-bank finance, financial services and financial derivatives, there will be many landing applications.
Fan Jingang: I think that in 2020, the blockchain will focus on the areas of big data sharing, government affairs, finance, logistics, traceability, security, and publishing. Of course, other areas will also make breakthroughs, which needs to be explored by the industry and Try it.
Industrial blockchain is the direction of development in 2020 . To be a linker of industry and blockchain technology, this is the direction our company will work in the next decade!
Luo Wei: We will focus on two areas : supply chain finance, pan-finance and government affairs . The pan-financial field solves the problem of long-term value capture. At the current stage of government affairs, there will be more orders, and it can also have a good demonstration effect. Our goal is to achieve more than 100 billion chain carrying assets next year and more than 500 billion in three years. We are still confident that we can do it.
Another point is that we hope to persist in open source to return to the community and open source more Lotus products, so that Lotus can become a widely respected company.
Zhang Hedong: In 2020, the blockchain industry will focus on the government and public services , such as government data exchange, such as medical and health data, such as food safety traceability supervision, such as car networking, and digital finance. Our constant planning for the future of information technology is based in Wuxi, developing Jiangsu, and focusing on national development strategies, focusing on smart city, Internet of Things, medical and health data governance, agricultural product traceability supervision, and digital finance. We will work hard to find cooperation with influential companies in various industries and fields to jointly develop the market. After productization, we will quickly radiate and replicate to surrounding areas, quickly occupy the market, form influence, and create an industrial ecology.
Moderator: Many people like to compare the current blockchain to the Internet in 1998. What is your expectation for your company? Is it a small, beautiful company or a trillion-dollar company? How to achieve?
Li Rui: The blockchain is from the technical stage (2008-2016) to the industrial stage (2016-2019), from the industrial stage (2016-2019) to the industrial stage (after 1024); our understanding of the industry is that the industry is superior The downstream is supported by national policies and is different from other industries. The blockchain industry must have super companies similar to the BAT of the Internet industry. For a small company like ours, that is, a startup company, it is actually not the moment when Jack Ma said he was going to make his own dollars. We have to take advantage of the situation, and everything is in the present tense. We have to discuss the requirements of the scene with our customers and sign more orders. Survival is actually more important than anything .
Fan Jingang: This topic has been discussed many times within our team. A colleague once said that since we have missed the Internet dividend, we can no longer miss the blockchain dividend. I'm deeply touched by this. The Tmall's double 11 transaction volume in 2019 broke another record of 288.4 billion yuan. This number passed too much imagination.
Ma Yun said that the company of the future must be small and beautiful. In fact, this form is in line with the theoretical essence of distributed autonomous management in the blockchain era. I believe that the future business civilization model will be significantly different from the current one, and assessing whether a company is more valuable may not be based only on financial indicators, but on other aspects, such as the creation of practical value or Credit transfer and so on.
Therefore, our quantitative network will not deliberately pursue a digital growth, but rather the value creation behind the digital , which is also our mission and responsibility.
Luo Wei: Our expectation for us is to become a new value Internet infrastructure company. The great thing about Alibaba is that it has changed people ’s shopping and lifestyle, and we want to change the way people ’s value is stored, transferred, and traded . From traditional financial infrastructure to new financial infrastructure, from account value transfer to true value transfer. Regarding the scale, we hope to achieve a company with revenue of 100 million yuan within five years, and hope to become a company with ten billion yuan in the middle ten years.
How to achieve: 1. Continue to cultivate the scene, serve more customers, gradually achieve industry standards, and polish products. Judging from the current demand, it is still very sufficient. First, meet the current demand. 2. After the product is mature, it will be platformized, promoted and operated. We have a clearer plan for the industry stage and product form. Make the scene in 1-2 years, and then do the platform.
Zhang Hedong: I agree more with the current blockchain technology than the early Internet technology, but I don't quite agree that there will be big companies like BAT in the development of blockchain companies in the future. I think that the development of blockchain companies in the future must attract more users through diversified ecological connections and better user experience, thereby forming a value alliance, or value ecology, which may lead to many changes in this ecology. Industry, forming a large group of companies, some may not yet see. The blockchain is an infrastructure and a low-level technology. This is like a city development. When the infrastructure is not good, it is a barren field. At this time, it is the most difficult. After the stage, some basic business activities will be generated, which will bring certain benefits, thereby promoting more infrastructure construction, driving more and better business activities, and ultimately bringing the entire city development to prosperity, and this process There may be many, many listed companies. Therefore, we hope to have the opportunity to become a provider of urban-level blockchain technology infrastructure . To achieve this goal, we need to make more efforts to actively promote technological iteration and improve service performance. Actively explore and accumulate more landing applications to create an industrial ecology.
Moderator: In the wave of Internet startups, most startups are either acquired by BAT or die. Is there a similar ending to blockchain entrepreneurship? There are also entrepreneurs who believe that there will be more companies in the blockchain space than Alibaba. What do you think?
Fan Jingang: Generally speaking, there are three kinds of endings for startup companies. The first is to strengthen the company's strength and one day be acquired by BAT and other large companies; the second is that it is well-developed and can have the investment support of large companies like BAT; the third is that the startup fails and the shop is left. However, I think that many blockchain startups are in the fourth state. While they are biting the market and optimizing their products, they also have to seek investors.
Every technological innovation will give birth to a historic big company. Blockchain is another technological innovation. As the infrastructure of the digital economy, the country has raised the development of blockchain to the height of national strategy. The market has great potential for development, and it is not impossible to have giant companies like Ali and Tencent in the future.
Luo Wei: The market facing e-commerce is large enough, and the core of the blockchain is to replace the original value-bearing infrastructure. The company may not grow to such a large scale, but the value carried by the blockchain must exceed Ali Baba, it will be calculated as a percentage of GDP.
Zhang Hedong: I think blockchain startups are more thrilling than Internet startups. After 2016 to 2019, you will find that the average lifespan of a blockchain startup is only 3 months, and there are not many people who can persist for 5 years. Among them, there are few that can continue to develop low-level technologies and successfully commercialize them. In the future, they can go on their own. There are a few companies that can hardly say when they come to the beautiful era of blockchain, because the current application of blockchain seems to be really Just at the beginning, if you do a good job in the application and ecological layout to make the blockchain generate value, it still has a long way to go. In the process, others have the capital to fire their guns, but you only have Xiaomi plus a rifle. It is really difficult to compete, so it is very likely that blockchain startups will be acquired. As for whether the future of the blockchain industry will definitely produce more companies than Alibaba, I personally don't think so, and I personally prefer to create an ecology that exceeds Alibaba.
Moderator: Is the company planning to raise funds recently?
Li Rui: Zhongxiang Bit C + round of financing is about to be completed (Complete A-round financing of Lightspeed Investment in 2014, B-round financing of Xinzhongli Leading Investment in 2016, B + round of happiness investment under UFIDA ’s happiness investment, and integration of Shanghai and Navy in 2019 Series C financing led by the Industrial Investment Fund).
Fan Jingang: To be honest, almost no startup company will refuse to raise funds, just in different stages. Liangguan Network currently has a certain level of strength and project undertaking capabilities, and hopes to achieve sustainable development by improving its own hematopoietic capacity. Therefore, financing is not considered at this stage. Of course, we welcome people of insight from all walks of life to discuss cooperation and discuss business opportunities.
Luo Wei: Ongoing, and we are very confident. Hope to be able to share the good news with you soon.
Zhang Hedong: We have n’t raised funds since we founded it 15 years ago, so investment institutions are very interested in us. Maybe we do n’t have much urgency for BAT, but we are very entertained by some leaders of traditional industries. The sense of urgency, meanwhile, we are also very aware that the development of the blockchain industry is still very early, and there is still a long way to go in the future. In the near future, the shareholders of our company have clarified that they will launch an external financing plan and hope to complete this plan in the first half of next year. We hope that the connected investment institutions are investment institutions with very diversified traditional industrial application scenarios, so that they can be quickly applied to the ground, create an ecology, and bring the value of the blockchain into play.