Vice President of Weizhong Bank: The greatest value of blockchain lies in passing trust rather than creating trust

Vice President Ma Zhitao of Weizhong Bank said in an interview that the cover article of The Economist magazine in October 2015 proposed that "blockchain is a machine of trust". This formulation has both right and wrong. The blockchain can indeed carry trust, but it must not be mistaken for the belief that the blockchain can create trust, otherwise it will easily cause ICO fraud and mislead the market. After repeated discussions, our blockchain team believes that the greatest value of blockchain lies in passing trust, not creating trust. Behind the blockchain is not created value out of nothing, but institutional endorsement. Digital fingerprints actually add trust to endorsements. Generally speaking, government credit is strongest. If the government places its jurisdiction on the blockchain, the transfer of trust will become more efficient.