On March 1st, the sixth session of Babbitt Industrial Orientation Class was officially launched. Huang Butian, the founder of Yunxiang Blockchain, served as the lecturer in this course. In the course, he shared three suggestions on how entrepreneurs can grasp the industry's opportunities, how to build industry barriers, how to improve core capabilities, and how to give entrepreneurs.
Yunxiang is a representative of the strength of domestic blockchain startups. It is at the forefront of technology research and application. In terms of technical research, Cloud Elephant has more than 80 patented technologies in core areas such as consensus algorithms, privacy protection, smart contracts, cross-chain communication, and BaaS, and has published many papers at international top conferences such as AAAI, Nerocomputing, INFOCOM. In terms of application landing, Yunxiang has completed a number of landing cases in the financial field, especially in the banking field. It has provided dozens of banks, central enterprises and other customers with trade finance, supply chain finance, asset securitization, financial product issuance review, and bank depository management. , Financial asset transactions and other alliance chain technologies and products and services.
Yunxiang's achievements have won the favor of the capital market, attracting investment from many well-known institutions such as Shenzhen Venture Capital, the United States China Economic Cooperation Group, and Duowei Julong. At present, Yunxiang has completed five rounds of financing, and the cumulative financing amount has exceeded 200 million yuan.
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The following is a summary of the content of this course, and the detailed content can be watched in the course replay : " Innovation and Breakthrough: How Do Startups Break the Game and Take Advantage of the Industry? 》
Let's first look at the development process of the blockchain. It has gone through the blockchain 1.0 and 2.0, and is currently moving towards the 3.0 era.
Blockchain 1.0 began in 2009, and the emergence of programmable currencies, represented by Bitcoin, reduced the cost of digital asset issuance, storage and transfer, and realized the value of currency programmable.
Blockchain 2.0 began in 2015. Smart contracts began to appear in many applications in the pan-financial field, and the blockchain entered the era of programmable finance.
Blockchain 3.0 will create a programmable society. The application scope of blockchain will be extended to social scenarios such as identity authentication, judicial deposit, charitable donations, welfare lottery, etc. People will no longer establish credit and share information resources through third parties. Improve the level of collaboration efficiency and supervision, and promote the development of the entire society into the Internet of Value.
Looking at the background of the new era of blockchain technology , China is in the historical stage of digital transformation, and the deep integration of technologies such as the Internet, big data, artificial intelligence and the real economy is accelerating. National senior leaders mentioned the application of blockchain on several occasions, especially the collective study of the Central Political Bureau on October 24, 2019, taking blockchain as an important breakthrough in independent innovation of core technology, and accelerating the promotion of blockchain technology And the development of industrial innovation.
For the first time, the Fourth Plenary Session of the 19th Central Committee of the People's Republic of China incorporated data into production factors. At the same time, it proposed to promote the construction of a digital government, strengthen the orderly sharing of data, and protect personal information in accordance with the law. The blockchain has changed the form of asset storage and transactions, which can enable data to be verified, transferred and traded at a low cost and efficiency, thereby effectively achieving data sharing and value distribution, making data a key production factor, and promoting the digital economy. Greater scope.
As Facebook proposes Libra, the Central Bank's R & D DCEP, and the Central Political Bureau's collective learning of blockchain, we can see that the industrial blockchain has arrived, and industry agencies will move towards a more open development model, and collaboration will be closer, and enterprise-level BaaS The platform will be used on a large scale.
Barriers to competition
If a blockchain company cannot build its own industry barriers, it will be difficult to make a big breakthrough in the blockchain field.
To build industry barriers, two points need to be noted: awareness of industry trends and the ability to integrate industry resources .
Cognition includes awareness of technology trends and application trends .
First look at the technology trend . The consensus algorithm changes from low-frequency to low-efficiency to high-frequency and high-efficiency; service sharding from global to local knowledge; processing methods from on-chain processing to on-chain and off-chain collaboration; organizational forms from single-chain to multi-chain and aggregation .
Looking at the application trend again, in the field of digital currency, the blockchain has changed from a super-sovereign currency represented by Bitcoin to the current cross-sovereign currency represented by Libra and the DCEP sovereign currency developed by the central bank. Each field has spawned different Application market.
For example, the mining industry of the bitcoin industry chain has spawned mining machine, mine and mining pool business, exchanges, software / hardware wallets have appeared in the transaction and circulation, and lending, custody, ATM machines and offline payment have appeared in the payment application application.
Libra, which is issued based on the blockchain, improves the existing currency system, breaks the traditional boundaries of currency sovereignty, and is not subject to the independent supervision of any sovereign country. After the completion of the Libra ecosystem, business opportunities such as currency finance, payment remittances, and social communications will be generated.
DCEP has promoted efficient currency transfer and low-cost cross-border payments by financial institutions. It has also created corresponding market opportunities in the payment and digital currency transfer links.
In addition, in the trade finance, supply chain finance, asset securitization and other scenarios, the use of blockchain can also be found.
To promote the application of blockchain in vertical industries, it involves the industry's ability to integrate resources. For example, in the field of trade finance, it is necessary to coordinate some banks as participants in the alliance to participate in the construction of the trade financial transaction market. It is difficult to design an alliance governance plan.
After seizing the opportunities in the industry, building competitive barriers also requires building core capabilities.
Core capabilities include five points: cutting-edge research, solutions, system design, system development, and project implementation.
In terms of cutting-edge technology research , companies must not only confine themselves to the research of their own technologies, but also actively participate in major scientific research projects of some national science and technology departments, cooperate with universities or research institutions to tackle key technical points, publish papers in top conference journals, or open source Community contribution code, etc.
In terms of solution capabilities , the implementation of the blockchain requires practitioners to have business knowledge in various vertical industries, be familiar with the pain points of the business itself, and design governance and cooperation models based on the business pain points.
In terms of system design capabilities , how to design a highly available platform, how to build a hybrid architecture, how to deal with the governance risks brought about by multi-party participation and multi-centers, and how to interact with third parties are all capabilities that need to be sharpened during system design .
In terms of system research and development capabilities , the entire company's personnel organization must first form a complete architecture, and in addition, it must perform efficient collaboration and interaction to achieve agile development.
In terms of project implementation capabilities , this is a capability that many entrepreneurs tend to overlook. Especially in the field of financial projects, from system delivery, on-site implementation and operation and maintenance guarantees, the requirements are very strict, and 7 × 24-hour technical support is required.
It is relatively easy to build core competencies, practice internal skills, and break through development.
Advice for entrepreneurs
The first point is that business driving is the core, and it is not possible to block the blockchain for the blockchain , otherwise it is easy to bring yourself to a predicament.
The second point is to deepen the industry, which can go up and down .
In the course of the development of the industry, it is inevitable that the entrepreneurs must have a long-term preparation. If it can be done, it means that the founder or the backbone of the team must fully communicate with the front-line demanders and understand the real industry needs. In terms of energy, it refers to the final productization or platformization of demand to form a platform effect.
The third point is to build a core differentiated competitiveness, which is the way to survive .
The so-called core differentiated competitiveness should be found by every enterprise. For example, some companies are good at technology and some are good at business. After focusing on a certain field, they can maximize their core competitiveness. The way of living.
The above is the highlights of 30% of the live broadcast of the sixth lesson. Please watch the next course: " Seventh, Dialectical Thinking: New Opportunities and Risks Coexisting in the Future of Blockchain "
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