China UnionPay Zhou Wei: Blockchain faces three major challenges

Babbitt reported that on June 1, the China Blockchain Technology and Application Summit Forum hosted by the Chinese Computer Society (CCF) was held in Nanjing. Zhou Wei, senior director of China UnionPay Electronic Payments Institute, shared three major challenges in the blockchain at the technology, business and standards levels. The technical level is as follows: how to ensure the data privacy of each participant, the transaction speed cannot reach the level of mature centralized system, and how to realize the horizontal expansion of the system with the growth of business volume. The business level is manifested in: What is the real necessity of the blockchain? The actual benefits of the blockchain cannot be quantified quantitatively. How legal compliance and business compliance are guaranteed. The standard level is that there is no mature solution in terms of storage/communication/transport/network security, and there is no standard for interoperability between blockchains.