Huang Minqiang, founder of Gongxinbao: Blockchain technology opens up the market for trusted computing business trillions

“Why are we starting to do trusted computing this year because I think the opportunity is coming!”

On June 15th, Huang Minqiang, founder and CEO of Gongxinbao, was co-organized by Gongxinbao and CompuTa and co-organized by Hangzhou Blockchain Technology and Application Association. In a speech on "Certificate of Trusted Computing and Blockchain Development", Trusted Computing has a huge commercial space and is currently in an explosive condition.

Huang Minqiang said that trusted computing advocates the realization of big data computing while improving privacy, and improving social efficiency and economic added value of data. When trusted computing runs on the blockchain, it has the characteristics of strong neutrality, high compliance, and low business costs. With the blockchain blessing, Trusted Computing has a huge market space and can significantly increase the proportion of data exchange and computing. It is expected that the scale of the global digital economy market will increase from the original estimate of $23 trillion to 70 trillion in five years. The US dollar has added nearly 47 trillion market space.

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Trusted Computing Eruption Eve

Since 2010, big data has been applied on a large scale and has had a positive impact on people's lives. For example, we use the APP to book tickets, socialize, travel, etc. The data can provide personalized services based on the user's past behavior data, and even know themselves more than the users themselves.

However, the premise that big data technology has greatly improved social efficiency is to sacrifice the privacy of users. Because we use various apps to bring convenience to ourselves, personal privacy data is also obtained by the vendors of these apps. Some manufacturers will use the user's data for external sales for advertising, etc., which will cause problems for our lives.

At present, national data management regulations strictly protect the use of personal privacy data, such as China's "Network Security Law of the People's Republic of China" and "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Laws in Handling Criminal Cases Involving Citizens' Personal Information", The Personal Privacy Protection Act of Europe, the General Data Protection Regulations (GDPR). However, the introduction of these laws and regulations, while protecting personal privacy, is bound to reduce social efficiency. Because the data is only unconstrained, the efficiency will be faster.

This has a clear contradiction: whether to choose to improve social efficiency, or to choose to protect personal privacy.

Huang Minqiang believes that both need to be considered at the same time, which requires the use of trusted computing technology. Trusted computing is like a balance that balances the two and enables big data calculations while protecting privacy.

Two technical routes to promote trusted computing

There are two main technical routes for trusted computing. One is hardware + cryptography, and the other is pure cryptography.

Hardware + cryptography , which is a mainstream practice adopted by many companies.

The hardware provides a Trusted Execution Environment (TEE). The cryptography is mainly to solve the problem of distributed key management, private key sharding, and single node dependency. The standards of each vendor are different. The advantages of this scheme are relatively high performance and high commercial viability. The downside is that the flexibility is poor and depends on the hardware vendor .

There are many players in this field, not only old-fashioned hardware manufacturers like Intel and Microsoft, but also domestic Internet giants such as BAT.

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The other is the direction of pure cryptography. The current mainstream practice is to use multi-party security computing such as MPC/SMC as an entry point. There are also zero-knowledge proofs, homomorphic encryption, and so on.

Its advantage is that it is very flexible and does not depend on the hardware of a certain manufacturer. The disadvantage is that it requires a lot of network interaction and weak performance .

The main players are as follows:

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Huang Minqiang believes that for hardware + cryptography solutions, it can solve some commercial needs in the short and medium term, while pure cryptography is a longer-term solution.

Blockchain adds 3 new features to trusted computing

Trusted computing advocates the protection of privacy while realizing the calculation of big data, and enhancing the social value and added value of the data economy. At the same time, the blockchain has the functions of code open source, node decentralized, non-tamperable, account book disclosure, smart contract, and asset transparency.

Huang Minqiang believes that when trusted computing runs on the blockchain, it has three new characteristics: strong neutrality, high compliance, and low business costs .

Neutrality: Blockchain calculations are scattered and can eliminate trust barriers between data collaboration, making it impossible for the platform to cheat and steal data.

High compliance: Eliminate data sharing challenges caused by legal issues, make data easy to identify and data to be compliant.

Low business cost: The blockchain has the characteristics of transparent assets and the disclosure of the book, which can eliminate the problem of commercial cooperation and interest distribution and trust, so that the expenditure, income, and distribution can be transparently settled, and the book can be clearly disclosed.

These three characteristics are very good combination points between blockchain and trusted computing, and are also very necessary joint points.

Trusted computing solves the general appeals in current business activities: neutrality, low legal risk, data not leaking, and increasing data value.

Taking the financial technology field as an example, financial institutions can reduce the cost of drainage after adopting trusted computing technology, and can achieve low bad debt rate even when the loan approval rate is improved.

For intelligent hardware companies, data validation and data rights can be realized. Huang Minqiang mentioned that one of his friends made a toilet cover that collects data on the bacterial population of the family user, and then processes the data through the APP to analyze the health of the body.

There are many medical companies and insurance companies that are interested in this kind of data, but this data is very private and cannot be sold, otherwise it may be used to make genetic weapons.

However, the potential value of such data is high. For example, an insurance company can track the sample population for several years when designing an insurance product, which is costly. With trusted computing, insurers can customize the data of intelligent hardware vendors to customize insurance products for specific groups through trusted computing without touching the privacy of users, reducing R&D costs. For intelligent hardware manufacturers , the added value of the product can be increased. For consumers who buy hardware , because insurance companies develop insurance products through your data, then when you buy insurance, the insurance company can offer you a preferential purchase price.

Blockchain + Trusted Computing, Opening the Digital Economy Tera Market Space

According to public statistics, the total amount of data in the world in 2018 is 18 ZB, of which the proportion used for data exchange calculation is 10%. At present, the global digital economy has a market size of 14 trillion US dollars. It is expected to maintain an annual growth rate of 8% in the next five years. That is to say, by 2025, the global digital economy can reach a market size of 23 trillion US dollars.

However, Huang Minqiang believes that after the intervention of trusted computing, there will be three phenomena: first, the data island barrier is released on a large scale; second, a large amount of incremental data is involved in the calculation; third, the overall data economic added value is rapidly increasing.

Assuming that the ratio of global data to exchange and calculation is adjusted from the original 10% to 30%, the global digital economy can grow at a rate of 8% to 26%, and by 2025, the global digital economy. The market size will increase from the previous estimate of $23 trillion to $70 trillion .

Obviously, trusted computing effectively increases the added value of the data economy and expands the market. After using trusted computing, the proportion of data exchange was tripled, while the size of the global digital economy increased by nearly $47 trillion. The added part is twice the original. This is the importance that technology brings to our society.

After arriving at the conclusion that Trusted Computing brings such a huge market opportunity, Huang Minqiang is hard to hide the excitement. "There is a huge opportunity to come across the feeling that I can clearly feel this opportunity, just like 2016. The opportunity to start a business as a public trust feels the blockchain is coming."

Huang Minqiang believes that trusted computing finds a very good economic model for the blockchain landing, which is more efficient than all current economic models of blockchain . "The current economic model of the blockchain is actually not healthy. It is not the liquidity created by the system itself, but more the liquidity created by the secondary market. I think the liquidity in the blockchain system will be strengthened. This requires the input of external funds, driven by normal business practices, which is the most valuable place for blockchain technology."