Yu Xueyu, co-founder and CEO of Digital Qin Technology. Bachelor of Science in Electronic Finance from the University of Liverpool, UK, Master of Science in Financial Risk Management from the University of Reading, with experience in state-owned, foreign banks, private financial institutions, and private investment banks. He has published many papers in provincial and national journals, compiled and published "Agile Innovation" and "Blockchain Graphic Handbook", co-authored "Blockchain and New Economy", "Blockchain and Artificial Intelligence".
The first case in the country based on blockchain
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On June 28, 2018, the first case of the blockchain deposit in the country was pronounced in the first instance of the Hangzhou Internet Court. The court supported the plaintiff to use the blockchain as the method of deposit and confirmed the corresponding infringement facts. This is the forefront of the judicial system in the field of evidence, evidence and deposit. The technical support for this case is the security network of Zhejiang Digital Technology.
"It took more than 8 months to determine that the blockchain can be used as a valid evidence. Provide the data side to preserve the familiar blockchain, and think that the blockchain is logically tight and has a clean network environment. But the judicial system does not Too much knowledge of the blockchain, there will be doubts about these during the appraisal, such as whether someone is interfering in it. In addition, the defendant also put forward various grounds and reasons for defense in the first trial and second instance. But in the end, the blockchain operation is fully understood in the court. After the mechanism, the court explained the logic of the blockchain completely in the judgment process, so that the defendant did not further raise any doubts and demands, and then judged the result.” Yu Xueyu, CEO of Digital Qin Technology, told “8 Questions” .
In this case, the biggest challenge of the judiciary is the relationship of trust. Because the evidence before the judicial judgment comes from the notary office, the notary office has the national credibility endorsement, there is no problem. In this case, the service provided by Hangtai Group's Huatai Media is a well-known enterprise such as Baoquan. The judiciary believes that the evidence provided by the nominee is not credible. The security network has to explain that it is only providing technology. The trust endorsement behind this technology still comes from the appraisal center and the notary office, as well as the customer itself.
Yu Xuexuan said: "In the judgment of June last year, various details of the blockchain technology were mentioned, including the establishment of the law identification center and the notary office. This is actually the use of blockchain to make the original credibility of the organization. Transparent connection, this connection can be verified. And we have verified it, so we made the decision."
The whole process gives Yu Xueyi the feeling that there is still a gap between the emerging technology of the blockchain and the existing social operation mechanism, which requires a lot of time and effort to popularize and let them understand the blockchain.
Change begins with breaking the original rules
After graduating from Reading University, Yu Xueyu entered a traditional investment bank in the UK. The simple and repetitive work every day makes him feel that he can't show his abilities, he can't learn new knowledge, and he has a lot to learn from what he has learned before.
“There are very traditional enterprises in contact with there, and even production-oriented enterprises, such as food processing, have not touched new industries. When we see the diversification of domestic industrial development, we think that even the same The financial system will also be exposed to more yuan in the domestic market, so it will come back." Yu Xueyu said.
As for why Yu Xueyu will enter the blockchain industry, he has to start from an experience in Internet finance after returning to Yu Xueyu.
"The Internet financial model is actually based on intermediaries, doing information and platform. It does not have the corresponding qualifications of the bank, but it assumes the responsibility of the bank. From the perspective of production relations, this model does not really change traditional finance. Production relations. At that time, I also thought that although the traditional financial system with hundreds of years of history was inefficient, there must be reasons to support it for so many years of development." Yu Xueyu said.
At this time, Yu Xueyu met Gao Gao, the founder and chairman of the current Qin Technology. Gao Hang said to him: If you want to change this mode, it is better to change it from the inside to find a new point to trigger it, or to break the original rules.
Before Gao Hang was a civil servant in the tax system, he left the tax system after he understood the blockchain and decided to invest in the blockchain industry. In an interview with "8 Questions" in May, "Hot Point", Gao Hang said that when he was just determined to come out, the leader said to him: "Small high, don't go astray."
Yu Xuexuan is also very curious as to what inspired Gao Hang to have such great courage to leave the tax system. So he went to the Bitcoin white paper and found that every participant in this economy is the maintainer of this system. This is very different from the traditional financial operating rules. The inefficiency of traditional financial operations seems to be changed. This set of seemingly simple and rigorous mechanisms involves a lot of game theory, cryptography, and planning for collaboration mechanisms.
"At that time, Gao Hang told me about his idea. I think that if it can be realized, the value will be great, so I joined." Yu Xueyu said.
In 2016, Yu Xueyu joined the founding team of Digital Technology and is currently the CEO of Digital Technology.
I am a connector
The CEO after the 90s said: "I often play the role of a connector in the team, condensing the small partners to do meaningful things. To accomplish our mission, vision, values. I hope that I am the ignition person. Let the team pick up the flames and turn them into flames. The other is to go to the line of business lines, synchronize the information, and output my thoughts on the product line."
For the evaluation of his role, Yu Xuezhen believes that the evaluation can only be sixty-seven.
"This industry is very new, and it has bottlenecks. For example, there are still shortcomings in organizational form, management mode, and collaboration mechanism. But this is also an opportunity for me, an opportunity to improve management ability and management thinking, and that I hope that is 30% of the rise." Yu Xueyu said.
This industry, whether it is for Yu Xuexuan personal or team, actually has challenges.
"Our output and market are different, the blockchain is not a million dollars, not all industries need. This requires us to make further in-depth thinking: how can we really land the blockchain?" Yu Xueyu said.
“After the early communication with customers, customers will show interest in blockchain technology. But in practice they will feel that this technology does not bring profits or generate commercial value. I think the blockchain is just a propaganda. The concept of it, and will not really use it in the production process. This is actually a big setback for me and the team," he added.
The number Qin team also had a disagreement for this reason. Argument: What is the model of a blockchain technology company?
"This controversy has always been there. The biggest difference is that the deposit is not a blockchain. It is not a blockchain company. It is a great temptation to have various 1C0s at the time. Some people will wonder why. Do not take shortcuts, do some high-frequency applications that stimulate consumption or stimulate use, such as gambling, which will directly obtain customers. The security network can only serve the judiciary, which is a very low-frequency application, and it is a kind of catering to the judicial system. The behavior of falling prices."
"But we feel that a technology really needs to be applied on a large scale, or that some rules in society can be compatible with it, or it can be compatible with social rules, rather than playing with a group of people who are purely online. There is a big difference here, but in the end we still insisted on the road of depositing certificates." Yu Xueyu continued.
"Back to the past, we will find that we still confirm our previous thoughts. When there are not too many social rules to accept, in fact, there will still be some bubbles, or there will be excessive optimism. Instead of looking at these temptations, it is better to bow down and do the work. Some facts come more valuable, which is more fulfilling." Yu Xueyu said.
Three progressive participation modes
In the past three years, Yu Xueyu has made new progress in understanding the industry.
Now there are gaps between people in the industry and real users. The industry is still debating which company mechanism is better, which incentive mechanism is more future, and which TPS is higher… But have you ever thought that maybe these are not users? issue concerned.
Can make a good product that is convenient for everyone around, this product does not need to emphasize the blockchain, users do not need to perceive the existence of blockchain. But they can appreciate the value of the blockchain in the process of use, such as transparency, trust transfer relationship and so on.
Only by realizing the value of the blockchain will they want to know more about the industry, rather than thinking that it is just a concept of hype.
Yu Xuezhen believes that through the three-level participation model, it is more conducive to let more people know about the industry. That is, the user first touches, then the user generates feedback, and finally the user participates in becoming a member.
It is a step for users to reach out and become users. By making products let the user know the blockchain and knowing Bitcoin, the user will connect with us; let the user generate feedback and commit. After becoming a user, you are willing to become a developer or have feedback on new products; become a member, join the industry and explore with more people and teams.
To this end, Digital Technology will develop a blockchain tooling platform that focuses on data deposits and data transactions. Digital Technology also hopes to have some people and teams in the supply chain finance, IT Internet and other related fields to join in the development and use of the platform.
In addition, on the underlying infrastructure, Digital Qin will have more choices and cooperation with the public chain. I hope that we can truly build a cross-chain network and support the entire business development. Rather than building a car behind closed doors, building a car behind closed doors will only result in a total loss rather than a win-win situation.
In the litigation platform, Digital Technology is in demand for business development. Open the relevant big data experts, technical professional positions, hope that people who were not in the block field can also join the blockchain, become the developer of the blockchain, and become a part of the blockchain industry, to be the blockchain The development has made corresponding contributions.
Text | Jia Xiaobe
Video | "8 Questions" section