Wuzhen·Yuchain Technology and CEO Luo Wei: Distributed Commercial Infrastructure Based on Blockchain Trusted Data

From November 8th to 9th, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt was held at the Wuzhen Internet International Convention and Exhibition Center.

This afternoon, Yu Qi, co-founder and CEO of Yulink Technology, delivered a speech titled “Exploration and Prospects of the New Generation Blockchain”.


The following is the full text of the speech, published by Babbitt:

I mainly introduced the three aspects of Yuchain Technology:

  • Problem to be solved: Trusted data problem for distributed business
  • Solution and case analysis
  • Our technology: three capabilities, technical advantages and patents

In the past, we talked about a lot of business partners, all kinds of encounters, and more from a cognitive perspective. Everyone has not only had no cognition or even negative cognition about this matter in the past, which made it difficult to land. Now we are welcoming a good era. I hope to share with you today what is likely to form the next killer application in the direction of these attempts. We found that there is a clear improvement. For example, the Ministry of Public Security and CNOOC really invite our product owners to report directly to Beijing in the evening. We will find that today we are facing a world for the past, but only two weeks. But the new world begins. why? Because everyone is willing to open their minds and try to combine them with various industries and blockchains.

First, the problem to be solved:

At present, the world is searching hard. I hope that through the exploration of Yuxing Technology in the past two years, I will give you some inspiration, and I can have some cooperation to truly run the first killer application. .

The concept of distributed business:

The word "distributed business" is not proposed by me. This is the word that the US group often refers to, including the universal direction. Why should we mention distributed business? The US group Wang Xing is a very considerate person. The US group has become a giant of 500 billion platforms today, and it has been killed from the Wan Tuan battle. As a platform business, it has done its best. What is the systemic risk for the US group, the same for the financial industry, I have done it myself on Wall Street. For the systemic risks of the banking industry, it is not that you open a bank. If you open a bank, you cannot open a big bank, Citibank, JPMorgan Chase. You must not open a bank. For example, bitcoin does not need to pass value through the bank. It does not need to pass a centralized organization to deliver value. At this time, the bank is likely to be killed. This is the open finance that Tao Zong said, another species.

What is the business that is likely to subvert the platform today? Distributed business. What kind of concept is distributed business, and it is very similar to ordinary bitcoin distributed network. We can deliver goods directly from point to point, not through the centralized beauty group. The US Mission is to distribute the traffic and then centralize it, distribute it to every food and beverage outlet, distribute it to a movie theater, and distribute it to a beauty salon. Is there a way for everyone to work together directly and without it, this is the distribution? Business. The Bitcoin network has verified the feasibility of this, peer-to-peer trading. It sounds very good, killing 500 million US dollars, and the traffic cost is greatly reduced. But the problem it faces is very similar to the bitcoin distributed network. It lacks mutual trust. The two sides of the transaction lack mutual trust. There is no US group guarantee in this middle. How do we trade between them? There are two levels of mutual trust:

1. Data level. Let's imagine, assuming that a movie theater is diverting to a restaurant, you said that it has guided a thousand people. I said that 100 people were introduced. Whoever remembered this account, this is unreliable data.

2. Your diversion is to divert into the flow, and complete closed-loop mutual trust can run through to form a complete distributed business.

What Yu Yunyun does is very similar to today's Alipay. It provides mutual trust guarantee for buyers and sellers on a platform, from data to settlement. We are nothing more than guaranteeing the platform in multiple parties. The final result is the same, which greatly reduces the cost of business trust, improves business efficiency and creates commercial value. From a technical point of view or from a capability perspective, how do we do this:


1. Trusted data collection. The first thing to do is to ensure that the data is correct from the source, is trustworthy, and is clean data. It doesn't make sense if a piece of dirty data is thrown onto a block that cannot be tampered with. There may be a blockchain security chip here. Before that, Tao said that finance was the most important application in the past decade. I have both financial background and engineering. I add that I think the financial technology + Internet of Things is the two most important directions. When it comes to IoT devices, we need to have a blockchain version of the security chip to collect reliable data. why? Last year I participated in the World Internet Conference, not the Babbitt Conference, the World Internet Conference. I have seen Guo Taiming Guo Zong, who also has a team specializing in industrial IoT + blockchain. I asked him, Guo, why do you want to study this topic, you are doing traditional industry, we understand that Foxconn is a very traditional enterprise. But no, they upload these global factory data and the data of these devices to the headquarters for decision making. Then there will be a problem, and it is found that these data are uploaded by the various factories, and there are a lot of tampering and untimely situations. He wondered if there is a means to directly and directly from the device level, uploading data directly to the chain and letting decision makers see the data. No one needs to tell us what the source of the data is, but the data is defaced from the source directly to the chain, and the background makes decisions. Tell you again, what people should do, this is the right thing, this is the feasibility of the blockchain security chip to collect data from the logistics.

2. Trusted data sharing. Recently, a lot of things happened in Hangzhou due to personal data leaks, sales, etc., and many people have been arrested. What is the future direction? The data generated by individuals today belongs to you and me. For example, your data on WeChat and the data in Alipay do not belong to you or belong to me. It belongs to Tencent Ali. Modern so-called platform-based company leadership model, users do not have such data, the company holds your data, the more I hold the more valuable, can not help but sell. As personal privacy protection becomes more and more strict, this will not work. When the blockchain version is trusted, the data ownership is returned to the data producer itself. If further migration is made, the data can be sold by the commercial party when the request is made by the commercial party. It is easy to confirm the rights and share the data and trade. The overall shape of the future digital economy.

3. Trusted data application. After we have done a credible data foundation work, how to make money in the blockchain industry has always had a big problem in the past. Everyone does not know how to make money, there is no commercialization path, and there is no sustainable commercialization path. This is a problem for the entire industry. Of course, we are discussing some things from the past, from credible separation, trusted drainage, and credible financing. To give some examples of what we have done, we will not talk about the so-called theoretical framework. Of course, these cases may seem a bit silly, but the functional modules it uses are all three of them. We have shortened these possible cases in the future by 10 because there have been 500 partners in the past. Everyone knows that there have been countless things since January 2018. I have seen countless white papers. Eat, use the blockchain to eat better. Going to the toilet, the blockchain can be better, too much, it is not easy for us to concentrate here today, we expect to break out in these areas.


Second, the solution and case analysis

Trustworthy distribution : In the case of credible distribution, it is actually a model that creates no-accounting and no counterparty risk. If you have done micro-business, you will find that there is no account period, especially in a society where China's credit society is relatively lacking. There is no risk of counterparty, and there is no risk of being squeezed by various people. In addition to the RMB is the direct back-end adoption, such as the WeChat payment, the UnionPay payment whitelist system of the RMB payment channel. There is also a so-called block chain Token, the back end is Token, the front-end definition is very flexible, can be points, can be the right to work, income rights and so on. Token's structure is much more flexible than the French currency, because the French currency does what it does, probably within two layers. Token can be flexible tree structure, multi-layer, can be according to the percentage, can be very flexible according to a fixed ratio, this is the so-called two-channel split mode.

Two cases :

1, distributed gas stations, distributed gas stations and distributed networks are very similar, do not have to drive a car to a centralized gas station. Instead, the fuel truck is directly driven to your factory, mainly for the industrial sector, and has not been used on a large scale for civilian use. The benefits of direct refueling in industrial enterprises are the same, saving a lot of so-called land and rental costs at centralized gas stations, which are extremely costly. Since these factories have to go through the layers of distributors, these distributors in the past are not mutually untrustworthy, the above is the supplier, the following is the manufacturer. Then there is the act of stealing oil and leaking oil, which is unclear. It can now be implemented in the same way as the chip. Who is going to brush this card and use this oil. At the same time, each payment can be distributed to each of the parties in the collaboration in real time. There are suppliers of oil raw materials, there are intermediate channels, and there are links to use oil at the bottom, all in real time.

2, medical bed cases, this is not sold to hospitals by means of heavy assets. Now it's a bit like sharing a bicycle mode, pushing directly to the hospital, not collecting money. How do you make money, it is very simple, the patient is good, or the patient's family is also good to go to sleep in the medical bed, through sensors, stress testing and so on. After the payment is completed, it will be directly distributed to the parties according to the pre-agreed proportion. What are the parties, the equipment providers and channel providers of the bed, each of the generated fee income will be automatically split into multiple parties, without the risk of counterparty , greatly promoted the extent of medical beds.

Trusted financing Another example of commercialization with trusted data. Recently, we are negotiating with a large financial group. For example, when the financial group credits some of the following companies, it must be done. For example, the logistics industry, such as the hotel industry. It will encounter a big problem. These logistics enterprise vehicles are actually very many, and they run around the country. The cost of the bank is very high. It is impossible to follow your car all the time. In the end, your car ran. How much, how much income is generated, and know the business situation of the company. And the data that told me in the past is particularly easy to falsify, and the cost of my verification is very high. The current approach is to explore the process of loading a trusted chip into the car, recording the data in real time, recording it in real time on the chain, and sharing a book with you. Instead of a black box, both parties can trust the trusted data of this account. Banks and groups can easily credit these logistics companies or hotel chains.

Trustworthy neutrality

Give two examples:

1. The lottery industry, we have recently cooperated with the unmanned lottery machine. Everyone knows that lottery tickets are not sold in China. Just a lottery and sports lottery, regular lottery sales are hundreds of billions. The biggest problem encountered by the unmanned lottery machine is selling fake tickets and opening small plates, because this machine can plug in its own tickets, the machine is real, and the tickets are home. And in accordance with the same odds, this is the so-called open small, selling fake tickets. Now we have installed the chip in the machine, to ensure that the number of lottery tickets entered and the only ones that come out, and even electronic labels on the lottery itself, to ensure that the serial numbers are unique. At the same time, because the lottery machine has more agents, it can also be done in real time after the C-end users buy the lottery ticket. This method solves the great pain point of the sale and holiday.

2. Insurance, we cooperate with an industrial insurance group attached. The main customers of the industrial insurance group are not the C-end, but the factory. In the past, because the factory explosion lost more than one billion last year, they are also very embarrassed. It is a huge change in the factory's own parameters, but the operators did not solve these problems. But the factory certainly does not admit that this thing is unclear. Later insurance is to discuss that all insured companies must install blockchain security chips, and collect data in real time in these devices. Once an early warning occurs, it can be seen whether these people have taken measures. It is said that these people did not take measures, leading to the final tragedy. These are neutral disclaimers, which clearly distinguish who the responsible party belongs to and substantially reduce the premium.

Silver merchant member applet

Cooperate with UnionPay Business Strategy. For example, in the cinema, I bought a movie ticket QR code, automatically jumped out of the Italian restaurant coupon, and then took the coupon to the downstairs restaurant for consumption. At this time, after the purchase of the order, the cinema can receive the share in real time. This can be done not only for the B-side but also for the C-side. At the same time, it can also do secondary distribution. Friends of friends can also collect money in the past. This is the core concept of distributed business comparison, which is the direct interaction between multiple parties.


This is a classic case of blockchain, I will not expand in detail. This is our cooperation with the SaaS platform, the largest public welfare person in China. In the past, due to the various situations of the Red Cross, you have done certified public welfare activities on the volunteer exchanges, such as the public welfare activities certified in Hangzhou, the college entrance examination, and the settlement can be added. These great benefits lead to evil. There are so many people, we manage all the behaviors on the chain. This is some other partner.


Third, our technology:

Let's take a look at our technical part. We serve customers in the same way as "cloud + chain + chip". The bottom layer is the security chip. Of course, the blockchain version of the security chip is not a terminal toC product, is packaged in a variety of physical devices, can be a smart door lock, can be a payment card, can be a variety of physical devices. Going up is the layer of the chain, it took a long time to develop the underlying chain itself, and also made a lot of innovations. Why do you want to do this layer of cloud, because we find that there are too few people who understand the blockchain, and too few engineers who understand the blockchain. The chain itself is too low-level, which also makes it difficult for the blockchain itself to land directly. We encapsulate it and modularize it to this layer of the cloud. Everyone is as simple as using ordinary Alibaba Cloud and Tencent Cloud. The fool-like interface can be used.

At the bottom of the chain, we made some innovations, invented the Token-based bookkeeping method, and wrote a thesis. We made the first dynamic QR code based on the blockchain version in the payment field. Everyone knows that bitcoin and Ethereum's past QR codes are static collections. We have made dynamic QR codes. The transaction speed can reach the speed of VISA and Alipay to serve commercial customers.

This is some hardware parameter standard for blockchain chips, and the core algorithm of the chain is written to the chip instruction level. The difficulty lies in it: First, the difficulty of technology means that people who understand the blockchain today are few. The person who understands the blockchain is a software engineer. He does not understand hardware. The chip is hardware, even if the team is hard and hard to eat, the technology is very powerful, now you face a bigger challenge, a commercial challenge. We talked about dozens of chip manufacturers in the past, and it said that blockchain chips are very optimistic, and we have to order millions of chips. As a startup, I stopped eating, and I have the money to book millions of pieces. Not to mention entrepreneurial companies. I have seen many large groups, and there are also a lot of blockchain divisions who dare not make their own blockchain chips. It is because the risks are extremely high, and there are no ones who use them. The business risks are far. Far above the technical risk itself. We are fortunate to have found a like-minded person, made it, and commercialized it and sold it.


This is the console of the Yulian Trusted Cloud, and the vertical version is the function module. The horizontal version is divided according to the industry. Of course, it may look similar to Alibaba Cloud's use interface today. In fact, it is correct. It does not change the habit of too big users, but this is the function of the blockchain version, not the underlying IaaS, PaaS. The function. The middle map is very simple, and the Xinjiang business district implements a map of trusted drainage + real-time distribution. It is very simple to see how much the drainage can be divided into large numbers, and how much the platform is divided. Yuxing Technology can be divided as a technology platform, which is very simple and intuitive. In the past, there was a very important reason why the blockchain could not be landed. The degree of visualization itself was poorly done. It was not a good Internet product, and most of them were not a good Internet product.

twenty two

Finally, thank you all, if you have any questions, I hope that you can get in touch with us and work together in the real estate of the blockchain to make efforts to make our country's blockchain industry at least apply to the NO.1 in the world. thank you all!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


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