LemoChain @ Chengdu Blockchain Seminar
(English Translation)
Original: 05–02–2018
2017 was hailed as the birth year for the application of blockchain technology. As a new generation of disruptive projects emerge, blockchain technology has become the hottest topic of the moment. At the beginning of 2018, the blockchain applications are creating some serious traffic with blockchain projects launching one after another, and a number of blockchain industries successfully being laid out.
Due to these recent advancements, in order to further participate in the research of blockchain technology and promote the development of blockchain, on the afternoon of February 5, ‘Grasp the Block and Link the Future’ Industry Development Seminar (Chengdu) was held.
This event was organised by the Daily Finance, Singapore Golden Rock Capital, Clean Technology & BABI Finance. Nearly 200 professionals, including blockchain experts, scholars and representatives of investment institutions, participated in the seminar and talked about the development of the blockchain industry.
At the beginning of the event, Cai Jingman, a daily financial producer, delivered a brief welcome speech. Jingman highlighted the difference between blockchain technology, digital currency and ICO tokens. Although the country (China) prohibits the issuance of ICO tokens, it supports the development of blockchain technology. Next, Daily Finance will hold a series of thematic activities, hoping for practitioners to build an exchange platform to promote the long-term development of blockchain industry.
Then entered the guest speakers:
As a leader in the domestic big data industry, Dr. Zhao Yong, Chairman of Qingcai Technology pointed out that the digital economy has entered the 2.0 era. Big data has also been widely used in various industries such as transportation, government affairs, medical treatment and finance. He further went on to describe how blockchain, artificial intelligence and other technological integration will become the future direction of the development of big data industry.
Fu Weilun, President of Singapore Pumice Foundation, took Panshi Chain as an example to share with guests the application of blockchain technology in the credit information industry.
Fu said that in the context of all Internet links, credit information has evolved into a new type of social structure and provided an important guarantee for both economic and societal development. The Panshi chain is Singapore’s Golden Rock Capital’s is the latest to create credit based blockchain applications.
There is still a long way to go in applying the blockchain to the credit information industry and we hope that starting with the Panshi project will make a greater contribution to the ‘blockchainisation’ of the credit information industry. However, Fu Weilun also believes that with more and more credit application scenarios coming, blockchain applications such as rockchain will also be more widely used.
At the end of guest lecture, Dylan Sutton, COO of LemoChain, shared his entrepreneurial experience in China. He believes blockchain technology should be properly explored and there may be more and more different jurisdictions in the future to allow cross-border experimentation with blockchain applications.
Dylan discussed the statement data is the new oil. Outlining the relevance of the statment whilst outlining 3 reasons why the two assets are not directly comparable:
1. Not every business requires oil. Every business requires data
2. Oil is a finite resource. Data is infinite
3. Very few people have access to disposable oil resources. With blockchain, everyone holds a particular amount of data which can be monetised and exchanged.
Data’s importance and relevance is universally recognised, however the current ownership of data is stored is loosely dictated by major corporations who are benefiting from it at zero cost. Smaller business have restricted access to valuable data, only through centralised data storage and individuals have very little governance over the distribution of personal data. Blockchain and particularly LemoChain provides the infrastructure for business and individuals to monetise and exchange their data, thus expanding their reach.
Dylan highlighted how the intervention of blockchain is also a good solution to help the data to ensure data accuracy and data realisation through the collective maintenance of blockchain, distributed records, and data not tampered with. However, under the existing business model, it is difficult for traditional businesses to enter the blockchain. First, there is a lack of corresponding channels. Second, there is a lack of corresponding technologies. Third, higher development costs are required.
With this in mind, LemoChain targets existing data businesses and provides intermediaries and tools for traditional merchants entering the blockchain, enabling merchants to quickly and cost-effectively implement data validation and data monetisation.
Mr Sutton further highlighted the technological distance existing between blockchain and common commercial logic.
Through developing a simple to use tool for companies to access blockchain technology without any change to business structure or additional technological investment; we can strive to raise the profile of blockchain amongst all business, not just those in the tech space. LemoChain’s easily accessible platform allows businesses with nothing more than data and a computer to incorporate blockchain as a useful tool for enhancing their business. The opportunity to access new data whilst monetising their own serves to improve business’ efficiency whilst delivering better end results to customers.
Following the guest speakers, there was an open Q&A round for all guests to have their queries addressed. This was then followed by further private community discussions later into the evening.
