A Summary of the 2019 Shanghai Blockchain Technology Innovation Summit
How to Solve the Difficult Situation for Blockchain’s Deployment?
2019 China (Shanghai) Blockchain Technology Innovation Summit was held on September 6 in the Yangpu District, Shanghai. It is the second innovation summit held by Shanghai Association for Science and Technology. During the summit, the white paper of 2019 Shanghai blockchain technology and application was released to guide the development direction of the blockchain industries in Shanghai for next year. It was the vane for the development of blockchain technology in China. As a member of the Shanghai Blockchain Technology Association, the QuarkChain team was invited to participate in the summit. QuarkChain CEO Dr. Qi Zhou and CBO Ting Du delivered keynote speeches and joined the round table discussion. They shared QuarkChain’s experiences on blockchain technology development and applications with practitioners from the top blockchain industries, experts and scholars from home and abroad as well as the government staff.
In the morning of the Summit, CBO Ting Du participated in the round table discussion to explore how the blockchain technology can empower the real economy. He mentioned that in the era of big data, most companies with data have not started using them, while the majority of companies with trading applications have no data. e.g., the commercial insurance service, the factoring business companies to express companies and E-commerce. At present, the factoring business is more and more segmented and the clients are on a smaller scale. Each order could be as small as hundreds of thousands, which makes traditional management very difficult. How to realize transparency, high efficiency, and low cost as much as possible? Blockchain can serve as an underlying credit instrument in many ways.
In the afternoon, Dr. Qi Zhou delivered a keynote speech on the theme of “The Function of High Efficient Blockchain in the Future Economic Society”. He mentioned in his speech that with the secure and distributed governance model as well as the openness and transparency of blockchain technology, blockchain has various advantages in the fields of credit, cross-border payment and so on. Blockchain’s users are increasing rapidly. Giant companies and institutions including IBM, Facebook, and J.P. Morgan have started preparing for blockchain. However, there are some existing problems between blockchain and massive applications: a lack of performance among the mainstream public chains, high cost of participation, big price fluctuation and even some security issues. For instance, the cost of one EOS node is approximately 230,000 US dollars per year. All these problems have restricted the application of blockchain.
To solve these problems, QuarkChain has combined its own experiences on the blockchain deployment and developed a highly efficient public chain system for the next generation of blockchains, which has combined the Boson Consensus, a hash power distribution algorithm and the PoSW (proof of staked work). It aims to use the horizontal scalability technology to create a secure, decentralized, scalable and flexible blockchain technology with 100,000 + transactions per second. Currently, the QuarkChain mainnet has been launched and the hash power on its shards has increased beyond expectation. In addition, the attack cost of QuarkChain has exceeded Ethereum and QuarkChain has become a higher efficient and more secure platform that is more suitable for deployment. Nowadays, QuarkChain has established partnerships with Unicom Innovation VC, NH Investment & Securities, Chainlink and so on. In addition, it has realized cooperation with some national-level projects. QuarkChain has planned a layout in multiple fields such as supply chain finance, logistics as well as games and it has a broad application prospect.
The 2019 Shanghai Blockchain Technology Innovation Summit is quite different from other industrial summits. Technologies were discussed and applications were presented at the summit. At the same time, there were policy-guided discussions. Industries, government, research institutes and academia all involved in it and the white paper of 2019 Shanghai blockchain technology and application was launched. As one of the enterprise members, joining the summit will help QuarkChain get a better understanding of the policy trends and promote its technology advantages. It enhances the future development and deployment of blockchain technology in China and helps to establish a complete blockchain ecosystem soon.
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