Shanghai Pudong annual academia conference: Chinese equivalent of “Ripple” approach to revolutionize traditional financial industry
Ultrain, a public blockchain optimized for commercial use joined the recent Pudong annual academia conference. This conference is one of the most prestige conference known to the Shanghai resident’s, with over 400 attendees joining the event from the mayor office, district official, central communist office and executives from the state banking institutes.
Ultrain’s VP Samuel Xiao made a presence on the stage, by discussing the empowerment of blockchain technology and focused on digital transformation for traditional business, he elaborated on how supply chain finance could be revolutionized with the latest trusted computing platform; improves the overall efficiency of financial services, upgraded security for digital asset protection and reduces cost of trust.
The core of blockchain technology lies in trust computing. Blockchain 3.0 has gradually entered the era of commercial applications. Samuel analyzed the seven applicable scenarios of the current blockchain technology in the financial field, including supply chain finance, trade, credit reporting, transaction settlement, reward point accumulation, insurance and securities. Although most of the existing public chains have limitation on performance, and insufficient privacy protection, unable to support large-scale commercial applications. Therefore, some financial technology chooses to use permissioned chain approach to eliminate those issue.
Xiao pointed out that, there are pro and cons when selecting the permissioned chain approach. Especially when consumers or small-size firm have limited capability of becoming a selected node to join the permission chain network and miss out the blockchain opportunity. This is where Ultrain comes in handy, Ultrain is a world-leading public blockchain optimized for commercial use that aim to build a general purpose blockchain offering cloud services and an operating system., with an innovative two-layer random number generation architecture composed of R-PoS consensus, random dynamic fragmentation technology and zero knowledge proof privacy. The protection scheme and other technical highlights have solved the core limitation of the existing enterprise application and realized the support for large-scale commercial applications. Xiao hope to explore the application of the blockchain public chain in the financial industry together with the financial professionals and create a more promising financial industry, to encourage further development.