Hang Seng Electronics: How digital assets can be applied to industrial blockchain?

What is the value of blockchain infrastructure to the various players in the blockchain industry? How are the upstream and downstream of industrial blockchain linked? How does industrial blockchain integrate emerging concepts like NFT?

Hang Seng Electronics: How digital assets can be applied to industrial blockchain?

Since 2020, the “new infrastructure” characterized by digitalization, informationization and intelligence has become a topic of great importance and attention from top to bottom, and it also indicates a clear path for the future development of China’s economy, industry, technology and society, and starts the preparation and paving work of infrastructure for this purpose.

In April 2020, the National Development and Reform Commission clarified the scope of new infrastructure for the first time, in which the first aspect of information infrastructure clearly pointed out the establishment of technical infrastructure represented by blockchain, cloud computing, artificial intelligence, etc., and arithmetic infrastructure represented by data centers and intelligent computing centers, etc. Once this news is clear, the Alliance Chain Network, which has the most application value, compliance scenario and infrastructure synergy in the blockchain field, has become an important part of the “new infrastructure” wave.

The “new infrastructure” has gradually become the guiding concept of industrial blockchain in the past year, and a number of independent and controllable, safe and reliable high-performance blockchain underlying facilities have emerged in the market, especially the alliance chain.

Alliance chain is a kind of underlying architecture network for blockchain scenario application, narrowly defined as the innovation of data deployment and storage form, but built on this new network form of reorganization and innovation, the alliance chain network changes the collaboration rules of business interaction, financial transaction, management structure, interconnection of everything and regulatory means in the digital data era from the underlying logic of digitalization. It is the cornerstone of the data deployment structure in the digital and intelligent era, and it is the most practical analogy to the “new infrastructure”. In the future, many of the widely known concepts of “digital+”, “smart+”, “Internet+” and smart city management will be built on this new deployment, sharing and The new deployment, sharing and collaborative data structure is the only way to give full play to efficiency and value.

On June 3, Hundsun released a new generation of industrial financial blockchain platform – Fantai Chain. Hundsun started blockchain technology research in 2015, and has been expanding blockchain application scenarios in electronic depository, supply chain finance, digital asset trading and other fields.

Hundsun Electronics said that FanTaiChain will focus on industry chain finance, concentrate on building blockchain technology service platform, around digital asset management, solve liquidity problems, provide more powerful and complete overall solutions for enterprises, and help enterprises quickly land an independent and controllable industry chain financial service platform.

What is the value of blockchain infrastructure for each player in the blockchain industry? How does the upstream and downstream of industrial blockchain link up? How does industrial blockchain integrate emerging concepts like NFT? In response to these questions, Chaintech App conducted an interview with Zhu Liangliang, General Manager of Blockchain Development Department of Hundsun Electronics.

Chaintech App: In the general environment of industrial Internet and digital economy, many enterprises start to look for business breakthroughs in the blockchain field, hoping to seek opportunities for transformation and upgrading with industrialized ideas. What is the core value of industrial blockchain from the perspective of two different positions of the state and enterprises?

Liangliang Zhu: It has been twelve years since the birth of blockchain technology, and it has been developing rapidly. Worldwide, China has been in the leading position in terms of blockchain technology exploration and research. Unlike many foreign studies that may focus more on the blockchain token economic model, that is, the digital currency blockchain field, China’s blockchain research and patent achievements, from the very beginning, have been more focused on the application and implementation of blockchain technology, that is, the industrial blockchain.

The country’s overall attitude towards blockchain technology is relatively positive and supportive, but it also imposes relatively strict regulation on areas that can easily lead to market speculation, chaos and waste of resources, such as coin speculation and mining.

No matter it is the invention of knotted rope, paper, or double-test bookkeeping method or computer, every advancement in bookkeeping technology in human history has brought about a great progress of human civilization. As an epoch-making bookkeeping technology, the greatest value of blockchain is that it should be used to combine with real industries and promote social development, not to speculate on coins. From the perspective of the state, vigorously developing industrial blockchain and guiding blockchain technology to develop more compliantly and benignly can better guide blockchain to empower the real economy, promote the upgrading and iteration of China’s real economy, and enhance the strategic position and influence of Chinese enterprises and the Chinese economy in the world.

For enterprises, especially SMEs, the core value of industrial blockchain is to truly empower enterprises and help them solve some practical pain points and problems. The core value of blockchain is to build an interconnection and mutual trust system for information and value flow. In the field of industrial finance, various pain points such as the low degree of market demand, high cost of customer service for financial institutions, difficulties in financing for small and medium-sized enterprises, and weak technical risk control means for financial service companies are common.

Upon closer examination, the fundamental reason for this is the high cost of trust among business subjects due to the lack of a credible infrastructure. Improving the efficiency of trust and reducing the cost of trust is the key to break the game. With the help of blockchain technology, it can effectively reduce the trust threshold and rebuild the trust channel, and further enhance the efficiency of digital asset value flow, which is the core value of industrial blockchain for enterprises.

Chaintech App: In the context of new infrastructure, what role does blockchain play? Why does the country include blockchain in the new infrastructure? Will industrial blockchain play the same role for small and micro enterprises with simple production and governance links?

Liangliang Zhu: No matter it is a public chain or a coalition chain, the role of blockchain technology itself is to build a credible computing environment, so that transactions cannot be tampered with maliciously, so that the calculation logic is more transparent, and so that each bookkeeping subject is relatively equal from the bookkeeping level. I think this technical concept is in line with the core socialist values of equality and justice. However, technology itself is not the infrastructure, and I think the state, through guidance, is more interested in seeing the real industry infrastructure being established. As a leading financial technology company, Hang Seng is also committed to providing technical support to help enterprises and industries establish a credible infrastructure. In addition, the sharper the knife is, the more it needs a sheath. The characteristics of blockchain technology such as transaction anonymity, data sharing and self-organization may also provide a breeding ground for illegal crimes. I think it is beneficial to the country and enterprises to incorporate the development of blockchain technology into the regulatory system, discover risks in advance and give policy guidance.

I think small and micro enterprises need blockchain more, but they do not need to build their own chain. Blockchain is a technology to solve the trust problem, and it is often small enterprises in the industry that need to solve the trust problem. But for most small and micro enterprises, they do not need to have a particularly strong sense of the chain. In for some industrial Internet platforms above the waist, although they may also be small enterprises, but instead the demand for blockchain is very strong. We know that there is a huge chasm between the open source blockchain underlying protocols and the actual landed industrial applications. First of all, the technical cost is too high. How to write the contract, how to quickly and flexibly group the chain, how to design the blockchain business model, how to connect the assets in the physical world with the blockchain, how to combine components such as KYC/payment gateway with the blockchain, all these need professional technology to achieve, which requires great cost, and the threshold for small enterprises to use is very high. Secondly, the ecological linking ability is weak. Many blockchain projects are just speculating a concept without really playing the core value of blockchain. Blockchain as an infrastructure needs enough nodes, such as upstream and downstream enterprises, financial institutions, trading platforms and authoritative institutions like Internet courts/notaries, etc., so that it can play a real infrastructure role. But the vast majority of small enterprises do not have professional technical ability and ecological linking ability. In response to this problem, Hang Seng launched Fantai Chain product, which specifically provides professional blockchain technology base for industrial financial application scenarios, and provides technology products and ecological linkage services for various industrial blockchain applications.

Chaintech App: What kind of role does Fantaisan play in the industrial blockchain? How do we link up the upstream and downstream enterprises or participants from all sides?

Zhu Liangliang: Fantai Chain is an industrial finance blockchain platform launched by Hundsun for the industrial finance field. Under the background of high service cost and difficulty in risk control of financial institutions, difficulty in financing of enterprises and difficulty in breaking trust barriers, Fantai Chain was launched to help enterprises and institutions reduce the technical threshold of trust and trust cost and improve the efficiency of digital asset value flow with the help of blockchain technology. At present, Hang Seng Fantai Chain can be innovatively applied to a variety of application scenarios such as supply chain finance, integral marketing, digital copyright and carbon inclusion.

In the industrial blockchain, FanTaiChain is a patient “service provider” and “inspirer”. On the one hand, we hope to serve the upstream and downstream enterprises of core enterprises and other participating organizations in the ecology through FanTaiChain, so that they can optimize their operation efficiency by means of the “chain” and the Hundsun FanTaiChain platform. On the other hand, blockchain is decentralized by nature, and we hope that through the FanTaiChain platform, we can inspire the participants to understand and think about blockchain technology, and make the whole FanTaiChain ecology more complete spontaneously and autonomously.

Taking Kungang Group, a large organization that Hundsun has served, as a case study, the blockchain basic service platform that Hundsun helped Kungang Group to build combines several participating organizations and business scenarios in Kungang’s ecology to save the data involved in supply chain finance, such as commodity trading, capacity trading, transportation process, payment and settlement, storage and logistics, onto the blockchain to realize on-chain application and help the supply chain finance business.

Chaintech App: How do you think about the current NFT fever in blockchain industry? Which scenarios are the NFT services provided by Fantai Chain specifically for?

Liangliang Zhu: The full name of NFT is Non-Fungible Token, which is a unique, non-substitutable and indivisible digital asset in Chinese. The current blockchain industry NFT is hot, on the one hand, thanks to the blockchain gradually into the public eye; on the other hand, it is also because, compared to ordinary token, NFT is more closely linked to the real economy and is a means to effectively empower the real economy.

How to ensure the uniqueness and security of digital assets is an important issue facing the Internet era. After the birth of blockchain, it is believed that the traceability and tamper-evident of blockchain technology can effectively solve this problem of the existence of digital assets; moreover, through the assets on the chain, it can better map the real assets to the chain, enhance the liquidity and realize the effective flow of assets. However, for ordinary tokens on the blockchain, it is still difficult to achieve this function, and the emergence of NFT can provide an effective solution for this.

NFT provides a new, digital form of rights, each unique asset, on the blockchain, will also exist in a unique, unique form. Therefore, in addition to digital assets, in the future, everything that has value can be put on the chain in the form of NFT, and safely flow and trade on the chain. It can be said that NFT will be an indispensable part of the upgrade from information Internet to value Internet.

At present, the NFT service provided by Fantai Chain is mainly oriented to the fields of points marketing, digital copyright and carbon inclusion, which are the fields that we think are most in need of NFT to solve the pain points of the industry. In the future, Hang Seng will also explore more NFT application scenarios.

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