OKCoin's Xu Mingxing won the 2016 Financial Technology Innovation Person of the Year Award

On January 7, 2017, the "2017 China New Financial Innovation Model Summit and the Second China Financial Elite Annual Meeting" with the theme of "Innovation Sharing, Integrated Development" was grandly held at Beijing Jindu Holiday Hotel. At that time, leaders of financial regulatory agencies and industry associations; national outstanding financial innovation companies (platforms); investment and lending banks, insurance, etc.; financial service company representatives, experts and scholars were invited to attend this event. As a pioneer in the field of financial technology, OKCoin was also invited to attend the summit. Duan Xinxing, vice president and chief researcher of OKCoin, delivered a speech on the theme of "Financial Technology and Blockchain Development Opportunities" at the conference.

OKCoin Vice President and Chief Researcher Duan Xinxing delivered a keynote speech

In addition to in-depth analysis and explanations on hot topics such as China's sustainable financial development, business model innovation, finance and capital markets, sharing and integration, the biggest highlight of this conference was the selection of the most influential and outstanding contributors from thousands of financial institutions and influential figures in the field of financial technology, and the awarding of relevant awards.

OKCoin Vice President and Chief Researcher Duan Xinxing (third from left) on the podium

It is reported that OKCoin CEO Xu Mingxing won the 2016 Financial Technology Innovation Person Award. Mr. Xu is the founder and CEO of digital asset trading platform OKCoin, and the founding director and chairman of the China Blockchain Application Research Center. The company he founded relies on advanced blockchain technology and deeply cultivates technological innovation in the field of Internet finance. Mr. Xu Mingxing has many years of experience in Internet technology products and industry. He has served as the CTO of China's largest document sharing platform Docin and a development engineer at Yahoo Alibaba, and is fully responsible for the products and technologies of Internet platforms with more than 100 million users.

The blockchain industry is currently developing rapidly. It is an emerging field that the world's top banks and financial institutions are investing and pursuing vigorously. It is innovating the global financial infrastructure and is one of the most promising industries in the next five years. The company founded by Xu Mingxing has solid technology and product accumulation in the blockchain industry, has the top team in the industry, and owns China's largest blockchain asset trading platform OKCoin and blockchain financial connection network OKLink. It is currently a pioneer in the application of blockchain technology in China. As a world-leading blockchain technology platform company, it has concentrated the industry's excellent technical development team, financial product team and technical security experts, and is committed to providing investors with safe, fast and stable blockchain asset transactions. In addition to China's largest digital asset trading platform OKCoin, it also owns the blockchain global financial network OKLink. OKCoin took the lead in using blockchain technology to cooperate with asset issuers to issue blockchain assets and realize global transactions of blockchain assets. In 2016, Xu Mingxing's company kept up with the trend of the times and made in-depth layouts in the blockchain field. Launched the OKLink product, which is the first commercial blockchain application in China. It connects small and medium-sized financial participants around the world, including banks, remittance companies, Internet financial payment platforms, etc., through the blockchain global financial network. With the help of blockchain technology, it greatly improves the transmission speed, cost, transparency and security of the financial network.

Blockchain technology was very popular in 2016. It was favored by all walks of life due to its characteristics of decentralization, transparency, traceability, and non-tamperability. At the end of the year, blockchain was listed as a keyword in the 13th Five-Year Plan. The central bank is preparing to issue its own digital currency using blockchain as the underlying technology. The influence of blockchain is gradually expanding and beginning to affect human life.

What do these properties of blockchain have to do with payment? And what do they have to do with our remittances? At the meeting, OKCoin Vice President Duan Xinxing said that this actually requires looking at blockchain from another perspective. Because it cannot be tampered with, is distributed, secure and traceable, and is also an underlying protocol, it is equivalent to forming a consensus mechanism on the blockchain. A mechanism that can build trust based on the underlying layer is the origin of the "trust machine" mentioned in The Economist.

In fact, blockchain comes from the financial industry, so its security lies in several aspects. The first point is that all systems with accounts are equivalent to ledgers and records, and its records are scattered in various nodes. When a node is breached or destroyed, other nodes can still provide backup services, which ensures that it is not easy to attack, or that disaster recovery can be considered after the attack. The second point is the encryption and decryption technology, that is, as long as there is a key, the first transformation based on this key can generate the asset ID, and the second transformation can generate the wallet. This ensures the security of the operation process. The whole design is to record and verify accounts on the network together. There are also points to ensure security in the whole system, and it cannot be tampered with by one person.

Since blockchain is a trust-based underlying protocol, we can develop and program on it, just like our mail system and our web system, HTTP, can be developed based on TCPIP. Bitcoin and many secure, reliable, concise and clear payment systems can also be developed based on blockchain, so it has very strong value attributes. Various applications based on blockchain, including Bitcoin and the development of such payment systems, will receive a lot of attention from venture capital and the industry. After the blockchain is generated, a value transmission network is formed. It is based on the underlying layer, algorithm, and protocol to transfer and pay from one person to another. In fact, it can be carried out through this underlying value transmission network. Combined with the characteristics of blockchain such as immutability, decentralization, distributed storage, relative system security, and traceability, it can play a role in cross-border payment, clearing, and settlement scenarios.

Duan Xinxing concluded his speech by saying that our CEO received the 2016 Fintech Innovation Person Award at the summit, which was a recognition of OKCoin by industry insiders. In the future, OKCoin will forge ahead and be bold in innovation, committed to integrating blockchain technology with the financial industry and contributing its own strength to the construction of inclusive finance.