OKCoin Bitcoin Trading Platform to Launch China's First Commercial Blockchain Application

36Kr has previously reported on some blockchain companies, such as Bubi, Yunxiang, PDX, etc. Most of these companies are technically-savvy and have been doing some related technology development. Other blockchain practitioners come from the cryptocurrency industry, such as OKCoin.

Previously, most people knew about OKCoin as China’s largest Bitcoin trading platform. Blockchain itself is closely related to Bitcoin, so OKCoin also used blockchain technology to develop the global financial network OKLink based on its previous business accumulation.

OKLink is a cross-border financial transaction platform based on blockchain technology launched by OKCoin in 2016. OKLink intends to connect small and medium-sized financial participants around the world, including banks, remittance companies, and Internet financial platforms. OKCoin Vice President Duan Xinxing told 36Kr that OKLink uses blockchain technology to improve the speed, cost, and security of the value transmission network.

The platform has the following features:

First, it is globally accessible. As mentioned above, OKLink intends to connect small and medium-sized financial institutions around the world, using blockchain and digital currency as a medium to expand the network to the global level. Duan Xinxing told 36Kr that OKLink has reached agreements with financial institutions in more than a dozen countries and is currently testing the network.

Second, multiple confirmations, using the blockchain's 2/3 signature transaction, require signature confirmation from the payee, remitter, and two parties in OKLink during settlement to avoid forged transactions.

Third, lightning settlement, based on the characteristics of blockchain, can transfer money from one country to another within 5 seconds and complete real-time settlement between different currencies. In addition, as a platform, OKLink only charges a handling fee of 0.1%.

Fourth, for all companies on the platform, all transactions of OKLink can be publicly queried and traced to ensure that the transactions will not be tampered with or forged.

Different from some blockchain companies that adopt the case-by-case model, Duan Xinxing believes that the model of public chain + enterprise service is the model of early startups. The company also has sites abroad, so it has a certain foundation when promoting overseas business. It is reported that the OKLink platform will be launched in early September and is currently in internal testing.

Duan Xinxing also has his own views on the use scenarios of blockchain. He pointed out that blockchain cannot be used in all fields. There are several principles that must be followed when using it. For example, it is not applicable to enterprises or fields with good centralized management. There is no need to do so. Second, each central node is equal. Third, each node has weak trust and lacks trust.

The original application scenario of blockchain was the financial industry. Whether it is a large company doing systematic applications or a small company doing case by case, there is nothing wrong with that. What these companies need now is to implement blockchain projects as soon as possible and promote the development of technology. If OKLink's model works, it will be a strong booster for the blockchain industry.