Blockchain technology company OKInc explores blockchain's potential for financial change

On May 8, 2015, the "Blockchain Financial Technology New Revolution Forum" hosted by the China Blockchain Application Research Center and organized by OK Inc was held at the China Financial Museum in Beijing. Mr. Xu Mingxing, Chairman of the China Blockchain Application Research Center and founder and CEO of OK Inc, was the main speaker of the salon. He shared his thoughts on the emerging technology of blockchain with the participants and introduced their efforts in the application and research and development of this technology. The forum gathered hundreds of participants, mainly elites from the financial and IT industries, and tens of thousands of netizens watched the online live broadcast through Weibo.

Blockchain, a technology that first emerged with digital currency, has recently been widely discussed in the industry for its disruptive impact on the existing financial sector, and is hailed as a new round of changes following the Internet technology revolution. As a distributed ledger, this technology will first explode with a huge transformative force in the financial sector: clearing, settlement, remittance, payment, value transmission, innovation and inclusiveness of the entire financial network and inclusion of all income groups, connecting regions and people separated by physical borders, and reshaping the entire economy and society.

In 2015, the global blockchain industry has received nearly $1 billion in investment. At the same time, from the financial industry to the IT field, blockchain technology has been recognized by central banks in various countries and European and American banks in the global market, and they are also making different attempts. What is different from the past is that China is keeping pace with companies such as Silicon Valley and Wall Street in the development of technology applications in this blockchain technology revolution. The world's largest blockchain asset trading platform OKCoin.cn, the block connection network OKLink, and the blockchain self-financial platform Haoyouqian, led by Xu Mingxing, are pioneers in the field of blockchain technology applications in China.

Xu Mingxing believes that blockchain is a technology that can really reconstruct the financial landscape from the bottom up, and it can also change all aspects of social life. In the forum, he shared the attempts made by many international exchanges and investment banks in the application of blockchain technology since 2015, including Nasdaq's use of blockchain technology to complete private securities transactions, Mizuho Bank's blockchain cross-border payment trials, etc. Xu Mingxing believes that the application potential of blockchain is far more than that, and it has the opportunity to subvert the current financial landscape familiar to the public from the bottom up. The active embrace of this technology by banks and financial institutions in various countries also explains the arrival of a new revolution in financial technology. Different from the "Internet finance" that we are discussing now, which is based on the changes in the existing banking system, the distributed ledger function of blockchain has the opportunity to reconstruct the infrastructure of banks and third-party payments from the bottom up.

Xu Mingxing proposed that the development of blockchain technology requires a multi-layer blockchain network architecture similar to the OSI seven-layer model to handle massive transaction data. Because the current public chain still has certain deficiencies in processing massive transaction data, it is also a major challenge for current application development. But this requires a long process, and after a large number of corporate practices, it can finally reach industry standards and be widely used.

The China Blockchain Application Research Center was established in December last year to promote the discussion and promotion of blockchain technology and its application. Since its recognition, blockchain technology has been highly valued by the financial and IT industries. How it develops and how it breaks the rules requires the joint efforts of industry professionals. As the chairman of the China Blockchain Application Research Center, Xu Mingxing leads OK Inc., which relies on advanced blockchain technology to deepen technological innovation in the field of Internet finance and creatively change the economic and financial environment. OK Inc will jointly hold a monthly offline blockchain sharing session with the China Blockchain Application Research Center to promote the practical application and development of the public trust chain technology in China, and provide talent support for the development of domestic blockchain.