Interview with OKCoin CEO Mingxing Xu: Blockchain technology is the hot commodity in the financial sector

Recently, blockchain technology has attracted much attention in the financial industry due to its security and convenience. However, the focus of domestic attention has first been on Bitcoin, the main content of blockchain. As one of the first batch of Bitcoin entrepreneurs in China, Xu Mingxing may have a say in why blockchain technology has surpassed Bitcoin to become the "hot commodity" in the financial industry.

OKCoin CEO Xu Mingxing said in an interview with a reporter from Jinping Media recently that the successful application of blockchain technology in Bitcoin has had a great impact worldwide. What impact will the application of blockchain technology in other fields have? This has become the focus of the financial industry's attention on blockchain.

Current status of blockchain technology in the country

At present, blockchain technology has been widely favored worldwide, and many countries have a positive attitude towards blockchain technology. The British government is the country that has made the greatest efforts in the world to promote and promote blockchain technology. The United States, Japan, Hong Kong, etc. have also issued many policies on blockchain technology.

In Xu Mingxing's view, the application of blockchain technology can be divided into two categories worldwide. One is that traditional financial institutions use blockchain technology to improve corporate efficiency and reduce corporate costs, and their technology sources are mainly domestic and foreign blockchain technology companies. The other is that emerging startups use blockchain technology to build new business models, and their future development may involve blockchain crowdfunding, blockchain credit reporting and other fields.

It is understood that the core of blockchain technology is a distributed ledger. Xu Mingxing believes that the result of this distributed ledger is that different individuals can build trust with each other, and in the future, blockchain technology may be applied in all places where people trade with each other. At the same time, as competition intensifies worldwide, Xu Mingxing believes that the first institutions to use blockchain technology to launch a transparent transaction platform may force traditional financial institutions to reform.

In addition, Xu Mingxing gave a brief introduction to his company's business. In addition to OKCoin using blockchain technology to trade assets, there is also OKLink, which focuses on building a blockchain financial network and connecting private lending institutions to the network, making it easier for them to do business at low cost and perform clearing and settlement efficiently.

Bitcoin production capacity is decreasing, will the price continue to rise in the future?

Bitcoin is the first application of blockchain technology. Its two core elements are the issuance mechanism, which refers to the characteristics of gold, and blockchain technology. Blockchain technology uses a distributed ledger to publish all transactions and issuance mechanisms on the blockchain, and the information is secure and reliable, which can effectively help consumers and businesses establish a trust mechanism.

But in recent years, there has been a constant stream of news about the reduction in Bitcoin's production capacity. According to market rules, will its future price trend rise?

In this regard, Xu Mingxing said "not necessarily". "There are many factors that affect price trends. With the increasing attention of the society, Bitcoin has its survival position in the long run. As a way of cross-border global small payment settlement, Bitcoin is still very promising." Xu Mingxing said, "The overall price trend can be predicted from the attention of the society and the inflow of funds, but it can only be a long-term macro forecast."

At present, in terms of the application areas of Bitcoin, Xu Mingxing believes that it will be used more and more in small-value clearing and settlement and cross-border settlement.