Chain Reaction-Global Blockchain Value and Application-Media Exchange Conference Held Online With Unifive and Others

By AIT News Desk On Jun 24, 2020

The Chain Reaction-Global Blockchain Value and Application-Media Exchange Conference was successfully held online on June 18, as Shanghai Bay Area government representatives and blockchain industry experts engaged in a round of cloud communication and sharing. The event was co-sponsored by the Management Committee of Shanghai Bay Area Science and Innovation Center, GBVARC (Global Blockchain Value and Application Research Center), Zhejiang Yangtze Delta Region Institute of Tsinghua University, Shanghai Development Research Foundation, and Unifive Technology Group.

Participants included representatives from GBVA Research Center, as well as representatives from project application parties such as OSM(Oshiman) and R. Dutch Group. Representatives from more than 10 media agencies were present, including Golden Finance, Odaily, Chain Times, IT Bound, Thunder Finance, ChainDD, Lieyun Finance, Blockchain Blue Ocean, LEBOCJ Finance, Blue Ocean Finance, and the Old Yellow Pages of the Currency Circle.

On May 22, the Global Blockchain Value and Application Seminar was successfully held in Shanghai. This online media exchange is a continuation of the May 22 seminar. With nearly one month of preparation, which included surveying nearly 20 companies and institutions, and fully demonstrating the advantage and rationality of the indicators, the work group collected more than 30 suggestions in total. These suggestions covered technology, application, and innovation dimensions, which in turn greatly increased the inclusiveness and rationality of the ranking and its indicators.

In order to further optimize and iteratively review the indicators, the work group conducted the first evaluation and analysis of the first 5 selected consortium chains, as well as 22 public chains, to draw key conclusions, and were later discussed at the Chain Reaction: Global Blockchain Value and Application-Media Exchange Meeting.

Li Jiang, the former CTO of Microsoft China and member of the GBVA Research Center, shared his views on the value of blockchain technology.

“We are looking forward to the release of the GBVA (Global Blockchain Value and Application) ranking,” said Jiang. “The ranking will enable the blockchain to develop from a niche project to the international mainstream, and hope that the ranking will become an indicator of insight into China’s blockchain participation and promotion to lead the development of global blockchain.”

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The top 5 consortium chains selected this time are Hyperledger Fabric, Facebook Libra, RippleNet, Ant Blockchain and HyperChain. Unlike the scoring system of public chains, alliance chains have unique technologies and styles in their respective ecological and application fields, and there is no way to systematically compare them. However, the working group was able to identify the advantages and disadvantages of each chain: Hyperledger Fabric is widely involved in many application areas of enterprises, but it is more centralized and difficult to expand the ecosystem; Facebook Libra technology is mature and stable, but there are many rules and regulations, and supervision may become a double-edged sword for its development at any time; RippleNet is on the thighs of many financial companies, but the stability and liquidity of its digital currency are still suspected by traditional banks; the Ant blockchain from Alibaba is developing rapidly and has rich scenarios, but it relies too much on its own business applications. The current partners of HyperChain are eye-catching, and it empowers customers’ business by building a BaaS platform, but the single product line and insufficient openness are definite weaknesses.

There are a variety of public chains on the shortlist. It includes both Bitcoin, the originator of blockchain, and Tezos, the new starter. There are the major international players such as Ethereum and EOS, as well as China’s NEO and Nebula. The working group evaluated the 21 public chains according to the six dimensions of the list: technology, innovation, application, carrying, ecology and influence. Ethereum won the first place with a total score of 85 points due to its stable technology and diverse applications. Although Ethereum did not get any absolute championship (not tied), its score for each individual item consistently maintained positioning in the top three rankings. Bitcoin scored 81 points, and EOS ranked second and third with 71 points. Technically, Komodo took the top spot with 19 points, with advanced encryption and consensus technology being its primary weapons of victory, but the weakness at the user level affected its overall ranking. For the innovation dimension, Bitcoin, which has made the initial breakthrough in blockchain technology, won the first place. Bitcoin also achieved good results in the public chain in terms of impact, and it is worthy of being the most valuable digital currency. Judging from the application’s rating, a total of six public chains scored 14 points and were tied for the top. In terms of ecological environment, Bitcoin still tops with a score of 11 points, and Ethereum and Ripple rank second with a difference of 1 point. In addition to rating discussions, the meeting also provided intuitive comments and reviews for each public chain.

Guests expressed their opinions online regarding the future release of both the candidate list and the GBVA Ranking.

Yang Anquan spoke on the applicable uses of blockchain technology as the deputy manager of the world’s first blockchain cosmetics brand, OSM. Anquan expressed how blockchain technology can make production, sales, and purchases open and transparent. OSM officially launched their first line of blockchain cosmetic products on January 19; each product is equipped with a unique product blockchain certificate. Since then, the company has established a life-cycle quality management system for their pearl biological products through the application of blockchain technology. The release of GBVA rankings will greatly promote the positive and healthy development of the entire industry. Currently, the brand has been praised by the industry for its impressive record of 12,500 units sold in three minutes.

Mr. Tian Yuan, the general manager of the project’s application representative, R. Dutch Group Asia-Pacific, discussed how blockchain brings major changes to the global economy. According to Yuan, the R.Dutch Group is working on the ways in which they can cooperate with blockchain technology and reduce the cost of design, production, and sales, all from the perspective of globalization. It is Yuan’s belief that with the release of the ranking, social resources will be better distributed and balanced, and ultimately, a better digital society will be achieved.

When talking about the future role of the Global Blockchain Value and Application Ranking in helping and guiding society and enterprises to complete the exploration and landing of blockchain applications, Wang Mengdie, founder and CEO of Odaily, said, “2020 is a year of opportunities and challenges for the blockchain industry. We see that many industries are actively promoting the integration and application of blockchain technology, and look forward to have more industries working with blockchain technology, we hope to have more funds talents and resources to enter this field as well.”

In the online discussion and exchange, representatives of all parties reached a consensus, hoping that the Global Blockchain Value and Application Research Center will establish a media observation and communication committee in the near future. Multiple representatives were willing to join the committee to act as the supervisor and whistleblower of the GBVA Ranking, and to contribute to the blockchain industry so that every valuable blockchain will be more widely recognized and applied.