The sudden new rise of the blockchain has led to the development of another way in the financial industry. The ICO of the Chinese blockchain market has been suspended by the regulatory authorities, but the bubble has not broken. The market generally expects enough to create a blockchain unicorn. enterprise. What is the current status of the blockchain in 2018 and what obstacles and opportunities will it usher in?
Recently, blockchain catchers interviewed many well-known investors and entrepreneurs in the field of blockchain in China, including Qi Kai, a partner of Qifu Capital, Guo Feng, a light capital partner, Jiang Hai, the founder of Bubbi, and Digital CEO of China. Sun Jiangtao, the founder of Goopal Group, etc., deeply analyzed the reasons for the slow landing of blockchain technology, the opportunities and challenges of industry development in 2018, and I believe that it will be instructive to you.
The status quo of blockchain technologyAt present, China's blockchain market is full of three projects, no application scenarios, no technical team, no business logic. Although the ICO was stopped by the regulators, the bubble did not show signs of rupture, and people couldn't help but call the blockchain technology "defective." The market generally expects that entrepreneurs can bring this disruptive technology to the ground.
"The slow landing of the industry is also normal. This is caused by many reasons. The underlying technology needs to be further matured, the smart contract public link platform is lacking, the various Token ecological compatibility is insufficient, the government supervision is unknown, etc." Qi Kai Capital Partner Gu Kai Blockchain catcher analysis. Qifu Capital focuses on industrial Internet investment. Since 2016, as an early investment institution, it has invested in companies such as Bubi and Babbitt. Gu Kai predicts that the industry environment will mature in the next one or two years, and the value of the certificate economy/token will be widely recognized, and commercial-grade applications will fall.
If we sort out the development of the Internet, we will find that Internet technology has emerged around 1995. The technology was first developed as a portal application for the Internet. It was not until 2012 that "Internet + Industry" was developed. Blockchain technology will take some time to be applied from the industry, but the blockchain catcher learned from many investors that the blockchain technology will be accelerating in 2018.
"2018 will be a year in which the blockchain really merges with the real economy and erupts." Guo Feng, a capital partner, believes that traditional enterprises embrace the blockchain and "single centralized management + decentralized collaboration" Blockchain applications will spring up; on the other hand, the chain and the coin circle startup team began to merge, the traditional blockchain application project gradually absorbed the token/passengage mechanism, and the token project gradually merged with the real economy. Guo Feng experienced the rising cycle of Bitcoin and the origin and development of the underlying technology of the blockchain. As early as 2012, he and the Bubi team explored the underlying technology of Bitcoin and its ecological design mechanism.
Chen Sheng, founder and chairman of Century Internet, the largest third-party neutral data center operator in China, expects that the 2018 inferior certificate will be expelled from the market. "In 2018, a large number of traditional mainstream economic forces have entered the blockchain. The arrival of funds, resources, and technology in enterprises, organizations and capital in the traditional world will completely change the value base of blockchain certification. The company has solid products, services, resources and equity support."
Opportunity for blockchain technologyWhether a new technology can finally land depends on many complicated factors, and one of the key points is the appropriate application scenario. To find the corresponding application scenario, you need to start with the technical characteristics of the blockchain itself. Blockchain technology can provide decentralized, non-tamperable, safe and reliable features without introducing third-party intermediaries.
But not all scenarios require a blockchain. From the perspective of network node design, the current state-of-the-art blockchain network will consume more resources to achieve higher security and better trust effect, and reduce the trust cost of all parties. The total cost of network operations is high. So, what kind of application scenarios can you maximize the above three characteristics of the blockchain technology and at the same time dilute the high network operation costs?
Distributed capital partner Shen Bo said in 2017 that blockchain technology application scenarios should follow four principles.
First, the multi-trust subject: the blockchain is a trust machine, and the application environment preferably has no natural trust relationship with each other (such as between different enterprise entities), and needs to build trust through the blockchain. On the other hand, if the two sides have a strong trust relationship or have a sound system guarantee, the necessity of using the blockchain is not large.
Second, multi-party collaboration: If there are many parties in the scenario and the cost of reconciliation is high, the smart contract built on the shared ledger at the bottom of the blockchain can reduce the reconciliation cost and improve efficiency.
Third, mid-low frequency trading: The current concurrency and scalability of the blockchain is not enough for large-scale high-frequency trading, such as stock exchanges.
Fourth, the business logic is complete: there must be complete business logic between the blockchain nodes to form a win-win situation, and the participants have the motivation to use the entire blockchain.
At present, only a handful of companies in China have explored specific application scenarios, and most companies are still in the process of continuous exploration and verification. Blockchain Catcher Summary, in 2018 and longer, possible application scenarios for blockchain technology include: financial services, especially supply chain finance, Internet of Things, content copyright, resource sharing, forecasting economy, ownership and credit reporting Management and so on.
There is an urgent need in the financial services field to improve transaction efficiency, because the existing third-party intermediary mechanisms generally have the pain points of high cost, long cycle, complicated process, and error. Blockchain technology provides an effective and credible proof of ownership for financial services and a reliable contract assurance mechanism.
In Shen Bo's view, in terms of potential, China's financial industry's annual IT investment is estimated to be as high as hundreds of billions, enough to create a blockchain unicorn enterprise. However, the financial sector will be slower than the non-financial sector for two reasons. First, the application of the financial sector has high technical requirements, and the blockchain technology has a long distance from the mature application. Second, finance is a strong regulatory field. The cost is high, all kinds of institutions are relatively conservative, and the decision-making speed is slow.
At present, one of the largest and most successful applications of the underlying technology of the domestic blockchain is supply chain finance. Bobby founder and CEO Jiang Hai said that trade finance such as supply chain finance is a big industry in China. "There are many companies with small scales, difficult credit information, slow bank lending, high interest rates, and even no loans. Once the blockchain technology is used, banks can clearly see the contracts and agreements between the upstream, middle and lower reaches of the chain. And to achieve multi-party joint audit to ensure authenticity, loan efficiency can also be improved."
In 2016, Bobby completed the 30 million yuan Pre-A round of financing, which was jointly invested by Qifu Capital, China Merchants Venture Capital, and distributed capital. Bubi strategic positioning is the basic service provider of blockchain technology. It has two wholly-owned subsidiaries, one operating industry blockchain network for trade finance of supply chain finance; the other operates a public blockchain network. The transfer of value across all types of digital assets and the Internet of Things.
Jiang Hai told the blockchain catcher that many "blockchain+" applications appearing in the market, much like the O2O boom in the previous two years, everyone is adding O2O, and eventually found that most of them are fake demand. "For the application of blockchain technology industry, the competitive advantage lies in the blockchain + industry experience. In the end, it is not only technology, but more importantly, productization capability. Technology must be familiar with the service scene, which requires Enterprises must have in-depth understanding and learning of the industry."
For a long time, most of the Internet of Things has been built and managed in a centralized mode. The construction and operation costs are high. In addition, because the Internet of Things nodes are trivial, they can reach tens of billions of dollars, and the value they generate is not as obvious as the Internet, and the liquidity is more obvious. Weak, it is difficult to form an ecological. Blockchain technology is precisely the possibility to inject the "eco-design mechanism" soul into the Internet of Things, thereby recreating the Internet of Things with both privilege and value.
Guo Feng said that compared with the previous "Internet +" model, "blockchain +" has two prominent advantages:
First, due to the digitization and automation of trust and value transfer, the efficiency of intra-intra-transaction processing and collaboration is increased, resulting in reduced internal friction and lower costs. Second, once physical conditions are available, due to their inherently distributed self-organizing characteristics, ecology Growth will be parallel, exponential, until saturation is stable. "The Internet of Things, the combination of intelligent hardware and blockchain, the Internet of Things and the blockchain are all distributed networks of P2P, and they fit naturally. But pay attention to its legal compliance."
Sun Jiangtao, the founder of Goopal Group, is also optimistic about the "blockchain+" Internet of Things. He has been involved in entrepreneurship since 2000. He once sold the payment company Qianbaobao to the US group for more than one billion. In 2016, Sun Jiangtao founded the Goupal Group together with IDG Capital and Gaochun Capital to address the application of blockchain technology. In 2017, the company's valuation reached US$140 million.
The application scenarios of tenure management and shared resources have also been generally favored by early investors. Among them, in the field of tenure management, Sun Jiangtao said that copyright protection is the easiest to implement. "Now Apple's music and video are subject to 30% commission. Using blockchain technology to return this commission to copyright owners can motivate them to create more. Good content, this will have an impact on the centralized Internet giant."
"The first blockchain will change the industries involved in integrating resources, especially sharing the economy and sharing the economy. The blockchain can effectively improve mutual trust and become an important tool for building trust. At the same time, Token's incentive mechanism will also be shared economy. The sharing of the economy has had a huge impact." Jiang Hai said to the blockchain catcher. Compared to the resource-sharing model that relies on the intermediary, the blockchain-based model has the potential to more directly interface with the supply and demand side of the resource, and its transparent, non-tamperable nature helps to reduce transaction friction.
Guo Feng is optimistic about the blockchain technology industry. The “blockchain+traditional industry†model is building a new industry ecosystem. Among them, a large number of innovation opportunities are born, which is a rare opportunity for startups to achieve over-the-road and build a new industry ecology. Gu Kai predicts blockchain catchers. The most likely breakthrough in 2018 is a focused blockchain for specific scenarios or specific applications, because the general-purpose blockchain is unlikely to exist in the short term.
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