Your Investment News From China to Wall Street

Niwodai CTO: We Already Have the Technology, Experience, and Export Capability for Blockchain

  Mar 13, 2018  

From an unknown topic to a popular term, blockchain has become one of the hottest subjects in the IT and financial sectors. What is blockchain? Why is blockchain so popular? We invited Niwodai's senior vice president and chief technical officer Jiong Feng to reveal the secrets of blockchain.

Blockchain is redefining "Trust"

"Blockchain is not equal to bitcoin or ICO," said Feng.

Blockchain is a decentralized distributed account database. Without a centralized system, each node of the data storage will copy the entire account synchronously, and information transparency is guaranteed. Feng believes the reason blockchain technology is so popular is because it solves a big problem in the Internet - trust. The encryption algorithm of blockchain ensures all data in the chain cannot be tampered with and cannot be deleted.

In the future, if blockchain technology is fully developed, an era of interconnection and information sharing will come, and our lives will change accordingly. Because of the high transparency nature of blockchain, information asymmetry will be eliminated. Our trust in organizations, intermediaries and acquaintances will be transformed into trust in blockchain. Internet fraud will be greatly reduced, and the shared economy will be greatly developed. More importantly, the use of blockchain will reshape our personal credit system. People's public behavior will be documented and reflected in the credit score. In the future, you can rely on your blockchain data to borrow from anyone, not just banks.

Still a long way to go

"Blockchain is a great technology, but our platform doesn't need it yet," said Feng.

"First of all, the operation of blockchain requires a lot of computational support, which is very challenging right now. Secondly, the decentralization of blockchain depends on many participants. If the number of participants is not enough, the blockchain security function is not ideal. Finally, Niwodai's existing database and technology are very mature. Our system can fully meet our current needs."

Blockchain makes the flow of information more reliable, but what if the source of the information is fraudulent?

For example, consider if you want to buy a product on Taobao. Through blockchain, you can trace the product's entire manufacturing process, including factories, sales, and transportation. But if the manufacturer lies about the product, the consumer cannot discover that. In this sense, the use of blockchain guarantees the reliability of the process, but not the source. The bottom line of trust still depends on government regulations and people's moral standard. Therefore, without the supervision of the government, a complete trust system cannot be built.

So, right now, there is still a long way before blockchain technology will be used in our daily life.

Niwodai, an active explorer into blockchain technology

Blockchain has painted a very beautiful future for us, though it seems impossible to achieve at this moment. Niwodai's engineers love to research and pursue new technology. They are active explorers into blockchain technology.

"Liu Wenliang and his colleagues at our research center have contributed code to IBM Hyperledger's two open source projects, fabrics and fabric-sdk-java, several times. The submission languages are golang and java, and we are the FinTech company that contributed the most codes to the open source in China. We are very proud of this."

"Fabric is the most important project in the hyperledger. Niwodai participated in fabrics even before the projects were released. We followed the progress of the project all the way. As an active practitioner of blockchain application, we studied its source code intensively. In the fabrics project, we have submitted codes on concurrency performance improvement, CA certificate management tasks. In fabric-sdk-java project, we submitted codes on Hash calculation and several bug fixes. Niwodai is one of the 28 organizers."

"We already have the technology, experience, and export capability for blockchain," said Feng.

"Though the future is not here yet, we are one of the pioneers."

Link to the original article: