 So let's get started. It's nine o'clock. Good morning. Good afternoon. Good evening, everyone. Welcome to the Blockchain Connecting to the World International Webinar, hosted by ABI Hyperledger and CoinTelec of China. I'm Yu Xiaoyu from CSCT and I'm also the executive chair of the International Working Group of ABI. Me and Trissy from CTC will moderate the webinar today and simultaneous interpretation services will be provided through the whole meeting. So please click the interpretation icon in the Zoom to choose Language Channel. For the panelists, please make sure that you are in the right Language Channel when you are giving your presentation. While Blockchain has been a global hot topic for the recent years, the Chinese government also attaches great importance to Blockchain technology and launched a series of policies in order to encourage the development of Blockchain industry. In terms of industry scale, China has more than 1,000 registered Blockchain companies and China is the second largest country in the global Blockchain market. We think that it is our duty of ABI to better bridge in China's Blockchain industry with the global one. So today, we together with Hyperledger and CTC invited several Chinese and international experts to have an online webinar on the topic, China's Blockchain Industry Embracing the World. And now I would like to introduce our distinguished guests today. We have Mr. Jinjian and myself from ABI, Mr. Brandon Dorff and Mr. Julian Gordon from Hyperledger, Ms. Trissy from CTC, Ms. Li Haihua from CICT, Mr. Jiang Xianghui from Anqin, Mr. Charles Dorsi from Consensus, Mr. Alex Kogan from Legislative Man, Mr. Guo Jiannan from Luchian and Mr. Zhao Guang from Kledo. Here is our agenda for the webinar. We have three parts, opening speech, keynote speech and the panel discussion. So let's move to the first part. Now we would like to hear the speech of Dr. Jinjian, Secretary-General of ABI. Please, Dr. Jin. Hello, everybody. Good morning. Hello, everyone. I am Jinjian from CTC. I am very happy to be here to participate in this exchange event. Today, I would like to express my warmly welcome to all the experts and guests of CTC. We are the ABI Alliance of Alliance of Blockchain Industry. We are the most established ABI Alliance in China for the first time in 2016. We are promoting the new technology construction for blockchain. We hope that the industry will have the strength to produce blockchain technology and the deep integration of the economy. We will be able to create new industries, new models, new industries, and the development of digital economy. The international exchange of blockchain industry is an important mission of ABI. In 2019, there are more and more excellent creative companies in the field of blockchain. Especially in China, the government and the government are encouraging the blockchain industry. I believe that it will be a company that will have a lot of commercial value. So we hope to introduce the blockchain China-China-China-China Exchange and the blockchain industry. We would like to offer a big product for the Chinese blockchain industry. 2021 is the first year that China's blockchain industry has been promoted by international work. China's new project, China's blockchain industry and the international media of blockchain Cointain Graph, have signed a cooperation with the network. In March, China's blockchain industry as a member of the association joined the global chain of blockchain opening project, Super Super. This is the first time that the world of blockchain is more important. This time to connect with the world we are very honored to welcome Cointain Graph and Cointain Graph from the global chain of blockchain who have learned a lot and have brought us a wonderful sharing and discussion. In China, many people believe that blockchain is not a seal, it is a era. So we hope that this event can build international exchanges for international companies to get to know each other and to let more international companies understand China's blockchain development and provide a channel for China's blockchain international work. At the same time, we are very welcome to join the global chain of blockchain and witness the development of China's blockchain. In the end, I hope that all of you will pay more attention to Cointain Graph and Cointain Graph and Cointain Graph. Thank you. I guess that means a transition to me. Hello, everyone. Thank you for coming to our event. I'm sad that we couldn't all be gathering there in China to talk. By the way, I am Brian Bellendorf. I'm Executive Director of Hyperledger for the Linux Foundation. I have made it a habit to travel to China because we were not able to. I was there last in January of last year. Hopefully, we'll be able to start this travel again soon because the blockchain community in China and the hyperledger community in particular in China are on a rocket ship. It's been very exciting to watch when I've come to visit, but also from the outside, the tremendous growth in blockchain technology in China. Both the support from the developers of this technology is participating in the hyperledger community and working for big companies sometimes working for startups sometimes, but also the support from the top, from the very top in fact, for the adoption of this technology, which is really at its core about governance, really at its core about cooperation, really at its core about building the kinds of marketplaces and distributed systems that really can help lift all boats in a very communal kind of way. So very exciting to see that adoption and I think it's exciting to see it done in a way that connects to the global industry as well. I think there have been no doubt a lot of pressures in the internet industry as a whole to focus on pulling back from internationalization to focus on data localization and sovereignty and setting up barriers to collaboration internationally and this is true across the board and I believe the blockchain industry has been one to be at the opposite of that where it's been very much about collaborating across borders and it's I think because the nature of the technology is such that it's very much about collaboration and very much about tracking transactions that happen across borders a supply chain in diamonds or in rice or in computers or in any type of commodity starts in many different countries and they come together and are assembled in other countries often in China and sometimes delivered to the China market but also delivered internationally as well and so if you build a blockchain that tracks that movement you're necessarily going to be tracking and involving companies from around the world as well as regulators from around the world as well as consumers from around the world so it's very important that we think of blockchain technology as a global technology so really exciting to see China embrace that exciting to see the growth in the rest of the world as well but I think this is something that will help weave our societies together more closely even when other forces try to pull us apart no doubt the strongest force in the last year globally has been COVID-19 and been this health pandemic that we've all struggled to counter and it's in particularly this fight that we've seen blockchain technology really rise to prominence and be a part of real solutions whether it was supply chains in personal protective equipment that helped new suppliers in China and other countries prove their credit worthiness prove their trustworthiness to buyers around the world something that would have been very difficult to do before or it's using it in traceability around say the pharmaceutical supply chains for vaccines or it's really in this adoption that is starting to emerge around verifiable credentials for the use of proving you've had the vaccine or have a positive test result there are a lot of very promising projects and some that have already started to be deployed using blockchain technology using hyper ledger technology for that use case but also laying the groundwork for distributed digital identity systems that can meet regulators requirements for verifiability and trustworthiness and all that while also meeting up with the patients rights when it comes to privacy and other consumer rights so really interesting to watch that evolution driving even further adoption and then I think we're all about you know ten years into wondering what's going to happen with the cryptocurrency market I think there's for good reason a lot of hesitancy to pursue that in depth we've certainly seen a much more refined view of you know the world being split not split between permissioned and permissionless blockchains but actually a hybridization of the two starting to emerge and I think it's rightful to be very very cautious about the adoption of permissionless blockchain technology inside of enterprises and for government use cases but we're seeing the world move very much in the direction of the adoption of these technologies so I think reconciling with them has been an important thing for all of us to do as a society so at Hyperledger we're trying to be a bridge for a lot of this work we're trying to help figure out how can we tame it to some degree how can we make it approachable by enterprises and by government types but also create real value for citizens and for developers and how in particular can we support the global market so we've done quite a bit with translation efforts we have a very active China technical working group co-chaired by Jay Guo who I see here good to see you Jay and really are very keen within Hyperledger to build these bridges and that's why we felt it was important to bring so many of our partners and other companies in the blockchain industry from outside China to this convening and to start this conversation so I'll pass the baton now let's get started Thank you Brian for your very exciting speech thank you Hyperledger for bridging the Chinese blockchain industry and the global one so now before we move to the keynote speech part I would like to ask all of the audiences to turn on your cameras because we don't have physical contact we think it's better to have a screen shot so please turn on your cameras my colleague will do the screen shot you have to stop presenting the slides your smile so in the keynote speech part we will have five speakers so as time is limited so please pay attention to the time so firstly I will give the floor to Mr Julian Gordon from Hyperledger please and you can share your screen now alright so shall I just start presenting my slides yes, yes please my next up can you hear me? yes and we can see the slides okay so I think we've lost the moderator so we're self-moderating so I'd like to say thank you firstly I'm Julian Gordon from Asia Pacific for Hyperledger and firstly I'd like to thank Hyperledger associate member ABI which is the Alliance of Blockchain Industry Z Park for inviting us here today and making this event possible thank you for your contribution and your collaboration and for being a bridge one of the bridges into China I'm going to talk to you today in my 10 minutes about how Hyperledger and Blockchain technologies are being embraced and help transforming how businesses work here in China, APAC and globally with streamlining business processes improving efficiencies, cutting costs building trust and preventing error and fraud across an increasing array of different industries and I'll share with you businesses and governments around the world recognize the importance to industry and society of the role of Blockchain technology and how it can play in how the world works and I think as Brian said I think a key thing we're seeing today is even this pandemic Blockchain is taking an important component and I'll particularly look at the role that China is making this has happened and how they're embracing the world so it wasn't long ago that presidency of China made a very important talk on the importance not only for China to embrace Blockchain technology but also for this technology to play a role in bringing a more fair and more predictable multilateral type of deployment of technology to the business systems of the world. It's been very impressive to watch China's adoption of this technology and I've been very close to it and it's been wonderful and I believe that it's thanks to the entrepreneurial spirit smart engineers and business owners working together here in technology and here in China and also the leadership from the top and the prioritization that has been placed on this technology we have seen amazing growth here in China and some wonderful implementations of Blockchain and it is a very important part of our ecosystem so let's have a quick look where we are today at Hyperledger. What has been the momentum? Well we are five years in and I think Brian it must be about five years ago that you first came to China with Hyperledger. We've got 16 different code bases. We are global 20% of our members are here in China and actually 15% of our contributors here, a very important component and we are just growing growing growing. What have we done in those those five years? Well this is what Hyperledger is about about creating code bases. We have now five, 15 or 16 different code bases and a very large portfolio of projects in our labs. I'm just going to pick out three kind of trends because I've been asked to look at trends but really let's take out first Hyperledger fabric which according to the CAICT study over 60% of the projects it was looking at we're running Hyperledger fabric here in China and I can share that statistic globally. It is very very strong in the permission place and it's just growing momentum. So that's fabric and we're going to hear a little bit about some of the solutions today running on fabric. Another area is being over the last few years is our move to work closely with the Ethereum especially the Enterprise Ethereum Alliance and that we're going to hear today I'm not going to talk about Bezu and what we're doing with Bezu which is a Java based Ethereum client but that really has meant that our whole portfolio of different projects goes from highly permissioned all the way through to potentially the use of the main net and the third area that I'd like to look at and we're going to share a little bit today is around self sovereign identity or VCs or verifiable credentials not venture capitalists verifiable credentials VCs and some of that has taken in medicine and we're going to see Alex talk about that from what the main lender have been doing in the medical field and obviously that includes Aries and other projects and there are many other projects I really recommend that you have a look at these and see how many of these have contributors here in China and have a vibrant community here in China also as the theme here embracing the world embracing technology here in China you can see that Fabric is pretty well on all the major clouds and including and financial which you're going to hear about today we've got BSN we have JD we have all the key China clouds so we are seeing that very vibrant community here and the use of a lot of hyperledger technologies and also that contribution back this is a Forbes do a study once a year and it came out again in 2021 this year and it shows 60% of the blockchain companies using using hyperledger and I'd like to just look at a few things the first three years ago had one China company which is Ant Financial now we have China Construction Bank and China Construction Bank famous for their over $50 billion of extended credit on their systems we also have Tencent we also have other China members there including ICBC who are there for the first time and this is just the tip of the iceberg when it comes to the technology and it just shows the array of different from BHP mining to Musk who with the trade lens are doing a 50% of the world's containers involved in their I think 137 different companies they've done 1.6 billion different shipping transactions just some very very large implementations in China we have as we always have and I thank these companies in this community here who are part of the global very much part of the global community and I'm not going to go through them today because we have limited time but I said we're going to hear from Ant Financial today we have the large companies like the Huawei's the Baidu's the JD's we have also lots of great smaller startups and besides companies like Bonechain Fusion Tech and at least recently we've had BSN who have joined this as well and a plethora of different universities now the trend that we kind of always to start is the importance of community Hyperledger is all about community and right from the beginning through the kind of guidance of the way that Brian and the lens foundation runs these projects is that we've always wanted to make sure this is inclusive and global and China has been a very important part of that and I think a lot of that has been down to the success of our technical working group here in China these are the co-leads you're going to hear from Jay a panel later on but we have David down here in Hong Kong and Yang Chang who's at CISET also all very very much helping drive education and the community and actually even writing code bases now here in China so very very exciting things that are going on there we have translation translation I'd just like to point out started in China this is a trend that is growing and growing we want to reach millions of people out there who don't necessarily have access ability to read English we have now Portuguese, Japanese, Malayan Spanish, Russian, Tamil and French this is run by a global team but I really thank the TWGC and people here in China translating it both ways stuff from China into English and English to China making sure that we are a truly global community so I thank the community there also and I think this is a story worth telling when the pandemic happened the China community got together it realized we weren't going to have our regular meetups so we put together or I say we the China technical working group with our staff put together 28 webinars in 28 weeks so even during lockdowns, pandemics we were able to communicate and take the technology forward and now it's on our QQ Tencent video you can see over 9000 views of it and please do have a look and we're continuing this program in different ways in terms of our very vibrant community here now I'm going to finish with a little bit about some of the key things that we think make these communities important really it's about training and certification are very key it's always important for a community especially a community that is developing blockchain or technology open source technology that is meant to be at the highest quality this is going to be running businesses it's going to be running governments many different systems so it's all about enterprise grade so we do have training these are we have professional training which you can take part in and we do have partners who are working with us in China on this in terms of hyperledger hyperledger administrator and the other training tools please do get involved in this we also provide free courses with those are predominantly in English we have these EDX courses EDX or which has a large number of different courses that we have we've had over 200,000 individual take those free courses and I'd like to add today literally last week with the technical working group of China are working on a on and they're looking for volunteers of people that help they are working on a training for hyperledger fabric in Chinese the first one went on Tencent videos and other social media channels within China so we're providing that and the community providing more and more access for people to have a training so that is a very strong training and I think China is embracing that and very much so and understands and does that and I'm going to finally leave with enterprise grade global ecosystems I said it's important if we are as an open source software any type of software and what has been the success of Linux foundation projects is creating a level of expertise and professionalism that can support build service blockchain networks so we have launched last year the hyperledger certified service provider which is a list of service providers that have reached that grade that grade is by being having a certain number of your staff trained at a certain level in terms of certification and I'd like to point out of the 23 that we have now globally I think eight of those or seven or eight of those are in China and about five of those or six of those are in the rest of Asia so we are seeing great contribution here and great expertise here in China and I'd like to reiterate it's all about embracing the globe embracing a blockchain and that's what we see here in China and across Asia Pacific so with that with my ten minutes I'd like to pass it back to pass it back to you there please thank you. Thank you Julian for your excellent presentation about hyperledger hyperledger is one of the most successful open source blockchain community and in China a large number of blockchain enterprises are using hyperledger fabric to build their business so I think hyperledger has been playing and will play in the globalisation of China's blockchain industry and also we have noticed that TWGC has done a lot of work so we also invited TWGC chair Guo Jianlan to join us and we look forward to your ideas in the panel discussion. Thank you and now I will give the floor to Lee Han-wan from CICTS please Dear friends and foreign friends I am very honored to be here today I am very honored to be here today Thank you for having me. Based on what Julian just said I would like to give you a brief introduction of what we are doing here at CAICT and my topic today is the introduction of blockchain and the default infrastructure which is BIF So today I will be talking about these five things Why is blockchain infrastructure important and China's policies also this concept of BIF talking about the ecosystem of BIF and our international cooperation So what we are doing is that we look at this digital economy in full perspective digital industrialization and then we look at this digital economy in full perspective and then we look at this digital economy in full perspective industrialization and industrialization in my governance and something new which is data innovation whatever the aspect is about all about increasing mass production in the industrial age So looking forward we believe there will be a transaction inclusion all the transactions will be faster and more frequent and what makes transactions private and fair an important foundation of that is blockchain China attaches great importance to the development of blockchain technology so recently in our 14-year plan the plan includes blockchain as one of the key industries that control the world also in addition the central government and the local government pay great attention to the development of blockchain and there are lots of policies supporting the development of blockchain and based on that context now we have Qi Zhong BIF in our BIF system we have consensus system, a P2P network smart contract and other things we can achieve the end to end treating peer-to-peer payments, collaboratives and other models what important feature is that we are cooperating with the government you know that identifier is a very important part you know our ID card is kind of identifier and so we hope to build a new kind of identifier which can make a connection between our own identity and our data this can provide us and our enterprises an opportunity of connection and our identifier is really significant in this sense we have also noticed that the international society is paying special attention to the identifier related to technology that's why we have created the BIF we want to combine a blockchain and identifier that's why our name is blockchain identifier infrastructure and our goal is to promote the innovation of technology in this field our core concept is that we want to build a new kind of infrastructure which can integrate the blockchain technology and promote the transition, the safe transition of data is also a very important part of the current internet development a lot of data has been created in our using the internet process so we want to use the BIF to promote the transition of our real economy into a digital economy in terms of the architecture of BIF our technology is based on the permission public blockchain and the identifier management system and other interoperatable service technology we have two parts the first part is the main chain we will provide some public data with some resolution service and other kind of resources we also have another chain which will provide us with other services here we can see the backbone node will serve for the connection of our main chain and the other chain and also we can see that we have integrated the three level user and account system we hope that through this kind of design through this kind of architecture we can achieve the interoperability of all levels and we can also provide the sources of assets and public services and all kinds of permissions here are the features of BIF first of all it is a public chain and also permissioned blockchain it is the kind of combination of these two because for the public blockchain we have the feature of open and flexible and for permissioned blockchain we have controlable and restricted features so we want to combine these two we have another feature that is we kind of have a blockchain of isomorphic and heterogeneous blockchain and also we have the hybrid consensus mechanism and also we have distributed storage scheme we support the cross-platform data reading and writing on our platform and also we have the plugable smart contract engine and the credible guarantee and these are closely connected to our identifier technology ecosystem of BIF you can see it on the model on our screen it can be divided into technical components the technical expansion innovative applications and public services for the for the first two layers we have some fundamental technology and for the components and technical extension layer we have other protocols and for the innovation and the public layer we have the like the industrial internet and other association and other aspects you can see on the right side of our screen we have the super node which features the technical and service partner and the backbone node and the equal service provided here you can see the event and timeline for BIF deployment in China here you can see we have briefing of what we have done we were initiated in August last year now in Beijing Chongqing we signed the agreement we have already signed the super node program and now we are also building in Kunshan the backbone node construction contract we are also trying to be integrated and connected to the current blockchain like the Unicom chain and the Sichuan chain and also other chains they have already gained their access to our BIF so you can see this is a comprehensive system and in this whole process ABI has played an important role here you can see in the middle of the slide you can see the organization framework of ABI we have a group international group and our group is responsible for international cooperation we hope in the future this can be a platform for our international communication we also want to organize some activities like the meeting for our partners and we hope these meetings can be the platform for our partners to share their ideas and to make innovations in the future we also make use of the BIF architecture innovation committee and we will also have some reports provided to our partners we will also work with the local governments to promote the deployment of blockchain international actions are a very important part of our future plan we hope to work with organizations, industrial alliance universities and enterprises in the future we have already signed MOU with HyperLiger and in our partners introduction you may find that we have a foundation for future cooperation we hope to make use of current technologies and to promote the development of blockchain in the future this is my brief introduction thank you for listening thank you for your wonderful presentation about the overall please mute the overall introduction of China's blockchain industry and a very attractive blockchain project BIF as we can see that BIF is developing very fast in China and I also know that BIF is looking for international partners so if you are interested please contact us, thank you I remind the following speakers because we have interpreter here so you need to choose the interpretation channel you want to speak and then you can show your slides now I will give the floor to Mr. Charles Dossi from Consensus Charles, please thank you so much good morning everyone let me share my slide here just briefly thank you thank you my name is Charles Dossi I am from Consensus I am in Epoch out of Hong Kong, Singapore Australia and Japan and today I will emphasise on how we use at Consensus together with the community Hyperledger of Bezu so a few words about Consensus Consensus has three main I would say partners and communities circles we are interacting with the first one is the developer community we are the editor of Truffle a software downloaded more than 4.5 million times to help developers develop their smart contracts on solidity we are also offering security services with Consensus diligence which is offering services to many different projects Infura helps with connectivity to the mainnet Codify has been tokenising a large number of assets and we are also the developers of Metamask which if you interact with the Ethereum blockchain you might be familiar with today we see a very strong expansion of one topic which is a very hot topic in which China is obviously leading the topic is central bank digital currencies and Consensus has been involved with this topic for quite some time back in 2018 with the Monetary Authority of Singapore and the Reserve Bank of Australia with the Hong Kong Monetary Authority on CBDC and I will come back to this project a little bit later so I would like to share with you some of the notable projects where we see the China blockchain industry integrating and collaborating with the international community using Hyperledgeobezu which is really the focus of Consensus one of this project is led now by BIS Bank of International Settlement this project is called MCBDC bridge and what MCBDC bridge is essentially a multiple CBDC cross-border project involving the Bank of Thailand, the Hong Kong Monetary Authority the central bank of the UAE as well as the digital the digital currency institute from the People's Bank of China so this project is undergoing there is a video which I'm very happy to share with you or maybe you can find it online also which is explaining what is really the project about and what it brings together and how this blockchain technology is embraced by the international community but also obviously by the Chinese regulators looking at how the currencies and the commerce between different regions can be enabled and facilitated by blockchain so that's a very important topic where we are developing a very complex financial mechanism which is powered by a very complex system which is powered by a very complex system which is powered by a very complex system which is powered by another project which was mentioned earlier is BSN for us at Consensus, BSN is a way to connect with a wider China ecosystem it's also a great opportunity for the Chinese blockchain ecosystem to connect also with the international market and we see a very strong traction over there and blockchain being collaboration technology it's really important to see that the technology is leverage by all players of all sizes and essentially building bridges between all these different businesses and industries Hyperledger Bezu is the Ethereum client we are focusing on it's a very interesting client allowing practitioners to deploy private chains but also public chains so it's really fitting in many different types of environment and use cases and it really offers very advanced permissioning capabilities as well as some of the off-chain privacy features you would expect so if you are looking at growing your permission chain with additional features or building a new permission chain with the general base type of client please be in touch with the Hyperledger Foundation be in touch with consensus there is a very interesting stack which is getting very strong traction right now and if you look at the different levels of the technology and where Hyperledger Bezu sits it's really at this enterprise level type of stack and layer looking at how you can essentially store your data how you can execute for different operations via the IBM and also deploying different types of consensus system but without making any concessions on the privacy performance or permissioning as well so it really sits very elegantly and supports all the applications and the different tooling you want to build on top of it so I really invite everyone to deep dive and join this project of Hyperledger and the vibrant community of Hyperledger Bezu let's have a quick look at the photos of enterprise use case Consensus is a global player we are one of the largest blockchain engineering company we operate in more than 30 countries and what we see today is a very strong demand as you all know in the global trade type of use cases but we see also a very strong momentum in growth in terms of asset management, institutional capital market and obviously with CBDC and stablecoin type of topics the payment and the management of money in general is also really a very strong emerging demand for the technology some of the use cases built on Hyperledger Bezu one of them is a project called Comgo so Comgo is a consortium bringing together more than 15 different players from the community and trade finance sector focusing on the oil business and this platform has been really helping all these different players which are managing their trade, financing their trade to reduce the time of processing of letter of credits and managing about 1 billion USD of transactions today on the Comgo platform another one which is in my opinion a very strong use case and a very good illustration of how the blockchain industry in China is building bridges in a very natural way this project is called Coventis it's a project which has been built and designed by consensus for this consortium of major industry leaders in the world of agricultural communities so think of what we can do such as the trade of sugar in the world as you can see now we have six agricultural companies supporting us we are here to help these companies to increase their efficiency so that they can improve their speed in the whole supply chain here the blockchain technology to build these bridges and facilitate and accelerate their business growth so what we see in terms of use cases and I think this is some very positive food for thought for the attendees and the China and international community there is a very strong use case around programmable assets so think of the cash with TBDCs some assets which you can bring from the physical world into blockchain systems another use case obviously and this is one of them illustrated by Comgo or Coventis is how you can compress workflows and if you put this into the context of global Chinese companies the more global you are the more complex and technical are your workflows so that's where I really think that the Chinese college of business brings immediate value in helping with all the document workflows or post trade security settlement and there is also another use case which is growing very strongly especially here in Hong Kong and in China in general is a tokenization of investment products so we see regulators starting to release licenses for this type of asset very strong pull from the market around really building digitally native financial products in order to again facilitate financial workflows and bring more liquidity and more velocity to the assets so thank you so much for your attention today you can follow consensus on WeChat and if you have an interest in the Hong Kong blockchain ecosystem I invite you to consider reading a book which I wrote in a few days this book is called Block Kong and it's 21 interviews about 21 blockchain entrepreneurs in the city and it will give you a flavor of the ecosystem and how people are organizing what kind of business they are building so it's a fun read all the interviews are done around breakfast and of course Julian from my college is one of this VIP guest so I really invite you to consider this read and all the proceeds from the book sales will be going to training to Hong Kong students in need in order for these students from Hong Kong to upskill themselves and help them to start their career in the blockchain industry thank you thank you very much Charles for the introduction of what Consensus has been doing and we all know that Consensus is a very prestigious enterprise and I hope there will be more and more cooperation with Chinese projects in the future and we sincerely invite Consensus to be a member of ABI in order to better connect to China's blockchain industry thank you and now I will give the floor to Zhang Hui from Anqin Mr. Jiang please sorry you didn't turn on your microphone can you hear me now yes I can hear you just a moment I get stuck on the technical issue I some kind of feel lost in you sorry we read a few seconds maybe Mr. Jiang has some connection program I think you want to switch to Alex yes Alex are you ready for the presentation sorry I cannot hear you yes but it's not very clear how about now so much better so I will give the floor to Mr. Alex from Leisure Domain please wonderful I'm going to share can you see alright yeah we can see alright so very briefly as mentioned earlier I'm Alex Colgan head of marketing and partnerships at Leisure Domain thank you again for having me here today while most of our efforts at Leisure Domain have been within the US and European markets I'm excited to share some updates on efforts and findings that we've made that have sort of more broad global implications and so today I'm going to focus very specifically on the role of blockchain within global drug supply assurance so very briefly healthcare has a number of unique challenges having to do with rising tide of privacy and data protection laws we're seeing many different regulatory regimes role based privileges within and beyond national boundaries and the challenges of credentialing as Julian called out at the beginning blockchain is uniquely suited to address some of these challenges because it enables a tamper proof time stamped record of transactions single version of the truth our work has been focused primarily around the use of decentralized technologies like blockchain in order to address some of these safety and privacy concerns the biggest challenge within pharma supply chain is that we have a lot of these unique assets moving through the chain drug packages and the way that transaction information is being handled currently is that every one of the large enterprises the drug manufacturers the wholesalers moving the drugs around the supply chain each have their own system of record often time these systems of record and that makes it increasingly difficult to mitigate everything from drug shortages to implementing recalls to being able to identify where tainted or counterfeit drugs may be coming from in all of these cases ultimately endangering patient outcomes so we wanted to focus on how we could address some of these challenges and ultimately ended up tying into specific piece of regulation within the U.S. market known as the drug supply chain security act this is a U.S. federal law it requires an interoperable system to track all prescription drugs through the United States by 2023 there were a few components of how this was rolled out within the United States that were very useful in terms of us being able to tie in directly and really unlock some value through a shared blockchain for pharma supply chain trading partners one of them is that under the law of prescription drugs are required to have standardized unique identifiers in the form of 2D bar codes blockchain is very very good at tracking unique assets it is not especially good at tracking generic assets that are interchangeable with each other with this standardized unique identifier model that is imposed under law in the United States now we have unique assets in the form of lowest saleable units within the U.S. market is the only standard that you can see here is GSE this is a standard that just happened now in the U.S. market in the U.S. more and more people use this standard more and more companies through this standard can let us use data model to let us deal with these information that is to say at a certain time some of the lowest sales units only one person can get it that is to say this thing at a certain time you can track it is in whose it is it is challenging to build up a sufficient critical mass that you can achieve the network effect required in order for people to see the benefits within the DSE SA use case there were a few elements of it that really recommended it it was it's a highly defined trading community there are five groups one of the DSE SA including drug manufacturers dispensers wholesalers they are very precisely defined under the law there are requirements that they have to interoperate with each other in some cases they have to interoperate with upstream or downstream trading partners that they have no prior business relationship with so all of this provided a very pressing top-down regulatory need that blockchain is sort of uniquely well suited to address so back in 2019 we undertook a case study with the US FDA and UCLA Health we focused in specifically on the implications of what this interoperable system would look like we deployed and tested with biogen and UCLA Health a tracking system backed by blockchain that was able to track a specific drug at UCLA in this case the drug was a drug called Spinraza it's $125,000 per dose the pharmacists at UCLA were obviously very concerned with where it was and where it was going at all times and verifying it with the original manufacturer because in this case a counterfeit could have devastating consequences for the patients in this case infants so more recently we have moved on to the next natural phase tying into this customer requirement imposed by the DSA-SA the fact that you have to interoperate with trading partners who you actually have no business relationship with so we have been undertaking a blockchain pilot which is now moving into production we did a study peer review published in the peer review journal blockchain and healthcare today Genentech, Sanofi, Amgen and of course UCLA Health focusing on a blockchain backed decentralized identifier network so here is very briefly just the architecture of that I'll drop a link to the to the paper in the comments but I wanted to really dig into what this looks like at a global level because while we have been focusing on building out this network effect within the US pharma supply chain obviously the notion of a global healthcare verifiable credential has much broader implications and being able to back a single version of the truth within the US supply chain can be broadened out and encompass stakeholders from around the world within the healthcare space specifically we see the challenges of connecting to legacy systems blocking and remedying bad transactions machine learning you see here that we have these three planes the transaction plane is where the vast majority of activity would be taking place these are regular drug transactions anytime you get sort of negative outcomes what they call in the pharmaceutical industry the sad path you would escalate to a control plane that's where you see dashboards that's where you see analytics being come to bear if things get escalated from that point it's not just that a drug is expired but it's actually that it's counterfeit that it escalates to regulatory action ultimately where we're seeing this moving is that chain code portability blockchain federation and integrability are on the rise hyper ledger and its affiliated projects have evolved massively just over the past year a lot of the problems that we initially found that we had to you know solve by developing workarounds on our own have been addressed by the main projects themselves. We're seeing more robust models and standards for organizations and permissions. We're seeing analytics on chain data, which is really compelling. And we're seeing integration with enterprise systems such as ERP and E-MES. Ultimately, we're looking towards a future where decentralized technologies, artificial intelligence, and IoT combined to make every transaction instantaneous, confidential, unforgible, and ultimately, auditable. Well, thank you. Thank you very much, Alex, for the introduction of the project that Legend on My is doing. Well, the combining of blockchain and the variable credentials with drug supply chain and other industries is of great importance. And this year, the G20 also raised the topic of blockchain for traceability. Well, in China, CSATs are doing a lot of work on IoT identifiers. And the BIF project just now, just done the presentation, is combining the identifiers with blockchain. So maybe we have a lot to discuss in the future. Absolutely. IoT really is the missing piece of this puzzle. And I'm really excited to hear just how much progress has been made. Yes. Yes. Thank you. Yeah, we will get in touch after the seminar. And also, we will welcome you to be a member of the ABI if you want to know more about China's blockchain industry. Thank you. And I say that Mr. Jiang has connected, reconnected. Yeah, finally, it's good. I got some technical issues. Alex should be working. Yes. So I will give the floor to Mr. Jiang Xianghui from Ancheng. Please, Mr. Jiang. Just one moment. Okay, now it works. Okay. I'm going to switch back to Chinese. Good morning, everyone. I'm very glad to take this opportunity to take part in the activity today. Today, I'm going to make a presentation based on our experience at Ancheng. But first of all, about Ancheng, we believe that the positioning of blockchain is not just about IT or IT related technology. We also believe it is closely related to the chain-up industries. As a matter of fact, our journey began in 2015. Jack Ma has already been a part of the blockchain industry and has changed a lot. Alibaba has a saying, because we believe in everything we see. And then believing is seen. In 2015, Mr. Ma actually thought that maybe blockchain could have 10 branches in the future. That Ancheng will grow exponentially. It will be the scale of 10 alipay. So we have made a very early step in this regard. As far as we are concerned, we believe that the chain-up industry will continue to develop in several directions in the future. First of all, we believe that blockchain infrastructure has actually done a lot of these jobs, including bus platforms, multi-party communication, including some of these technologies. We also have some very mature and fast technologies. We are also very willing to do some of these companies, some of these companies, some of these companies, to create a lot of these blockchain cross-chain integration. From the application of blockchain, in fact, we are actually, simply speaking, we can divide into three major categories. The first one is related to financial. You can see that, including the supply chain finance that everyone is familiar with, financial finance, including logistic finance, including trade finance, we have made a lot of applications on it. The second part is called public sector. This part has a lot of public sector related to the Chinese government, including education, including some medical facilities. In fact, we have done a lot of these collaborations. The third part is called lifestyle. This is related to a lot of real-life consumers, including real estate, mortgage, and so on. We have a lot of these collaborations. So we are doing a lot of these collaborations on each of the levels, and some key clients, to achieve some of these things, and then do some business. For us, we think that end-chain or market chain is our goal. We want to be a block chain plus, which is a blockchain plus. Because we think that the pure block chain, we think that its value is relatively simple. Blockchain technology itself Plus the other industries, this way we can become a real investor in digitalization. In fact, we have collected some cases. I won't talk about them in detail. For now, we have more than 50 scenarios, which are really commercialized, and then provided services to customers. From the current point of view, the investment in technology is actually very big. You can actually see that from the technical point of view, we have made a lot of investments in blockchain's patent number, especially in the digitalization level. We have made a lot of investments in this industry. I believe that at least in China, the industrial market of this market chain is definitely the biggest investment in all of the team. At the same time, we have made a lot of work in many other places. Everyone will know that blockchain has two technical difficulties to solve. The first is its performance. Because its multi-party consensus will not lead to performance decline. So in this part, we have made a lot of work, and we have received a lot of support from Ali Yun. The second part is the security of blockchain. So we have made a lot of work in this part of Jami. So far, our ability to do this part is still very good. This also got a lot of our global organizations, including Gardner IDC. Especially IDC. In fact, the data is already old. IDC just released a new report in the end of 2020. We are at least in the Chinese market share, which is 110 thousand. Let's talk about the case study. I believe that this is what everyone is interested in. I will give you some simple examples, and then I will have some more detailed introduction. We have made some changes in different scenarios to make some cities, including the production of this monitor and source. Everyone knows that COVID-19 is a new pandemic. In fact, there is a problem with CodeChain. So far, we are working with a lot of companies and some governments to make this CodeChain cold chain source. This is a very typical example. In addition, we have a lot of goods and goods in the source. Everyone knows that Alibaba is actually the biggest marketplace of B2C in China. We originally had a natural e-commerce DNA, so we did a lot of cooperation on it. The other part is the protection of the digital version. Of course, I also want to talk about it. And we also made a lot of supply chains. And also we have the protection of data copyrights and supply chain finance and data asset sharing. That's what we have been working on. We have also contributed to the charity at treating financing using blockchain technology. And we have created many scenarios based on blockchain technology. Here are several simple examples. The first one is about supply chain finance solution. Maybe you are quite familiar with this scenario. It's not difficult to understand. For the supply chain finance, we need multi-players to participate in it. Like the buyer enterprise, a first-level supplier. We all need to work with these parties. But for the buyer enterprises, they have several tiers of pliers. And if the supplier at one tier faces certain problems, normally the supplier will go to the bank for financial services. But for us, we can work with financial institutions like banks. We can provide the credit to all layers of suppliers. And that is the credit of the buyer. Which means like the procurement order or other contract of this business activity can be part of the proof for us to apply for the credit from the bank. China has done a lot in protecting digital copyright. But we are not seeing very satisfying results. The reason of this is because when we are protecting digital copyrights, the violation of rights has very low cost. Which means a violation of copyright doesn't involve a lot of costs because the litigation process takes very long time. And it's really hard to sue them. So in our solution, what we do is that we base the process on blockchain technology so that when the content is put online, there is a identifier. And then we also integrate this platform with the platforms of the government and the businesses. So when there is a violation, we will show this fingerprint on our blockchain and we'll present that to the court. And then the Chinese courts have already recognized such fingerprints so that all the costs for me to sue a violator is 500 bucks. And that could greatly enhance copyright protection. And also the press, the author, the content and the platform could, the content platform can share the profits. Therefore, even better protecting digital copyrights. So in this way, we could better help the authors. And also we could make sure that there won't be so much violation of the law in the future. So this is some user examples of protecting digital copyright. So the technology that we use includes cloud computing and AI recognizing whether or not this is a violation. And also we need encryption, we need privacy, and we need to compare a lot of materials. So at Enchain, we integrate all sorts of technologies including blockchain and traceability. We have two million products that we sell on our platform at Alibaba. For example, the milk powder that Chinese mothers buy for their babies and they purchase them overseas to make sure that the products are authentic. But we need to trace whether or not these products are authentic. So what we do is that we use traceability solution based on blockchain. And also for code chain products, all products that is transferred through code chains are now 100% traced by our solution. Salmon or cold fish or anything that you buy is based on blockchain, which means they're all traceable. So this is an example. This is our code chain platform. And this platform is connected to Alipay. We have 200 million users per day. And then if you scan the QR code, you will find out the traceability of, let's say in this example, tea leaves. And then you will see where this tea is from and how it's transported. So it's from farm to the table. You will see every step of the way. Another example is milk powder. The milk powder example, as I said before, so this is the technical side, of course. So using this technology, we can make sure that the milk powder is authentic. And this is a user example in the medical field. In China, when you go to a doctor, when you go to the hospital, you will receive an invoice. And then you need to go to the bank or the government to get the endorsement so that you will get your money back. So what we do is that we have a pilot program in Shaoxing city, Zhuziang province. So we use the blockchain technology so that the consumers could gather money back within 37 minutes. So thanks to blockchain technology, we could connect the hospitals, insurance company, and the regulatory authorities, as well as the pharmaceuticals, and then we'll connect it all the parties involved. And this is trustful, trust made simple. So what is trustful about? This is an international trade and finance service. So if you're a buyer, let's say, or in Mexico or Singapore or any part of the world, then you will have to go through a lot of different partners. You need to find a supplier and you need to go to the marketplace. And you will also need to talk to the buyer bank, the supplier bank, and then you need to go through the tax services and logistics, and also you have to go through customers. And that is really problematic. But what we can do now is that we connect through our platform so that the buyer could have access to all the parties involved, and we provide that all on blockchain. So when you have orders, it's on the blockchain, it's on the chain, and also payment, finance, that won't be a problem anymore. And you have logistics. So it's real-time payment. When it's at the Chinese custom, it's 30% payment. And when it's at the storage, it's 30% and the last payment, everything is connected. If I'm a supplier, then I don't have to wait. And since I have the credit, so I will get the financing from the supplier bank instantly, making everything so much more efficient. And this is already online, and we will have even more customers moving ahead. This is a B2B version Alipay, and we believe that this project is really hopeful. And a lot of customers are now working with us, including banks and the merchants holding companies. So to sum it up, at Antion, what we are doing is that we are building an ecosystem. We connect companies, large and small, and we use both artificial intelligence and IoT, and we connect all the stakeholders involved. It's an ecosystem indeed. And also the platform is open. So we welcome all partners to get involved. As we said before, we have training. So in the previous presenters, they said something about training. And I believe there is a lot of room for us for their cooperation. And we also hold online meetings to discuss future developments. And we look forward to our cooperation with companies like Hyperledger. So that is all about my presentation. Thank you very much. Thank you very much, Mr. Jiang, for the comprehensive introduction of Antion. Well, Antion is one of the leading blockchain companies in China. And we can see from the presentation that Antion has more than 50 scenarios and has a great number of blockchain use cases, both in China and other countries. It's really amazing. And I totally agree with the idea that Blockchain Plus is very important. And personally, I am curious about the challenges that you have faced when doing blockchain business abroad. So I will look forward to hearing your perceptions in the panel discussions. Thank you. That is all for the keynote part. So a great thanks to all the five speakers for your wonderful presentations. Now, I will pass the floor to Tracy from CTC for the panel discussion. Tracy, are you there? Yeah. Hello, everyone. This is Tracy from Cointegre of China. Tracy, please. I will share the screen for you. Sure. Thank you. Tracy, please. Can I have some screen? Sure, sure. Thank you very much, Xiao Yu, for having me. Hey, everyone. Good morning, good afternoon, and good evening, no matter where you are. This is Tracy from Cointegre of China. And great pleasure to be here as this panel's host. And thanks for our guest time as well, looking forward to the discussion. Okay. So, as some of the panelists already had their keynotes, for example, Julian from Hyperledger, Charles from Cosensus, and Alex from Ledger Domain, and Jai Zhang from Ant Chain. So for those who didn't have the keynotes, please let's start with a short intro of who you are and what you're accommodating in blockchain sector. So let's start from Ruth Chen from Mr. Guo, and also then following is Kaleido from Mr. Zhao. So, yeah. We'd like to hear from Mr. Guo. Hi, Tracy. Can you hear me? Yeah. All right. I'm going to speak in Chinese. Hello, everyone. I'm Guo Jianan. I'm from Ruth Chen, and we are a startup. So what we do is blockchain plus IoT. As we said before about how we integrate both off-chain and on-chain. So what we do is industrial IoT. For me, I've been working in the open source platform for a very long time. And I'm also a member at the Hyperledger. Thank you. And Mr. Zhao from Kaleido. Thank you for the invitation. My name is Zhao Guang. I'm with Kaleido, and I'm the manager of Asian Pacific Kaleido. Before Kaleido, I was in consensus, and I was also in charge of Eastern Pacific businesses. And I also worked in other companies before. And we've cooperated with a lot of Chinese companies. Actually, I was the first CEO in the overseas affairs for a higher Chinese company. And before 2013, I was working in the US government for 19 years. And I also worked in the universities teaching information technology. So my company is supported by people from IBM and ETHOM. This new company, this startup company, ETHOM, our friend, and the Hyperledger, we have a full stack blockchain technology. Kaleido is the first company who provides consortium as a service. And we are also the first provider of managed blockchain service. And we provide services to companies, cooperates, and we cooperate with EWS. We have integration with them global-wide, and we have a lot of programs global-wide. We have integration with data centers, and for Kaleido, we are probably the only company that has a, I sold 2007 a standard certify certification. Thank you. Okay, thank you very much for our guests today. So let's start. So, you know, while China bans cryptocurrency exchanges and initial coin offering, so the government is set to leverage the underpainting technology, often without a decentralized part. Like blockchain, for instance, could help track the shipment of lecture goods and just empty mention, and also authenticate the core evidence as a previous speaker also mentioned. So in the process of adopting blockchain application in its own interest, China also wants to become a world leader of this new technology. So last year, an ambitious government backed the blockchain infrastructure network launching China. As you guys also heard about that, so the blockchain-based service network also insured the BSN as an opening system for blockchain programs. So developers want to have to design a framework from the ground up. So importantly, it's part of the country's goal to set industry standards and build the underlying infrastructure for blockchain application worldwide. But how does China's blockchain industry integrate with the international community and also so what kind of opportunities or challenges China blockchain industry is facing right now? So I really would like to hear your voices from our domestic projects and also have a larger inconsistency from overseas. So let's start off from Julian and then we follow in the same turn as it's a panelist here. Hey Julian. Hi, thank you. Great question. I think there are enormous opportunities and challenges for China's blockchain to integrate ultimately some of the challenges that we face are global such as the $1.5 trillion trade finance gap and all the challenges we have with trade violence and communicating globally and identity. I see that with the blockchain as well. So I think it's important to integrate in terms of technology. We're helping integrate globally so we all have a standard common software basis and we see a number of those different basis today and I think communicate, communicate, communicate right? So and we hope to be part of that and just grow the ecosystem and I think China is already very much integrated but the more integrated we are the better. It's the network effect right? The more we're connected the more we get together. Sure, sure. Thank you. Thank you. So Charles I'd like to hear your thoughts on this. Thank you very much. I think when we look at the globalization of businesses and enterprises there is a lot of different system and technology which are being experimented by many different players and I think it's very important not to fall in love with with your technology stack or your blockchain kind of architecture but kind of reverse engineer from the enterprise needs and as Julian was saying what we see is businesses really looking at reaching out to platforms and the business communities which already have a network effect and that's why it's very important in the architecture of any design should it be a global design or a Chinese design to think how will this fit with counterparts at the other side of the world? How can they be onboarded and off-boarded? So that's one thing. The other thing we also feel very strongly on the market right now is a kind of the early days of a migration from permissioned blockchain to kind of more inclusive type of architecture. Should they be public or semi-public blockchains and what the industries are actually coming to realize right now is if you build a permissioned blockchain essentially you are building an intranet and this chain is as rich as how many members you have and the problem is designing this kind of permissioned blockchain is fairly easy. Bringing early members is also something usually people are able to achieve but building a network effect on a closed environment is actually very complicated. So the business attraction is not always easy to work and this might work in China where the market is extremely massive and there is some key players which have their existing ecosystems they can bring permission chain to a certain level of activity where the business makes sense but when you look at expanding it's actually a very complicated pitch to go and convince every new member of your permission chain to get a special connectivity into your chain. So there is this I think this phase of realization and what we see is a trend which is very similar to the internet in the early days. If you think of the internet back in the 90s the internet was essentially a patchwork of intranets so there was a lot of pirate networks and eventually all these pirate networks came to connect one to another and TCP IP came in and there was this kind of global network for everyone to start and connect and I believe as the world of blockchain is going through a very similar path where it starts with permission chain because it's easier it's also simpler to sell internally with an organization but this permission and kind of style architecture is slowly moving to a much more inclusive and global type of architecture. Yeah you know like hyper ledger and it seems to have been doing a great job as a bridge between west and east and so you guys it's definitely they saw are really appreciated here I mean very important to uh solve to consider. So um also like let's go to Jeff from Anne Chen so Thank you Tracy now I'm going to speak in Chinese I have the following points to make the first one is about the trade finance and the tracing of products beyond borders. This is a point where China can be connected to the world and we have already done similar work in the past now we are using the blockchain to work on this field we hope we can lower the cost. The second point is that for many Chinese companies they have many kinds of assets and many Chinese companies are investing they are building spots in places like Hong Kong and countries like Singapore. So blockchain can play an important role in it now some companies are thinking that maybe they can digitize their assets and invest in Hong Kong market. This is a trend we can pay attention to and this can also help companies to lower their expense. The next point is what Charles just said he said that we need to build an international alliance. This is very crucial for us because for many Chinese companies our suppliers they are overseas so building an international business network is very crucial for us and we need to think of a way to use blockchain technology to attract overseas players. In China we have already been working on the blockchain system and now we need to think about how to work with the overseas suppliers to make full use of the blockchain technology and that's what we haven't tried in the past. We are now working on it. The next point is that now the blockchain technology is closely related to things like token and stable currency and for these industries they are not so well spread in China but they are much more popular in international community. So should we try to touch these areas in a more in-depth way in China? We also face challenges because for many Chinese enterprises they are state-owned enterprises so they may face the restriction from regulators. For An Cheng we also have similar financial and regulatory issues. That's the challenges we face right now and that's what I would like to share. Thanks I mean geographically our regulators when we talk about blockchain always we cannot avoid this topic regulation always there. So it's long way to go. Also from Alex and from Ledger Domain we'd like to have your insights. Yeah so again in the in the world of healthcare where I'm from a single regulatory regime is actually can sometimes be a net positive in terms of getting a highly regulated trading community all aligned and moving in the same direction. Much of our work would have been if not impossible at least very difficult whether or not in existing requirements and data models in place that we could leverage. As far as the opportunities for China you know looking at the broader technology picture the history of China over the last 20 years has really been this massive incubator for you know wildly successful products that succeed within the Chinese market before exploding out onto the global stage. My sense is that in the global context blockchain efforts can generally be divided into you know use case-based efforts versus platform-based efforts and the use case-based efforts do tend to be at least in the healthcare field the ones that gain the most momentum because they are if you're if you go platform first you tend to sort of spread somewhat thinner if your use case first you can drive forward a lot more rapidly and that does offer you the opportunity to be able to loop in overseas partners you know whether it's you know downstream customers or whether it's trading partners particularly where a lot of those may be you know US or European. Yeah I think if a global corporation will very much focus on use case-driven perspectives right so it's just generated more value as we can. Yeah so from Mr. Guo from yeah. Okay yeah. The first point I would like to make is that we should take a up-to-down approach we can build many scenarios for example we can help the Chinese companies to go abroad like the across-the-border payment and across-the-border financing we have to have an open mind to design the business model we all know that the algorithm the functions of the machine is easy to be built but the algorithm for people to people exchange is very difficult for us to build we have to work hand-in-hand and that is the up-to-down kind of approach. Another approach is from the downstream to the upper stream that is we can work from the aspect of the open source community according to the research China is now the third largest base for the user of the programmers. So for the developers in China we can take part actively in the open source activities in the world I know that there are some gorgeous developers in China they are very good but they just don't have the access to take part in the international activities maybe due to their workload heavy workload. In China we have companies like Alibaba and Huawei they have been working actively in the field of blockchain technology and open source community so this can be a very good opportunity for us and it can be a bridge for China to embrace the world. Yes I agree that we need to encourage more developers to take part in the global activities and to provide the opportunity for the Western developers to see the capabilities of Chinese developers. Now let's welcome Mr. Zhao. I would like to answer the question of opportunity and challenge from the following aspects. The first aspect is about the global leadership of China. Another aspect is the maturity of our product so about China's global leadership recently Kledo and our team we have have in-depth communication with SOEs and other players in the industry. My first thought is that for some SOEs and for some government bodies they are still at the position in which they are trying to understand they are becoming the global leader they are trying to accept this reality. The trend is that the picture is more and more clear for them they are now adapting to the reality that they are becoming the global leader so this is good news for us and from the perspective of the business trend the product development trend we all know that due to the development of internet and due to other issues the community is a little bit shranked is a very small community and we are technology-based so we cannot use the thinking pattern right now to solve the problem of the future that is not working so we have to change our thinking pattern. They don't enterprise these and private companies to have a global perspective and also a local perspective and they need to know that they will play a global leading role they have to adapt to that and high-quality low-frequency transaction with its partners is a scenario that will be used a lot and finance is a very promising sector supply chain, MNC, cross-border supply chain are promising fields of future development because of silo division man side or maybe because of a duplication of products in China when it comes to cross-border transaction and businesses they don't have a lot of businesses doing that and I think there is a great potential there only a few players now in China are focusing on the international market like Ant Group so I think if we build an international infrastructure and if we incubate level 2 and level layer 2 or layer 3 businesses that will be very promising another thing that as I said before Clydo has a ISO certification which means that when the government and state-owned enterprises need us to provide services we could manage the data according to international standards we not only have the technical expertise but we also are compatible in terms of regulations and standards of course there are many Chinese companies that are applying for those international standards as for products there are all sorts of products when I was working for another company we began to learn different kinds of technologies such as blockchain and AI and cloud computing there will be a cycle for a technology to develop when it comes to blockchain I think there are about 20 interlocking technologies to support this system but the most mature technology that is a background blockchain and for tokenization DIDs, smart contract and blockchain platforms these four are not mature enough and there are problems that need to be solved but I think in the future they need to further back up the industrial development I think DLTE wallet and DID are very important when they are combined then about 70 to 80 percent of ID companies that combination will provide a lot of solutions for Chinese companies they are in a dilemma on the one hand they want to showcase their capabilities then they want to do smart contracts but when it comes to the profits they are not really sure whether or not these new technologies will help them so there are a lot of things that happen at this and we need to make sure whether we should be profit oriented or technology oriented when comes to blockchain value 3.0 this is something that people talk about a lot and for that 3.0 a lot of people are quite idealistic they want to put everything on the chain but the problem is when you develop these things further you need to create value you need to create a profit because when you operate the data we will manage the data if you are a solution provider you need to understand what these technologies are and you need to avoid the risks so that is a core problem here I think for as a state-owned enterprises and for private enterprises in China if they could focus on production then things will be so much better I think they shouldn't focus on something that will only happen in five to ten years for example organization a smart contract these high frequency and low value transactions we want to attract investment so we talk about them a lot but all we need to take heed in these respects yeah let's go to our next question so I'd like to have your answers on those you know in China we put more focus on consortium blockchain development while for other countries the consortium blockchain and public chain develop in parallel so what are your thoughts about it and what are your insights about the future of the public chain and the consortium blockchain development I mean globally in this whole map so I would like to start with Charles no so with Julian first so Julian okay I realize what we're short of time so I just think that we have code bases in both right so we're kind of cool but I think there will be a future where you will have a spectrum of based on I think Alex said based on on use cases right yeah that's good right so I think there will be a world where you have from permission to permission less of course we're going to have interoperability as well between permission blockchain so we're going to have an interesting future and there's a lot of innovation I think you can maybe change you know how we look at this as well right but I see I see a future of many different options but it's all going to be based on I think at the moment it has been it is because of regulatory and also some technical issues will work more on permission blockchain and I think that's been a very successful model and they will many times will continue to increase and grow thank you very much and Charles yeah yourself yes absolutely I believe we're going to end up with some kind of hybrid solutions where we will everything will sit on the global network and public blockchains but within these public blockchains there will be some kind of tools or pockets where certain rules will apply should it be for the for compliance for privacy or all kind of things and the technology is really helping us to building this kind of a hybrid blockchain but ultimately every project wants to get rich to a maximum number of stakeholders and potential partners so a public infrastructure is really so it is really a strong proposition but yet it should not be it should not be a kind of discounting so fact that people will need privacy they will need to operate in certain rules so my answer is we are going for an hybrid solution that's fitting public infrastructure thank you very much and the jet from Angie thank you I agree it depends on the scenario take finance for example if I am using SME then I would probably use a public blockchain such as Alibaba when we are doing small amount loans they would need to be based on the credit of the company but if we are doing automatic then we need to see the OEM we need to see what they want so of course in that scenario we'll need consortium because supply chain is the most important infrastructure so that won't be using the public blockchain but if you are doing a finance or ABS then of course there will be a consortium and which is connected to a public chain so it is all it all depends on these scenarios for example there are some pure public blockchain without any consortium so we also need to take into consideration regulations thank you you know like I would everybody else is saying as far as the need for hybrid solutions and the fact that it's going to be use case variant in many of these regulated scenarios opening up to the public would actually cut counter to a lot of the goals of the regulations to begin with whereas if you're looking like at something like managing patient data of course that that sort of shifts the calculus a little bit I would also just add that as we look at these you know types of stacked multiple or interoperating systems the need for decentralized identifiers and the ability to make claims on different blockchains is going to be uh increasingly important thanks very much yeah and uh so I think there are two layers to it from the basic technology of course trying to focus pay great attention to public blockchain and there are a lot of people focusing on blockchain blockchain but because of regulation and because of the scenarios there will be some limits setting to it so I think there will be a integration when we look at it from a perspective of spectrum there will be permission on one extreme and permission is on the other extreme then I think based on different scenarios we should move along this spectrum and there will be a combination of both and when it comes to infrastructure infrastructure will be opened not only to the public but also to different specific groups so we need to take consideration both Mr Zhao thank you Dorothy well for me I think when we provide solutions for companies for the net or we don't have any specific use cases but when we are talking with our clients they have specific requirements and we are listening so what we do is that mostly we use permission based and we are value oriented but it all depends on the pace of technology development and it all depends on iteration so one day I think there will be a combination based on scenarios so the public chain and construction chain I think for quite some some time into the future there will be a combination of both here and so special thanks to our partner ADI, Zhongguan Tun Qigua Lian, Chanyu Lianmeng and the CAICT, Zhongguo Tongxingyuan so this is thank you for our organizers and I will move the floor to Xiao Yu from CAICT again for some conclusive welcome Xiao Yu thank you thank you Trissy and thank all the panelists today and thank you very much and also thank you thank all the audiences for your attentions I hope this webinar is fruitful for you and if you are interested in China blockchain industry and our series of webinar blockchain connecting to the world please follow the seminar and feel free to yeah feel free to contact me so the email which is on the screen so it's at the bottom my full name is Xiao Yu at the CAICT.ac.com and I will also give you information about the BIAF project as well and also we can add you to our Maryland list of API and we will send you news and event notices regularly about China's blockchain industry well last but not least the international working group of ABI welcomes all of you to join and also please follow our partners Hyperledger and CoinTelegraph China and thank you very much I think the webinar is adjourned thank you