The development of Hong Kong Association President Duncan Wong block chain: the need to protect privacy, but sometimes also need supervision

 The development of Hong Kong Association President Duncan Wong block chain: the need to protect privacy, but sometimes also need supervision

In November 28th, 2018 P.O.D New BlockTrend new potential block chain summit jointly sponsored by Odaily and the daily planet 36Kr group held in Beijing.

The development of the association of Hongkong President Duncan Wong blockchain said at the meeting, the founder of the blockchain company CryptoBLK, is committed to the alliance chain operation, and the study on privacy protection and supervision.

5 months of this year HSBC and the Bank of Holland in the above block chain platform they made a trial run, means that the block chain can run successfully in cross-border cases.

In addition, from 5 to now, the Bank of France and several other banks have successfully run a lot of application in the above. At present, their platform has been done many times of trial operation. Duncan Wong noted that the whole world is now doing this stuff.

Next, Duncan Wong and his team will focus on doing research work on privacy. In his view, the need to protect privacy, but the privacy sometimes need to regulate currency circle.

The following is the speech content:

First of all thank Odaily invited the daily planet. In fact, I am also the founder of CryptoBLK, here I am honored to share some of the work of CryptoBLK in privacy, and we do the chain alliance.

Just thank President Xu to tell you about the importance of privacy, I just speak in private, relay, Qu Kuailian chain to what technology alliance share, and what we are doing in overseas.

The first to introduce the development of the trade, financing, and bring out why a coalition chain is the need for privacy, there is a very important point is why regulation. My topic is how to achieve privacy and regulatory and implementation.

We first look at the trade financing, trade financing of us is 170 trillion, this is 36 billion, why to use block chain? What benefits can be brought out?

We look at this picture, this picture is called the financial gap, many banks or insurance companies want to borrow money, but the threshold is relatively high, coupled with the regulation, so can not borrow money.

These data is actually not so transparent, and is independent of each other. If these financial data can not communicate each other, bring a problem that the data is not transparent

Block chain can bring a good benefits, it is not to the center, but to increase transparency, everyone can share data in there, and we are together. The main purpose is to put a gap, which is 150 trillion of the amount applied, now many banks in the 150 trillion to reduce the amount of.

So we can make the blockchain what effect? We hope to increase transparency, we hope to use the blockchain as a forerunner. Who put this thing to do, who will occupy the leading position in the market.

Now our company name is Voltron, if you read the word Transformers know where it came from. This means that want to do can be a traditional transmission to the DLT system, we have 8 world-class banks to do some trial on it now. The other one is Marcopolo, a third is done by IBM. The Hongkong authority also has a eTrade Connect, you can see the whole world is the main international alliance.

5 months of this year, HSBC and the Bank of Holland made a trial run on our block chain platform, means that the block chain can run successfully in cross-border cases.

In addition, from 5 to now, the Bank of France and several other banks have successfully run a lot of application in the above. At present, our platform has been done many times of trial operation.

In October, they officially and 8 banks reached an agreement, they are only a block chain technology provider.

Now the whole world is to do this thing, we next have to do a lot of work in terms of privacy. On the one hand, privacy is more than privacy itself, but in fact there is a name that can monitor the privacy and not just privacy itself. What can the regulation of privacy, we first from the perspective of why privacy privacy, say you go to the supermarket to buy things is the need for privacy? It needs to keep a secret? In fact, not necessarily. Let’s buy some daily necessities, but you also from another angle to think about, you want to put some of the public figures? It is not certain.

In fact for us privacy should be a right, but this is not to look at the privacy. For example, there are some more practical scenarios, we trade financing now, when trade financing, such as HSBC and ING, or two other banks, their statistics need to know other banks? Not necessarily, so privacy is very important, and we say that this is some business which itself requires a lot of privacy.

Also, you how many Token this thing we need to know? For example, how many BTC, you know? Especially the ABS (Asset-Backup Securities Token) which represents the real estate, these privacy is more important. This is the first two points on privacy, the sender and the shuttle, the second point is the content of privacy. Privacy itself is very good, but we also need supervision.

Here I first define what is called Accountable, which means the privacy, is said to be content to ID privacy, privacy. But for regulators is that all transactions are to be traced. For example in the coin circle, here also have privacy regulation.

How do we go to achieve both privacy and regulatory effect? There is a way here to give you a brief introduction, we look at this picture, they will know that this is one of the most basic method of digital signature, the digital signature of the private key we need also need an application, produce signature.

Here I would like to introduce a concept called ring signature can be linked, in the signature when you are just using a private key to sign, it came out about verification, when I was a test, or use a heap to achieve the effect of verification, it is if the signature is verified you sure this is the signature, the corresponding signer to generate rather than other people, but at the same time also don’t know who is the real signer.

If the same signer to sign two times in the same information, everyone can find who is the signer and the important properties of this. This is a very new thing just now, president Xu also talked about all we do or do not study all the password is called on the head to think of it, in fact, many verification, and takes a long time to research and development.

In fact, as early as in the year before 2004, bitcoin, I and some researchers developed a concept, then there are a number of applications, but also in 2013 when the application is first used.

At the beginning of this year, we also launched a new anti attack called quantum scheme, this scheme is the main purpose of hope to achieve this application, so to introduce here, I also hope that in the near future in our trade finance and some other applications we can get application.

How to achieve the accountable we also need more things to make regulators tracking, here I’d like to introduce a technology named Corda CryptoBLK, we built two chain alliance platform, one of the platform just to tell you, is being used 8 banks, and in the next month we will launch a Hong Kong car insurance system in Hongkong, China Unicom, Da Nang police system is the government put together. This will enable Hongkong car insurance all on the line, but also at the same time support and keep secrets.

In addition, we also do some research on the other, US and Singapore, Shanghai Jiao Tong University and the Australian companies work together, do some anti quantum algorithms, but also to achieve privacy and supervision at the same time.

In Hongkong next month will launch a car which is what I have just talked about the insurance system, this system has privacy inside, this is not the main block chain technology, but we added to a layer in the above.

Do a simple summary, mainly introduce today is that we have a lot of new technology alliance chain is developing, one of the most important things is how to do at the same time, privacy and regulatory support.

Today is the first introduced here, thank you.

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