The Factom team attended the China Blockchain Industry Conference, co-sponsored by Global Shared 100 Financial Forum and Modern Bankers Magazine. It was held on 21 August 2016 at the Beijing National Convention Center.
The conference aimed to promote blockchain technology and opportunities for integration into existing industries. It attracted more than 1,500 blockchain industry innovators, technical experts, investors, and professionals from diverse backgrounds.
“Big Data” was a major theme of the conference. Zachary Lynde, CFO of Factom, gave a speech on the topic of big data and how blockchain technology brings innovative solutions to supply chain finance. The security, transparency, and time-stamping characteristics of blockchains make it possible to shorten long cash cycle. Doing so can decrease the cost of failure and increase the profit for enterprises.
“China is moving quickly to both understand and utilize the blockchain as a means of business efficiency and improved liquidity to increase their growth rate using the most important technology of this century. The massive scale of Chinese businesses and a population of 1.3 billion people requires blockchain companies who can work at this scale and capacity to process the enormous volume of data needing cryptographic security. China also experiences rapid growth in a world economy where economic liquidity has fallen 50% since 2009 to be only 30% of world GDP. Therefore, the China Blockchain Conference was hugely important to educate people about the power of the Blockchain and Factom’s unique ability to be the only immutable ledger powerful enough to scale to China’s size.” – Zachary Lynde, CFO at Factom
Zeen Zhang, one of Factom’s representatives in China, spoke at the roundtable discussion session. He shared ideas on how blockchain technology increases the integrity of big data. Zeen also spoke on how blockchains can offer novel new solutions for tracking ownership.
“Blockchain projects should come from a genuine demand from within a company. By integrating into existing markets and legal environments, we can solve practical problems that blockchains are uniquely able to satisfy.” – Zeen Zhang, China General Manager at Factom
Some pictures of the event can be seen below.