With The Theme Of “Technology Reconstructs the World”, the Summit Is A Venue For Jointly Discussing The Tremendous Transformations Brought About By Blockchain Technology To Industries As Well As Incoming Opportunities And Challenges
The World Blockchain Conference 3 AM Summit was launched in Macao on April 23-25, 2018 (Beijing Time). With the theme of “Technology Reconstructs the World”, the Summit is a venue for jointly discussing the tremendous transformations brought about by blockchain technology to industries as well as incoming opportunities and challenges. Roy Li, founder of Ruff, was invited to attend the Summit and delivered a speech on the technical application and implementation of blockchain in the IoT field.
Two venues are ready for this World Blockchain Conference, they have gathered 100+ international and Chinese blockchain-related organizations and 200+ industry leaders. It is the first summit at a scale of over ten thousand participants in the industry.
As a public blockchain in the IoT ecosystem, Ruff Chain has attracted attention since it launched on the exchange on January 28, 2018. The future of Ruff Chain is to make data go onto the chain at the enterprise level, and the premise of data going onto the chain is that all the equipment and devices can be connected into the network, which involves bottom layer connection in the IoT. A great amount of time has been spent by Ruff Chain in researching and implementing IoT networking. From the Ruff OS IoT operating system to the equipment networking under business scenarios, Ruff Chain has achieved the capability of bottom-layer IoT connection, which is not available in other public blockchains.
For this reason, the main target of Ruff Chain is enterprise-level blockchain, aiming at some clients of asset-backed securitization and supply chain financing, to help valued date go onto the chain, and thus solve the issue of corporate trust and generate value and new business modes.
Ruff Chain will showcase the ecological architecture of Ruff in the IoT field to the audience, enabling more to know how IoT is deeply integrated with blockchain. Previously, when the concept of blockchain emerged, the initial reaction of most people was that, blockchain should be implemented in the field of consumer finance. Nonetheless, the best scenario is actually the integration of blockchain with IoT. How should IoT be integrated with finance? For example, for a rental firm, it used to need a one-off large sum of cash for purchasing cars, and then recover the costs from non-fixed cash flows. When blockchain is integrated with IoT, the transaction data of consumers’ car rental will be openly and transparently displayed on the public blockchain. Smart contracts will automatically control the time of use and physical scope of cars. Consumers and car firms transact “rights to use things” on a point-to-point basis, eliminating data inconsistency, time and communication costs, effectively reducing wasted resources while improving efficiency and trust. This is a method of “resources securitization”, adding to fund liquidity. The technical innovation during this process can only be achieved with IoT plus blockchain: IoT is for dividing and swapping real rights, while blockchain is for addressing liquidation of real rights and maintaining data consistency.
Blockchain should be reviewed in two ways. Indeed, it has not fully matured, but each technology must undergo a process from immaturity to maturity. The most important thing is that, powerful economic drive propels blockchain to become mature faster than other technologies, and any small progress in blockchain will lead to huge economic value.