On July 22, Pang Huadong, former vice president of the North American Investment Banking Department of JPMorgan Chase and Honorary Academic Advisor of the Asian Blockchain Society, said in an interview with reporters, “At the moment, there are indeed some problems in the blockchain, but don’t jump to conclusions easily. In-depth analysis of the problems brought by blockchain from multiple angles, including experts, industry observers, and the industry."
Pang Huadong said, “After graduating from the Massachusetts Institute of Technology (MIT) in June 2007, I worked in the fixed income self-support department of JP Morgan Chase. At that time, 13 people managed more than 40 billion US dollars at JPMorgan Chase. The 2008 financial crisis was the worst. , Losing an average of US$300 million a day. It was gradually understood that blockchain technology may be a key to avoid the next world-class financial crisis."
Pang Huadong went on to say that many intermediaries are applying blockchain technology, which will gradually open and transparent the previously undisclosed and opaque operation mechanism to stakeholders and convert it into a white box operation mechanism, which in fact greatly reduces the cost of trust. , On the contrary, it is more beneficial to the operation of the organization. The application of this kind of blockchain technology will naturally reduce the financial risk. "Blockchain is essentially a technology that can be disintermediated or weakly intermediary. Therefore, blockchain technology can build a trust mechanism at the lowest cost."
It is understood that blockchain technology is called distributed ledger technology, which is an Internet database technology, which is characterized by decentralization, openness and transparency, allowing everyone to participate in database records.
Recently, Shen Liantao, chief consultant of the China Banking Regulatory Commission, published an article reminding that once regulators start to issue bans or supervise ICOs and virtual currency operations, they will discover fraud, losses and manipulations, which can only end in tragedy. Trust in the blockchain needs to be won by itself, not created by hype.
Regarding the future of blockchain development, Pang Huadong analyzed, “The current development stage of domestic blockchain technology belongs to a very early stage. Although it has experienced some relatively large fluctuations, the development prospects are unlimited.â€
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