September 19 Beijing-On the “2017 Trusted Blockchain Summit” hosted by the China Information and Communication Research Institute and Alliance of Data Center in Beijing, Bochen was awarded as the one of the 9 enterprises that passed the trusted blockchain assessment after a series of rigorous testing. Tangquan Financial Service, who adopts the L0 DLT technology provided by Bochen, is awarded with the best use case in financial category.

Trusted Blockchain Summit 2017 in Beijing

Trusted Blockchain Lab is established on the conference besides the preparation for Trusted Blockchain Alliance. The Trusted Blockchain group was established by the China Information and Communication Research Institute in December 2016. The Trusted Blockchain Standard is complied by over 30 entities and is the first standard that is ready for industrial use in the world.

According to Qing Sude, Senior Engineer of the Information and Communication Research Institute of Technology and Standards Institute of China, the inter-banking money transfer system developed by Tang Quan is based on the L0 system of Bochen. The data of CNY serial number has been shared on the system, which is the first to be deployed in industrial production. So far 10 branches of PBoC and over 100 commercial banks has been connected to the network. The daily average transaction volume in Nanjing alone amounts to 1 billion yuan.

Zhang Jian, founder and CEO of Bochen, delivered a keynote speech entitled “Blockchain: Technological Innovation and Application Outbreak”.

Zhang said:

“Blockchain is only in the early stages of development right now and far from mature. In 2015 the concept of blockchain began to emerge. It was also predicted in 2016 that there would be an outbreak of blockchain applications in 2017. But we don’t see the wave now. People’s expectations of blockchain is unreasonable. Take Internet for example, bubble burst around year 2000 and then it developed gradually and accelerate later. So I believe that the rise of blockchain will be longer than most people expected. Maybe it will take 5 to 10 years, but the impact will be deeper than we thought.”

Zhang Jian also predicts three things must be observed before the outbreak of blockchain:

“One is the breakthrough of bottleneck. Blockchain technology could meet the commercial demands at large scale. Second is the general adoption of digital currency. The CBDC (central bank-issued digital currency) will greatly promote adoption of digital currency, which will also accelerate the outbreak of blockchain-based applications. Third is the establishment of regulation system. A sound and complete regulatory system will provide legal support for the outbreak of blockchain applications. “

Zhang Jian, founder of Bochen technology, was Huobi’s former VP of Technology and Director of Digital Currency and Blockchain Research Center. He founded Bochen in 2016,which raised ￥10 million(＄1.45 million) in Pre-A round led by Yonyou Network Co., Ltd (formerly known as”UFIDA”).