Da Hongfei was a guest on a round table discussion at the 2017 Trusted Blockchain Summit held in Beijing on September 19th. The event was hosted by the China Information and Communication Research Institute, the Data Centre Alliance, the China Payment and Clearing Association Financial Technology Professional Committee, and the China Federation of Logistics and Purchasing Blockchain Application Branch.

The summit was held to promote the application of blockchain technology, explore trends and application progress, and discuss regulatory policy, industry self-discipline and other key issues. More than 300 people attended the event.

The round table discussion was held as part of the blockchain platform innovation session and was presided over by Vice President of the CSDN, Meng Yan. Other guests of the round table included Chinese Institute of Communications Deputy Director, He Baohong, Bo Chen CEO, Zhang Jian, Hainan Airlines Technology Group Co., Ltd. Technical Director, Long Xudong, Tencent FiT Platform Product Research and Development Center Senior Director, Li Maocai, and Jingtum Tech CEO, Wu Yuanwen. Discussion points included application scenarios for blockchains, issues that hinder blockchain advancement and other hot topics.

Other speakers at the summit included Lui Duo, Director of China Information and Communication Research Institute, Li Ying, Ministry of Industry and Information Technology Ministry of Information and Software Division Inspector, Di Gang, People’s Bank Institute of Digital Currency Deputy Director, and China Payment and Clearing Association Deputy Secretary-General, Wang Suzhen.

Lui Duo said in his address that blockchain technology is a major innovation in the process of Internet development and that it has strategic significance to world governments, industries, and academia. Liu Duo also pointed out that as blockchain is still in the early stages of development, the emerging technology is in need of nurturing. Liu Duo believes that under the right guidance of relevant policies in China, the advocation and promotion of blockchain technology could play a huge role in the economy.

Di Gang, was also generally positive about the development of blockchain, but cautioned that due to criminal activity, strong supervision was required. He said the crackdown on illegal fundraising was necessary to remove the abuse of the technology and to make a return to real economic innovation. Di Gang also reminded that a rational and pragmatic view of the blockchain is required, and it should neither be demonised, nor seen at the answer to all financial innovation. But rather, blockchain should be developed based on the needs of the industry.

Later in the event Liu Duo and Pan Feng, Deputy Secretary-General of China Communications Standardization Association, launched the Trusted Blockchain Alliance and the Trusted Blockchain Open Laboratory. The Trusted Block Chain Alliance was established under the support of the China Communications Standards Association, under the guidance of the Information and Software Services Division of the Ministry of Industry and Information Technology, which is positioned to jointly promote the development and promote blockchain technology in all walks of life.

A number of companies were then issued a certificate based on the Data Center Alliance’s initial trusted blockchain standard, which is the first trusted blockchain standard in China. Companies are evaluated on functionality, technology, safety and performance, however the evaluation standards and process will be improved upon over time. Companies to pass the initial evaluation test include Tencent TenPay, Bubi, Bochen, Taiyi Yun, Hyperchain, ChainNova and ZTE.

Sessions were also held to discuss blockchain application innovation and blockchain management.