Waltonchain Joins China Blockchain Security Alliance to Promote the Healthy Development of the Blockchain Industry Waltonchain_EN Follow Jun 22, 2018 · 4 min read

On June 21, the First China Blockchain Security Summit Forum was successfully held at Beijing National Convention Center. The forum is hosted by China Technology Marketing Association and organized by Knownsec. It aims to explore a safe and proper way for the development of the blockchain industry so as to guide the future blockchain industry security construction. It was announced that China Blockchain Security Alliance was established at the Summit, and Waltonchain was invited to attend the Summit as a member of China Blockchain Security Alliance.

Waltonchain CTO Wei Songjie in China Blockchain Security Summit Forum in Beijing

The Forum began with a short presentation of the relevant security events and the exposed social security issue in the blockchain area in recent years. Various financial losses accounting for hundreds of millions caused by security problems, wide-spread frauds and financial pyramids in the name of blockchain have become the pain points of the blockchain ecosystem and have raised attention and concern all over the world.

While the blockchain technology receives worldwide attention, network security and social security have become the stumbling block for the sound development of blockchain. To deal with these issues is also the core goal of holding the conference. It calls for attention to the blockchain ecosystem safety and gathers efforts to explore the way of future healthy development of blockchain.

Officials giving speeches at the conference

Chinese government and various social parties paid high attention to the conference. A number of relevant officials from national ministries attended the conference and gave their speeches. Vice President of Tencent, Mr. Ma Bin, the founder and CEO of Knownsec, Mr. Zhao Wei, Chairman of China Blockchain Research Center, Mr. Guo Yuhang and Waltonchain CTO, Mr. Wei Songjie came to the stage to show their concern about the blockchain ecosystem safety.

According to 2017 Tencent Security Internet Security Report, as the economic value of blockchain rises, the grey industry participants started to obtain more sensitive data by means of various attacks. Blockchain started to be used in extortion, theft, Trojans, financial pyramids etc., which complicated the blockchain security situation. As shown in Blockchain Industry Safety Analysis Report published by Baimaohui Security Research Institute, the amount of global losses caused by the blockchain security incidents is as high as 1.9 billion US dollars, and it shows a sharp upward trend in 2018.

Waltonchain CTO, Professor Wei Songjie giving a keynote speech at the conference

Professor Wei indicated: “Blockchain security is not only related to the IoT or IoT data security, but also to the personal property, information and privacy security of users. It also affects the socioeconomic development and stability. How to achieve the balance between data centralization and distribution while ensuring lasting security is a serious problem. Open and secure data on the chain and data integrity are what we need to deal with during our research of blockchain application. The IoT is our future, or, in other words, the future of information society. However, there are still many problems in the IoT to be solved with the help of blockchain. Blockchain represents the new technology, new philosophy, new idea and new attempt to solve these issues.”

China Blockchain Security Alliance initiative

The current global network security situation is becoming increasingly complex, and the blockchain security also faces enormous challenges. Frauds and financial pyramids in the name of blockchain increase day by day and have become socioeconomic cancer. In view of this situation, Waltonchain cooperates with Tencent Security, Knownsec, China Technology Marketing Association and China Blockchain Research Center to explore solutions to further enhance the overall industry security strength. We also hope more government departments and enterprises join us to combat illegal activities and build a secure blockchain ecosystem together.

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