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Demystifying Blockchain; How Your WeChat Payments Actually Work

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The world of Internet startups is pretty excited about Blockchain these days. It is a measure of their significance and the extent of their influence that the recent AmCham organised event “Blockchain: The New Industrial Revolution” was a packed to the rafters affair.

Held at the InterContinental Hotel on 8 June, a selection of movers and shakers from a surprising variety of industries gave insightful presentations, hosted Q & A sessions and breakout sessions that revealed the extent to which Blockchain is being employed today. Behind the podium were representatives from some of the world’s largest computing firms, together with accountancies and insurance companies, in addition to the aforementioned startups.

As it turns out, Blockchain is already hard at work in many aspects of our lives, here in China more so; the size of the country’s population making it almost inevitable. For wherever a large number of transactions are needed to be made quickly and securely, Blockchain is the answer.

That fruit you bought using WeChat? Blockchain made that possible to the tune of US$32 trillion in mobile payments last year, in China alone.

That delayed flight on which you made an insurance claim? Blockchain is ideal for such cases of situational finance. Don’t forget that used to take half a year or more not so long ago.

After a fascinating presentation, Chief Technology Officer for Microsoft China, Li Jiang (pictured), in town from Beijing especially for the event, took time out to speak with The Nanjinger, and addressed the issue of potential threats to Blockchain from Artificial Intelligence (AI).

“Blockchain can correct some of the mistakes that AI would make, because AI is centralised; individuals do not have the authority to participate against it. So blockchain is more like a shared platform, shared services that can build a checks and balances with AI”, Li said.

Presentations from some of the other heavyweights in the world of business and technology included those by Ren Changrui, Chief Scientist & Head of Emerging Technologies for IBM Research China and Arnold Gao, Director of the China Blockchain Group for Deloitte.

As the attendees enjoyed lunch and listened to a closing keynote from General Manager for NEO Global Development, Johnson Zhao, it became apparent that the event had indeed helped to bring about a greater understanding of some of Blockchain’s grounding concepts.

“Blockchain will have its place in improving productivity of supply chains and networks for complex transactions. Currently the technology and concepts are immature, so it is not easy to use without support from other technology partners”, said attendee Simon Northcott, Director of Consulting for Nanjing-based Chrysalis.

“At least I understand the main components now, so can join in the conversation.”

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