[2016-09-27] Global Blockchain Summit 2016: Banks are optimistic

"Throughout the 2nd Global Blockchain Summit, which followed the Ethereum Foundation’s ÐΞVCON2, a series of presentations were held by the blockchain industry and financial sector’s leading experts and entrepreneurs, including ConsenSys’ Joseph Lubin, Circle’s Jeremy Allaire, Wanxiang's Feng Xiao and Hyperledger’s Brian Behlendorf.

On the first day of the event, the hosting company of the 2nd Blockchain Summit Wanxiang revealed a 200 billion RMB investment in an innovative smart city, which will demonstrate various use cases of emerging technologies like self-driving vehicles, the blockchain technology and AI.

Specifically, Wanxiang’s Feng Xiao shared the prospects of the blockchain technology utilisation for recording the usage of car components, such as batteries, and property rights.

Wanxiang’s general blockchain investment strategy was followed by a series of presentations targeting regulatory issues surrounding the blockchain technology and its unique applications across many industries.

Joseph Lubin, the founder of the blockchain software company ConsenSys focused on the applicability of the Ethereum network in data storage and maintenance. Lubin extensively discussed the blockchain technology’s potential in solving serious problems with personal identity issues by describing the technology’s capability to embed sensitive data into an unalterable and decentralised ledger.

IBM, which recently announced their venture on business blockchain networks, made a presentation together with Hyperledger and the China's National Internet Finance Association on regulatory frameworks imposed on the blockchain technology and cryptocurrencies.

Lihui Li of the China’s National Internet Finance Association emphasised the importance of decentralising blockchain networks for mainstream usage in the conventional financial industry considering the strict financial regulations in China and other Asian countries.

On the second day of the summit, Jeff Garzik and leading financial establishments such as UBS, CME Group and Russia’s Sberbank discussed the potential of integrating blockchain networks into core banking systems and financial platforms.

The former Bitcoin Core developer Jeff Garzik focused his discussion on the significance of open source networks in the development of blockchain systems and applications. Garzik and the Bloq team strongly believe that an open source community is crucial even for creation of private blockchain networks."