Reporter: Being the world��s largest market for Internet consumption, our country has a natural advantge in the implementation and adoption of blockchain technologies. Last year, a total of 17 blockchain enterprises were created, ranking our country as first in the world, in front of USA.
Industry analysts predict that over the next 2 years, blockchain technology will gradually mature, and there will be an explosive growth for blockchain use-cases.
Male Voice-ver: Onchain, a leading blockchian enterprise in China, will be developing a new blockchain platform, named Ontology. In the past, people established trust within the social fabric through various means, such as finance, and technology. However, various pain points still exist within the existing system, such as inaccurate identity data, impersonation, and fradulent personal data. Through the immutable and decentralized nature of blockchain technology, a revolutionary trust network ecosystem can be created. The implementation of this trust network will help to alleviate various pain-points within the existing market.
Since accessing cryptocurrency markets is a complicated and risky process for the user, Ontology Trust Network developed by Onchain reduces the barrier of entry for users. This is akin to the creation of an information highway that is easily accessible by anyone. As a result, various use-cases will be rapidly created.
Li Jun: Professional teams from various industry backgrounds will be able to focus on their enterprise integration, without the need to understand blockchain technology.This eliminates the need to understand underlying blockchain protocols, the creation of developer ecosystems, and network effects in public chains. Through the use of Ontology network modues and onboarding process, these teams will be able to rapidly port their enterprise business onto Onchain��s blockchain framework. In doing so, this will guide developers and enterprises from various industries, into the blockchain ecosystem.
Male Reporter: Being the underlying protocol and foundation for these blockchain use-cases, Onchain will support the creation of various industry use-cases. For example, company A and company B will able to tap onto this trust network, and establish ��trusted channels��, where authentication of data and data exchange can occur. In short, the last-mile problem faced by many blockchain projects is solved through the use of Ontology Trust Network.
Da Hongfei: The largest industry use-case, is the ability to transform the vaults of data already existing within every industry, into digital assets. Previously, these data had massive privacy and security implications, and could not be used without proper authorization. However, with Ontology trust network, these digital assets will be able to generate additional value.
Male Reporter: Key representatives from Onchain expressed that blockchain technology is maturing from an immature state, into enterprise-ready solutions such as Ontology Trust Network, which is able to reduce third-party costs. The immutable nature of blockchain technology can solve the problem of data tracking and identity theft. However, these innovative blockchain technologies will be closely monitored, and thoroughly regulated by the relevant authorities.
Interview: An example is the financial markets, which are closely regulated through strict surveillance, and the implementation of industry best practices. In comparison, markets with lesser regulation, such as public blockchains and traditional, non-financial markets, will see quicker adoption of blockchain technology, and the rise of industry use-cases.