On December 20, 2017, Sam presented how blockchain can contribute to the construction of smart city and what does technology mean to modern business at the CBNData Fiesta hosted by CBN (Chinese Business Network) in Beijing.
“The core significance of blockchain technology to the industry ecology lies in building a” new generation of decentralized trust system “, which removes the centrality of people and organizations in the traditional trust system. It will bring more trust, transparency, efficiency of the social operation mechanism.
Sam said that: “Blockchain will start a brand-new revolution of data application. The technology is going to accelerate industrial development and promote the construction of a data-driven society. As one of the largest investment companies in blockchain industry, Blockchain Global will strive to create a well-rounded ecosystem of blockchain.”
Modern business relies more on rapid analysis of massive amounts of data to improve efficiency, thus saving on operating costs and providing better user experience. Comparing with businesses that focus on data collection to optimise analysis performance, Blockchain Global concentrates on the quality of the data to achieve the same goal.
Sam said: “A large number of decision-makings around the world are required to be made within limited time. As a disruptive tool, blockchain can accelerate the speed of decision-making and increase the level of analysis accuracy through the provision of solid evidences for data is collected.”
Blockchain technology enhances the reliability and security of big data. In order to provide more information regards to the potential of blockchain, Sam Lee recalled one of the use cases called Power Ledger.
Power Ledger is a distributed energy sharing program based on blockchain technology, in partnership with the Australian government.
In Australia, there are many houses that have equipped solar panels with smart controls. Power Ledger uses blockchain technology to build a peer-to-peer power trading platform, where neighbours can trade their unused powers with each other, without going through intermediaries.
“Blockchain technology has opened the door for people to trade electricity. Regulators are also looking to embrace blockchain to enhance efficiency. The Chinese government also thinks blockchain is one of the futuristic technologies.” Sam concludes.