As blockchain becomes a new driver for economic development, CanonChain takes the lead in solving the application challenge

HANGZHOU, China, June 26, 2018 /PRNewswire/ — The “Reinvest Blockchain From Chips and the 2018 CanonChain Global Ecological Strategy Press Conference” jointly held by ZN News and CanonChain was held on June 9 at The Dragon in Hangzhou, bringing together nearly 100 top experts, academics, industry leaders and young entrepreneurs in China’s blockchain sector to discuss innovative applications and the future direction of blockchain. At the press conference, top management executives from CanonChain, UpYun, Beingmate and other companies in the vanguard expressed their respective points of view.

As a new application model for distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies, blockchain technology has been widely deployed in applications for digital assets, finance and some related fields. But a solution that allows blockchain to be of service to the general economy has so far eluded the major players in the sector.

It is in facing this dilemma that the utility and, by the same token, the value of the underlying public blockchain has begun to reveal itself. Nevertheless, the conflict raised by the incompatibility of needing to optimize for both performance and security remains to be solved. Most of the public blockchain projects now in process are limited by the technology itself or by the targets – the groups that will benefit from the project, whereas any improvement in the performance must be done at the software level. Such an approach will mean an ever-increasing set of constraints as we look towards the future.

When compared with other public blockchain projects, CanonChain’s structure takes place at a lower level within the chain. By bringing the consensus mechanism from the application layer down to the chip kernel layer, both performance and security are enhanced. The open source chip solution also provides a powerful cornerstone for the widespread use of the blockchain, redefining the production relationship between people and things, and between things, in a future interconnected world, and, by doing so, builds an ecosystem of interconnectivity and mutual trust based on the transmission of information and value.

The 5G era that is on our doorstep requires a seamless combination of blockchain technology, cloud computing and fog computing to provide fair and transparent reporting for 5G devices with shared transmission and computing ability. Cloud services provider UpYun decided to work with CanonChain in order to create a shared cloud computing solution based on the blockchain. CanonChain will provide the underlying public blockchain and token incentive mechanism, while UpYun will participate in the build out of CanonChain’s ecosystem. Both sides plan to jointly launch a gateway device, helping UpYun achieve the necessary levels of storage and bandwidth sharing as well as of resources. What we are witnessing is the coming together of 5G devices, the blockchain and cloud services to create a whole new paradigm and ecosystem, in effect, a new, fully-integrated system.

Blockchain has natural technological advantages when it comes to improving the efficiency of the transaction process, while enhancing transparency, fairness and openness, as well as immutability. These features are of great significance to any and all future anti-counterfeiting measures that can be put in place to protect pregnant mothers, nursing mothers and their newborn when products are purchased from the food industry that services them, introducing an end-to-end traceability system as well as creating an mother-and-child-centric ecosystem and other applications. Beingmate chief scientist Sam Xie explained that, as an infant products and services brand with a record spanning 26 years without a single untoward incident in serving its customer base, the firm has taken a proactive stance and started exploring the combination of food safety and blockchain well in advance of when such a need would be expected to surface in the market. An initial investigation into what a “minimum viable product” would require for a “Beingmate” blockchain is that the entire process is traceable every step of the way, from origination of the basic ingredients to delivery of the final product to the mother, placing strong roadblocks in the way of any attempts at counterfeiting. Xie also disclosed that Beingmate is ready to implement the mother-and-child-centric ecosystem on a blockchain in tandem with a food safety blockchain and a big health blockchain.

On the same day of the launch ceremony for the CanonChain Global Ecological Strategy, the first gateway device was also rolled out. The CanonChain ecological fund sponsored by CanonChain in concert with a group of investors who are very much in consensus with the project was unveiled on that day, while CanonChain’s main network is on track to be launched soon. CanonChain founder Jin Hailong revealed that the company will continue to support R&D efforts in a move to maintain the technical advantage, while working with partners to jointly invest more than one billion yuan in the build out of the ecosystem. “This press conference is just a beginning, and I hope that, starting today, more and more firms will first think of CanonChain as a preferred technology platform as they prepare to build applications for the blockchain.”

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