On July 19, 2018, the fifth Blockchain night hosted by the European EPC Competence Center (EECC) was successfully concluded in Düsseldorf. Head of INT China Yin Xiangyu and Chief Business Officer Chen Feier were invited to attend the meeting together. As the first speaker of a blockchain meeting, Mr. Yin gave a presentation to a crowd of scholars and experts from the global blockchain field including Dr. Skwarek, Chairman of Iso/Tc 307.
From left to right in order: Head of INT China Yin Xiangyu, Founder of EECC Conrad von Bonin, Chief Business Officer Chen Feier
In the presentation, Mr. Yin mentioned that when the blockchain appeared as a new technical concept in 2013, with the keen instinct accumulated in the Internet industry for more than ten years, he saw the prospective potential from the perspective of IoT technology development. Even though IoT has brought people an efficient and convenient life, it has also caused a series of problems such as security risks, privacy leaks, inefficiency and high costs. He realized that the upgrade of blockchain technology is likely the best solution to the hidden danger of the IoT.
Mr. Yin pointed out that INT have found out the actual problems and bottleneck faced by the current blockchain and IoT and realized that the current widely used DAG technology is not applicable for real scenario. The technology seems to exist only in the simulation run of the laboratory by analyzing the present projects. Different from most people’s choices, INT innovatively adopt “use-case-driven” and “engineer culture” principles. By building a unique architecture of INT double chain and based on the consensus algorithm of DPoS and dBFT INT effectively solved the pain points of the IoT in multiple verticals.
China has surpassed most countries in the world on IoT development
It has been more than 20 years since the concept of IoT was officially introduced in 1991. The IoT has long been integrated into social production and life for decades, changing people’s lifestyles such as the appearance of shared bicycles and Alipay or WeChat. With the IoT technology China holds a leading position in the global electronic payment field. Mr. Yin believes that with the in-depth development of IoT, the future ecology of “blockchain IoT” will inevitably be the focus of global attention.
The IoT is an invaluable supermarket. The Internet and IoT development in China is no less rapid than any other country in the world. It is estimated that there will be 50 billion connected devices worldwide by 2020 and China will have 10 billion devices connected to the IoT. By then, the competition among various project parties around the world will be unprecedentedly fierce.
The trip to Germany is only the tip of the iceberg of INT’s journey to worldwide presence
After the presentation the organizers showed great curiosity about the INT R&D team and Mr. Yin explained that INT’s team members are mainly from well-known organizations such as the Chinese Academy of Sciences, Microsoft, Huawei, Tencent. Relying on such a team INT achieved the cooperation with Zhejiang Telecom on a home gateway project and with ZTE on a smart city project.
INT team and the meeting organizer
Mr. Yin noted that there are similarities between Germany paying high attention to technology and INT highly valuing engineers. INT look forward to explore the China market with EECC by the chance of the communication and enable the future of blockchain and IoT.
Next, INT team will head for Paris to attend the blockchain conference hosted by Imlink together with other outstanding Chinese projects like SEC and ELA. INT is continuing the journey to worldwide presence.
** The EECC is the European market leader for products and services around EPC-enabled RFID technologies. It was founded by GS1 Germany, Deutsche Post DHL and Metro Group in 2004 with the specific objective to bring technical acumen and transparency to the RFID industry.