UKDE looks at the past and builds a new future – China UK Blockchain Application Forum

MARCH 21, saw a different kind of convention descend on the picturesque civil parish of Wraysbury – a place where historical links to the past are never too far. Call it history, call it information, both help build from the past and expand into the future. History is crucial to our development and being able to share it helps prevent important things from being forgotten.

The new and explorative nature of blockchains make it open to many applications, the most known being cryptocurrencies and the lesser known being blockchains.

The China UK Blockchain Application Forum is the Magna Carta Innovation Forum’s inaugural blockchain event, hosted by the Magna Carta Innovation Forum and sponsored by the digital finance and blockchain technology firm, UKDE.

The forum was a gathering of many well accomplished speakers from the world of academia and business with the purpose of discussing topics ranging from blockchain technology’s role in space, artificial intelligence, finance and further research.

Guests gathered for a group photo.

From the technology sector, there was Professor Jiang Duan, the founder of the Fotor app, boasting a userbase of 300 mil, only coming second to photoshop in the field of photo editing software; Robert Fletcher, Geospatial Platforms and Solutions Manager for the satellite application, Catapult; Dr. Tao Xu, Managing Director of Yitu Tech EU, the no. 1 facial recognition AI technology in the world; Guoyu Du, Co-founder of UKDE Ltd and Dr. Junyi Han, Senior Solution Architect of Minder Technology Ltd and 99P Recycling Ltd, a leading name in the UK plastic recycling and reuse export industry.

The world of research brought, Dr. Jean-François Fava-Verde, Innovation Lead-Digital, of Innovation UK; Professor Julian Williams, Co-Director in the Institute of Hazard, Risk and Resilience, University of Durham; Dr. Garrick Hileman, the Head of Blockchain Research, LSE, a top 100 ranking influential economist in the UK and Ireland and Nikhil Vadgama, Deputy Director of the UCL Centre for Blockchain Technologies (CBT).

Lastly, Dr. Yunming Shao, Vice President of TUS UK and Professor Birgitte Andersen, CEO of the Big Innovation Centre from the world of business rounded up the panel of guests.

Introducing the event was, Yuanfeng Chen, Chair of the Magna Carta Island International Innovation Centre who spoke of the how blockchain could be used moving forward, saying “Blockchain is the first time we can decentralise the financial system.” This is one of the most fascinating and well-known uses of blockchain technology – Bitcoin, the spark which captured the attention of curious and inventive teams and individuals, who have since developed complex and intelligent frameworks, which in effect has been the “first block” of blockchain’s story.

Chen went on to discuss the very close China – UK financial relationship, and where China may have demonstrated a refusal to embrace the burgeoning new developments cryptocurrencies and blockchains offer to the various industries of the world, it has seen in a willingness for many more funding opportunities in the UK, a point later echoed by Guoyu Du, co-founder of UKDE Ltd.

Guoyu Du, framed the opening of his speech about challenges and responses, saying “When a civilisation responded to challenges it grew” when talking about the future of community currencies, and the need to take the token economy beyond trade barriers. Here, he discussed his own company, UKDE and how it has adapted to the changes to the market and worked on developing their product with those considerations in mind.

Here is where the idea of a community currency gains more importance. If money is to be used as a tool to achieve social or environmental objectives, there’s a heightened need for services and organisations involved to be democratised – that’s what UKDE aspire to do, and their vision has evolved from their personal experiences.

Du rounded off his talk by echoing the past as he heightened the relevance of the forum’s location at Magna Carta House, in which he spoke of the importance of having a decentralised political freedom in the way the Magna Carta did for the citizens of England, and how in turn there’s cause for it to the same to apply to our financial system.

The forum demonstrated that despite unease surrounding an area the wider public know little about, there is a place for blockchain technology in the future. The main question surrounding it is how long until we see it embraced by big companies and industry leaders? The year has seen small amounts of movement in the financial world, as leading businesses have begun to adopt various shades of blockchain technology and develop their own bank backed cryptocurrencies.

There is a lot to be explored with blockchain, and as application of it spreads from financial to industrial applications, as demonstrated in the forum. The message was clear and there is good reason to have confidence in it, to justify the billions invested in it.

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