Insights

Written by: Tanik Ruangpanyaphot, IMBA Graduating Class of 2018

On the evening of Wednesday, June 20th– Guanghua MBA Office, together with MBA students, organized the 3rdPKU MBA Speaker Series of 2018, which was titled Blockchain – The Blocked Chain. We welcomed Dr. Alex Wang Chong to discuss his research on blockchain, and bitcoin, as well as the business applications and misconceptions by the public of the technology.

Dr. Alex Wang is an associate professor at Guanghua School of Management, Peking University. He is also the deputy director of Guanghua Blockchain Lab. His research mainly focuses on the issues of online social network, financial information technology innovations, and platform-based business models.

Blockchain is a peer-to-peer network where the data is being stored in a hash or block. The blocks are linked together as a chain across the platform. Bitcoin is a cryptocurrency which was built upon the blockchain concept. Bitcoin started in 2009 as a peer-to-peer payment network which is totally different from traditional banking.

The key feature of Bitcoin is transparency where no party could interfere or manipulate this currency. Bitcoin has three requirements: first, no one can change past record since the data is encrypted in the block and linked together. Second, current owner can authenticate the transaction by using public-key cryptography. Third, everyone can be a book-keeper and all nodes have the same ledger. Bitcoin mining allows users to host the server and receive some feein return.

Bitcoin can be used for payment in several countries. However, price fluctuations and security-risk made bitcoin a very risky investment, therefore many countries banned was banned the trading of bitcoin. Recently, bitcoin 2.0 was launched with new features and make the network run more efficiently. It allows the ledger to store any data, and mining can process any requests.

Prof Alex Wang concluded that the blockchain technology proposes a programmable trust mechanism, which enable transactions in an anonymous environment and creates a token to recognize contributions.

Lastly, we would like to thank our audiences again for their participation and raising several interesting issues during our Q&A discussion session. Though the future for blockchain is up for the debate, we strongly believe that blockchain technology would definitely improve business transactions and make our life better in the near future.

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