「Blockchain in Korea」IDHUB Founder Ming Qu: Digital identity reshape the ecology
「Blockchain in Korea」
80days ago
2099

The full text is a total of 3004 words, expected to read 7 minutes.


Editors note: Coinin is the Korean blockchain media headquartered in Seoul, South Korea, it relies on industry head resources and community advantages to form a huge influence on the media.

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 Guest introduction

 

The 37th phase of the "Blockchain in Korea", Coinin invited Ming Qu, Founder and Chairman of the IDHUB Foundation to talk about "Digital identity will reshape the blockchain ecology, and billion-dollar market attracts giant’ entry".

 

Ming Qu :

In 2014, Ming Qu entered the blockchain industry and is a well-known expert in the blockchain industry. He is also an entrepreneur with more than 20 years of entrepreneurship and management experience. He is currently the founder and chairman of the IDHUB Foundation, and the vice chairman of the Zhongguancun Blockchain Industry Alliance. He is also the initiator of the Cryptocurrency Financial Laboratory. He has served as Vice President of 21Viannet Group, a NASDAQ-listed company, and has developed a series of blockchain innovation projects. He has more than 20 years of experience in the development and management of mobile communication networks, distributed computer systems, next-generation networks, and automated test systems.

 

Dialogue

 

Ala: You are a well-known expert in the blockchain industry and an entrepreneur with more than 20 years of entrepreneurial and management experience. How did you connect with the blockchain? What is your goal for this year?

Ming Qu: Please allow me briefly introduce my career experience. From 1996 to 2014, I have been working on this telecommunications network, including working with telecom operators throughout Asia to provide network solutions to help telecom operators improve network management and network planning, network optimization, network virtualization and etc. Before this period, I also cooperated with some well-known international investment institutions to jointly promote the development of related businesses.

 

From the perspective of telecommunications, the most basic technical understanding is to use and develop various communication protocols, including Internet protocols. These technical foundations have made it easier for me to understand the relevant technologies and developments of the blockchain. At the same time, cooperation with investment institutions also allowed me to understand and master the financial knowledge.

 

From about 2014, I was also in a chance to understand the concepts of the blockchain technology. I felt very shocked at the time. I clearly remember that I was exposed to some related technical documents for the first time, especially the whitepaper of Nakamoto Satoshi, and some foreign companies and the world's famous enterprises are exploring the application of the blockchain. I realized that this is a brand new one, and there is such an industry that has great potential for development. So at the end of the 2014, basically I have decided all in to the blockchain business exploration.

 

At the same time, I am also very fortunate to have the opportunity to cooperate with one of China’s largest investment  company which invested in the blockchain industry at that time and it is also NASDAQ-listed company called 21Vianet.


Regarding this year's goal, I and the IDHUB team will further explore the application development of blockchain digital identity, especially in the field of judicial data and cryptography(DeFi), which is our main businesses, and further enhance the ability of commercial operations. I also had a lot of learning and communication with Dao Yuan, Chairman of 21Vianet, which further enhanced my understanding of the development of the blockchain industry from the technical and commercial aspects.

 

Regarding this year's goal, I and the IDHUB team will further explore the application development of blockchain digital identity, especially in the field of judicial data and cryptography (DeFi), which is our main businesses, and we will further enhance the ability of commercial operations.

 

Ala:IDHub has been deeply focused in the field of digital identity, and has also achieved good results, such as the application of e-government, assisting a Japanese entertainment company to re-establish a user digital identity authentication platform. AndIDHub received 8 million RMB revenue last year. Could you share the related content?

Ming Qu: IDHUB probably started to form a team in 2016. In the first year, our main job is to complete the structural design of the blockchain digital identity, the underlying development, the implementation of related code, and the POC of some preliminary products and etc. In 2017, we focused on implementing digital identities in relevant application scenarios. That is to say, how to make the new system of blockchain digital identity play a role in the real life, we have mainly selected two directions already.

 

In the field of government service, we cooperate with local governments in China to provide a new digital identity system for local governments. At the same time, the biggest difference between the digital identity system and the existing system is that all the data ownership would be returned to citizens. Because personal data information is currently kept on the government side in most countries of the world, the government will return this data to each citizen through digital identity. At the same time, citizens have full autonomy to authorize the use of data. This can promotes the government's openness of data and improves the efficiency of service delivery, while further improving the protection of user privacy. In April 2017, we launched the product. In June, the product was opened for use. At present, more than 1 million residents are claiming digital identity in the blockchain. More than 200 government services support the registration of digital identities.

 

The second scenario is our cooperation with Internet companies. We choose a typical e-commerce field. We cooperate with a Japanese e-commerce company called hivelocity, mainly by logging in to the system with digital identity, and it can be an alternative to the original account system. We know that the biggest feature of the blockchain digital identity is that you could build complete autonomy, that is, control your own identity information and related data. It can replace the existing centralized account system.

 

At the end of 2017, our cooperation with the Japanese e-commerce company has basically achieved the planned goals. Currently, about 600,000 customers are registered IDHub digital identity, and we have also developed a digital currency payment gateway that integrates into existing systems. Both of these explorations were relatively successful and brought in 8 million technical service revenues. Of course, this is just the beginning.

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Ala: What is the focus ofIDHub’s “1+X Strategy” that recently announced? Will it conflict with IDHub's former positioning? What is the current status of digital identity applications in the STO ecosystem? Please tell us about the business logic of IDHub in the STO ecosystem?

Ming Qu: The focus of this year's Strategy 1+X means that we continue to explore some applications of digital identity in other areas.

 

This is not in conflict with all of our previous strategies. The truth is, with the development of the entire industry and technology, blockchain technology, especially in the last two years, has developed rapidly, and many innovative applications are emerging. From the initial stage of the development of technology, it has now entered a stage of gradual entry into practical applications, so we are currently focusing on some important application scenarios.

 

From a scenario perspective, because digital identities are universal, they can be applied in many different areas: including government services, financial sector KYC/AML and charitable areas. We also have an ongoing project to work with UNHCR to assist in providing digital identity services to Ugandan refugees. At the same time,IDHUB is also a member of the ETH Alliance EEA, and will cooperate with EEA to explore more application this year.

 

Regarding the Security Token field, we are more committed to accelerating the use of digital identities in the financial sector. Digital identity could provide a more complete, neutral KYC/AML, reduce the repeated audit of each Security Token platform, save the cost of the platform, in addition, it is more conducive to protecting transaction privacy. At the same time, because Security Token is a financial activity under regulatory compliance, new digital assets such as Security Token are no longer anonymous, so digital identity is also needed to achieve the authenticity and portability of encrypted assets. This will be a key development area of IDHUB in the future, and we have begun to prepare and invest. Beginning in the second half of 2018, the IDHUB technical team began pre-development work. At the same time, last March we just took the lead in completing the world's first digital transaction control under the Security Token identity exchange.

 

Ala: This yearI DHUB launched Magic Circle, an in-house incubation innovative financial services platform. Could you tell us more about the Magic Circle platform? What progress has been made in the traditional delivery, crypto financial platform and etc?

Ming Qu: Magic Circle is an innovative Security Token technology platform which incubated by IDHUB. The goal is to improve the global mobility of ST under the premise of compliance. There are three main functions: (1) Provide neutral, comprehensive, and high-level KYC/AML verification services for qualified investors to each Security Token transaction issuance and trading platform. In this regard, IDHub accesses the world's major data service providers, providing high-quality, non-discriminatory, cost-sharing KYC/AML services, as well as Security Token's address whitelist function. (2) Providing digital asset management and carrying technology under digital identity control, which is an original function that can greatly release mobility. (3) Provide intelligent contract-based digital asset peer-to-peer trading function, and this function is also under the control of digital identity, which can meet regulatory compliance requirements.

 

At present, we have completed the below technical development: 1. PoC development of the platform. 2. Security Token coin money and management based on ERC1400 protocol. 3. Point-to-point Security Token asset trading and exchange based on 0x protocol. Commercially, two innovative crypto funds have decided to use the Magic Circle solution to issue STO. We are also working with major US distribution and trading platforms and will be compatible with more ST protocols. We believe that the development of the STO field will greatly stimulate the market demand for digital identity.

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Ala: From recent media reports, we can learn that the Internet giants Facebook, IBM, Microsoft and etc. have begun to enter the digital identity field. In my interpretation: Firstly, the market share is huge; secondly, the competition is intensifying; then, how do you see the future digital identity market, ifIDHub has developed asymmetric competition?

Ming Qu: There is no doubt that the digital identity market is a huge and promising market,  the significance is proved by traditional technology giants and the Internet giants all layout in this field. The global digital identity market currently exceeds $5 billion and is growing at more than 40% speed. These are also mainly focused on the use of traditional technology to solve the problem of identity digital, for instance Europe practice eID and so on. However, traditional digital identity technologies face many challenges, such as single data structure issue, scalability, and centralization risks and etc.

 

Blockchain digital identity and traditional digital identity are quite different: 1. Autonomy. 2. Security. 3. Privacy. 4. Management of digital crypto assets. These determine that digital identity is more than just secure code. Some of the above-mentioned future-oriented needs are those that traditional digital identity does not have. It is also the core concept of IDHUB, and a unique character. Therefore,IDHub, like other blockchain digital identity projects, is trying to create a future-oriented global digital identity system and support a new business model.

 

Ala: IDHUB is expanding overseas markets and businesses in Japan, Taiwan, the United States and etc. What is the significance of overseas markets expansion for IDHUB? Mr. Qu will be a guest at “2019 Investors Summit” held in South Korea at the end of this month. Does it indicate that IDHUB will start entering into the Korean market?

Ming Qu: IDHUB has been oriented to the global market since its establishment, and is currently leading among more than 90 blockchain digital identity projects around the world. The key factors are 1. Starting early, has been steady developed for three years. 2. Focus on R&D, from the core concept of digital identity, the exploration of DID architecture, the integration of privacy protection technology and etc., all merge the most cutting-edge solutions. Last year we completed the integration of IDHUB's digital identity with the Amazon AWS business. 3. The application of the scene to explore a wide range, the first to achieve application landing. 4. Combing in the latest direction of blockchain development, such as the STO field.

 

In addition to Taiwan, we plan to entering the New York, Tokyo, and Hong Kong market, establish corresponding development organizations and offices, and cooperate with financial institutions and blockchain companies in these financial centers to promote the digital identity in the financial field. Of course, we are also looking forward to bringing IDHUB's successful experience to Korea. As we all know, South Korea is a country that actively embraces blockchain technology. It has a lot of innovative applications and a good entrepreneurial atmosphere. We look forward to working with Korean governments and companies to apply IDHUB's core technology in Korea. Welcome more friends from the Korean blockchain industry give us more advises.

 

Ala: How do you consider the development of the STO market in 2019? What application areas are STO suitable for launching and why?

Ming Qu: Yes, STO will achieve rapid development in 2019 and is still in the infrastructure construction stage. But its huge potential and transformative power to financial markets have attracted great attention and input from mainstream financial institutions around the world. Especially in the United States, many financial institutions on Wall Street have invested in it because of innovation in a regulated and regulated environment. At present, there are more than 30 licensed issuers in the United States, and more than 200 companies plan to issue Security Token with a financing scale of more than $2 billion. Currently mainly in the real estate sector and the fund sector are very active. I believe that there will be a lot of innovative and iconic Security Token releases this year. The financial industry in Asia and Europe is also rapidly following up.

 

This innovative digital crypto asset requires a new infrastructure. Almost all organizations now recognize the enormous role of digital identity in asset identification and management. Especially in mobility management. The latest case is that last March, the Luxembourg Chancellor of the Exchequer applied for a digital identity to make an Security Token transaction.

 

Ala: In the next few years, how should blockchain projects or enterprises achieve or promote deep integration with specific industry? Do you have any suggestions for them?

Ming Qu: From my personal experience, the implementation of the blockchain project is inseparable from the correct understanding of the technology development stage. Blockchain technology is still in its early stages, and many technologies are still not perfect, and it is difficult to achieve good efficiency and user experience. Therefore, you must not rush to seek success. Secondly, blockchain technology is not just about solving real-world problems, but more about subverting traditional systems through new scenarios. Therefore, it is necessary to start with innovative scenarios instead of simply following existing system logic.

 

X inIDHub's 1+X strategy will also choose innovative application areas.

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Ala: As a well-known person of the Chinese blockchain, you may know a lot of outstanding practitioners in the blockchain industry. "Blockchain in Korea" interview program is launched by [Coinin], is dedicated to exploring high-quality blockchian projects and practitioners. Could you recommend three honored guests to our program?

Ming Qu: Wow, this question is very difficult. Since I started my career, many partners in the industry have given me a lot of inspiration and shared their insights. I would like to recommend those guests who impacted me a lot. The first one is Dao Yuan, a Chinese translator of “Blockchain” book, who has a deep understanding of blockchain technology and its potential. The second guest is Yan Meng, the initiator of the token economics, and pioneering systematically expounding the transformation of business and society through the token. The third guest is Kenneth Chen, who is the pioneer of Taiwan's blockchain business. Constantly advocating innovation and inspiration, his vision is very broad. These three people have a deeper understanding of the blockchain and helped me in business development. Thanks again to them.

 

Q&A Session

 

Q1: How long does it take for the mass adoption of digital identity in your opinion?

Ming Qu: Actually, it is gradually being popularized. The United Nations has an ID2020 plan. Starting from 2020, each newborn baby will have a digital identity. The United Kingdom, New Zealand, Estonia, India and etc. are promoting digital identity also. The EU is promoting eID. Especially under the promotion of GDPR regulations, more and more regions recognize the importance of digital identity. Many of these systems use blockchain technology. Recently, Facebook CEO Zuckerberg also talked about the extreme importance of digital identity for the future. I personally think that digital identity will accelerate in the next 1-2 years. Although the base is still relatively small, we can't ignore the network effect.

 

Q2: What do you think about the recent trend of cryptocurrency market?

Ming Qu: It is another problem. I participated in the forum of a summit in the previous stage. The host also asked me a similar question: how to make money in the blockchain. My answer is: If we believe that in the next 10 years, the blockchain field will be able to create the top 10 companies in the world, as in the past 10 years, Internet companies have surpassed traditional companies and led the transfer of world wealth. Then we simply take two actions: 1. Investing in the blockchain (including cryptocurrencies and other crypto assets). 2. Participate in this industry. I personally practice these two criteria. I think the current market must reflect the beliefs of our practitioners.

From: Coinin

This article is reproduced only, does not constitute an investment opinion

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