Huobi CEO: Blockchain technology has the potential to change the world

Huobi University shared yesterday an opinion piece by Huobi Group CEO Leon Li in a keynote speech at the opening session of Global Blockchain Leadership Programme, “Blockchain Industry and Its Outlook”.

In his speech, Leon Li highlighted the current direction of blockchain industry and his vision for the future.

Li said:

Leon Li, Huobi

Leon Li
Source: LinkedIn

We sit at an important juncture in the growth and evolution of blockchain technology. Much has been accomplished since Bitcoin was created some 11 years ago, but the advancement of the technology has really ramped up in the last few years.

Not only has blockchain been purporting its potential and outlining the possibilities, it has started reaching some of those goals and proving its value in our modern, digital world. The outlook for the next few years is filled with even more promise and potential, but it all goes back to the original thoughts in the Satoshi Nakamoto white paper on Bitcoin.

Li continued:

The path that Bitcoin and blockchain has tried to get here is just as important as its outlook as the world has changed dramatically in the last 10 years and Blockchain technology has been offering solutions that were not even that well-conceived of back then, but still well needed today.

Li shared his belief that the blockchain technology is revolutionary and has potential that can change the world.

Li, an alumnus of Tsinghua University, founded Huobi in 2013. Prior to that, Li was a computer engineer at Oracle and he later entered the blockchain world and founded Huobi. He said that the industry has been growing for 11 years, 7 of which he has was involved in it. And it was only the last three he was able to grasp its potential.

In his speech, Li reminded that Bitcoin was considered “supranational and super sovereign currency” before Cyprus went into bankruptcy in 2013 when the crypto currency gained attention globally. The media reported then that a lot of people from Cypriot exchanged their fiat currency for Bitcoin, considering it to be freely convertible and safe. With the growing media reports, the public attention grew as well.

Li explained that in this background Huobi was launched in September 2013.

He commented:

The most powerful push of the industry is that people realize how profitable it is to invest in Bitcoin. It was on November 19, 2013, I could never forget, I was sitting in front of my laptop and realized that Bitcoin has gained 10 folds over one month. A lot of well-known and successful companies were established in 2013.

In 2013, people anticipate that Bitcoin will become the future world currency. However, only 10% of merchants were willing to accept it, that is, to make payments directly in Bitcoin, the other 90% were not accepting it. The vast majority of those 10% of merchants have high margins and can tolerate volatility.

In the beginning of 2014 Bitcoin was challenged by regulation policies in China, US and Japan. The cryptocurrency was under great pressure and scrutiny over asset security. Now the global acceleration of Bitcoin is divided into several major countries and regions including Hong Kong, Singapore, South Korea, Japan, Thailand and the US where recently was proposed regulatory framework.

Li added:

As of now, it’s been two years since the countries around the world have made it official to consider crypto legislation. We’ve seen the crypto law proposals in Russia. Countries that are open to foreign exchange are more welcoming, countries that are regulated are less welcoming. Probably that’s the pattern.

Li continued with his outlook for the future of the blockchain technology.

He said:

Government are building up third party intermediaries like data center to increase governance efficiency, like contract signing, authentications, issue invoices, etc. Although governments can’t completely hand this over to a third party, since there are so many departments of government transactions, in every region and every city. And people don’t hand this over to industry associations or to state agencies.

This is a top-down huge project. The government develops products, and now we are able to do it with more efficient blockchain technology.

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