PTS Founder Zhang Jiachen: Return data governance to individuals

On May 28th, at the 2018 Digital Expo Blockchain Session, Zhang Jiachen attended the roundtable forum with the theme of "The Landing and Application of Blockchain in Social Governance Scenarios" as a guest (the blockchain section of the Digital Expo was hosted by the China Academy of Information and Communications Technology, and co-organized by People's Network, Tel Yingfu and Titanium Media).

Zhang Jiachen is the founder of the blockchain project PTS, the original intention of creating PTS is to create a more complete credit database through blockchain technology, launch an ecosystem, help people who have no credit history before to establish a credit profile, and also help people with good credit records to obtain lower-cost financial services.

In 2014, Zhang Jiachen began to work on the application of blockchain technology, working for the company of Bitcoin investor Tim Draper. At that time, there were a lot of Bitcoin ATMs in the office, and I learned a lot about block connection technology in the early days, such as what other application scenarios were available besides Bitcoin. The earliest application is from the field of payment, to achieve cost reduction and speed increase.

In addition to her MBA from Harvard Business School, she holds a Master of Public Policy from the Harvard Kennedy School of Government, and thanks to her academic and business background, She has a unique perspective on macroeconomics, policy, and community governance.

She talked about the logic behind blockchain: to put the principles of small economy governance similar to enterprises or projects into practice through code, so that the economic behavior within the entire economy and the friction of value propagation itself become less frictional, and then make many rules transparent and automatic.

The scope and content of China's existing credit reports are insufficient, and two-thirds of the current domestic population is not covered, which to a large extent hinders the development of inclusive finance. At the same time, all kinds of information data are in a fragmented state, and phenomena such as "digital divide" and "information island" exist at the same time. More than half of the population lacks credit data, does not have access to formal financial services, and does not have access to the "right interest rate", which may be one of the reasons for the endless emergence of high-risk and high-yield products.

"Data integration adopts blockchain technology distributed accounting method, on the one hand, it can make the data not easy to be tampered with, ensure that the relevant data can be truly available and protect the privacy information." Secondly, it is also necessary to meet the performance requirements required by industry scenarios while ensuring throughput, latency and security. "PTS networks can currently achieve more than 10,000 TPS per second and return scoring results within 1 second while ensuring security." ”

Regarding PTS and the traditional credit reporting industry, Zhang Jiachen gave her point of view: I think they must have something related, the difference is that PTS solves several problems. First of all, PTS is a more automated data call mechanism, because it is a certain improvement and optimization of the structure of the market, which is reflected in the use of blockchain as a mechanism to solve the problem of mutual distrust between financial institutions, with some such architectural design, there is no need to expose the original data in many links, so that everyone is willing to participate in the willingness to participate will be stronger. The second is the benefit-sharing mechanism on the incentive mechanism, allowing some individuals and institutions that have user authorization data but are not financial institutions in the traditional sense to participate.

In addition to the field of lending, Zhang Jiachen believes that insurance will also have some application scenarios. For example, if people who exercise regularly should theoretically have different insurance plans than people who exercise intermittently, it is very important to know that the person is indeed exercising continuously. At present, there are some APPS and Internet of Things devices that can share information and data, so that they can get real data relatively well. In addition, the insurance itself is directly related to the credit score, and the Insurance Association of the United States has studied that the 10% of people with the lowest credit score have three times the cost of insurance services than the 10% of the people with the high credit score.

"There will be a lot of value in returning data governance to individuals, because the people who provide you with the data are also the same people who will need a variety of financial services in the future." She said so.