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“Consensus is the key to make blockchain go mainstream.” – Ervin Zhuang, CFO, ACG Network

The unmissable Blockchain Summit Singapore will open its doors on the 28th August at Suntec, Singapore. Over 700 attendees will join 65+ speakers to discuss the impact Blockchain is having on industry.

One speaker, Ervin Zhuang is a China Europe International Business School (CEIBS) MBA holder. He worked in Deloitte for 10 years, providing consulting services of capital market and risk management to many major listed companies in Japan and Hong Kong.  In 2014, he joined a wealth investment management company as Vice President to conduct M&A of Japanese companies.

From 2016, he joined a venture capital investment company and invested in Artificial Intelligent, Big Data and Blockchain technology related companies. Now he acts as ACG Network CFO.

Ervin, who will be discussing ‘Visions for Asia’s Digital Content Industry’ took some time to complete the pre-event Q&A:

How are you using or planning to use Blockchain in your organisation?

In the initial R&D phase, ACG Network is based on the Ethereum blockchains. Then, ACG Network would develop a decentralized IP crowd-funding platform and make it go live. Meanwhile, ACG Network team is developing a smart contracts generation tool that is more suitable for customization and visualization. On a global scale, the ACG Network content development team will reach a consensus among creators and content producers and eventually form a decentralized IP exchange across borders.

What benefits do you think Blockchain will bring to your industry

With the rise of blockchain, the world-class problem—value distribution will be solved. Meanwhile, the existing problems of piracy and infringement, lack of incentive mechanism for content generation and limitation on content selection monopoly of centralized platforms in the digital content industry will be solved.

What impact do you expect Blockchain to have on your business?

We expect blockchain to help achieve “content is king” in the industry and to help content creators become the owners and traders of their own contents and truly maximize the content value.

What will it take for Blockchain to go mainstream?

Consensus is the key to make blockchain go mainstream. Blockchain is not everything. The ultimate consensus is the bond that connects the creativity with the reality on the blockchain. And we hope that more partners would join the ACG Network in the future to unleash their creative monsters.

How important to do you consider collaboration on Blockchain to be within industries?

Just like any other technologies, blockchain technology needs cooperation within industries to get improved and recognized by more people.

Where do you see restrictions in Blockchain technology currently and how can they be overcome?

At present, blockchain technology is in its early stage, so there lacks a unified technology standard and qualified talents in various industries. In the future, cooperation within or cross industries will help the development of blockchain industry.

How can DLTs be used to better serve customers?

With the development of DLTs technology, more industries like education, agriculture, food can also make full use of this technology and enjoy the benefits it brings.

What will be the impact of smart contracts across enterprise?

Smart contracts make it a reality for contracts and rules to be locked, delivered and distributed as codes, which will help increase efficiency and reduce cost of transaction.

What are the challenges of taking Blockchain from proof of concept to live deployment?

As an emerging technology, the first challenge is how to improve public’s consensus on it. The second challenge is its own improvement and the regulation.