Zhu Dazhi: After the birth of blockchain technology, we can use private and public blockchains to reduce the need for traditional intermediaries

On-site report, Zhu Dazhi, co-head of UBS Global Investment Banking Department and Asia Pacific Technology, Media and Telecommunications Industry, gave a speech entitled "Science and Technology Innovation Finance, Frontier Exploration of Digital Asset Application Ecosystem". He pointed out: In today's world, ensuring security is still achieved through a centralized approach. After the birth of blockchain technology, we can create securely in a decentralized way. We can use private and public chains to reduce the need for traditional intermediaries. The use of smart contracts can also eliminate multi-layer intermediaries, which can not only simplify processes, but also improve transparency, reduce the opportunity for human error, reduce costs, and speed up the processing of unexpected processes. Importantly, the smart contract governance system can ensure that only authorized users can perform designated operations in a regulated ecosystem. UBS is likely to follow four guiding principles as it formulates its future strategy: an innovative product framework, a compliant and regulated product, the technical applicability of blockchain, and institutional services.