‘How do you think of the unprecedented shocks and changes brought to the global economy by the financial tsunami in 2007 and 2008’?
According to Mr. Edward, an independent reporter of BANCA OF HORIZON COMMERCIAL, believes that during this financial crisis, what comes after the enormous financial loss is a lack of faith of the government and financial institution.
As the result of the surveys from the US and UK in 2007-2012 shows, citizens’ trust in banks (as one of the biggest financial institution in the industry) has fallen sharply after the financial meltdown, said Mr. Edward.
data source: The Financial Brand, Mar 20, 2012
After the financial meltdown in 2008, people were seeking for a more trustworthy system to invest their wealth in, until the birth of blockchain in the year 2009, in which everything’s based on crypto proof instead of human trust. However, it couldn’t solve the trusting issues appeared in life and work, especially in the financial field.
It wasn’t until the existence of ALSC that people were able to see the possibility of solving the trusting issues.
ALSC is not only a single blockchain project, but also an integration of many research results of blockchain-based distribution cloud application. Generally speaking, ALSC will play an important role in identity safety, transaction freedom and decentralized finance& commerce.
For a long time, the trust between citizens and financial institutions are established and rely on laws, contract and good morals. The traditional business model requires massive manpower with a long, tedious and low-efficiency business cycle. With the domination of the digital world nowadays, financial users’ personal information is under the risk of hacker attack, data loss, illegal transaction, etc. even the users themselves couldn’t grasp their own data because of problems like privacy leakage, stealing, usurpation and so on. With these extremely severe problems threatening the trust-building process, the technical innovation has become an irresistible trend, so here comes our ALSC, just born at the right moment.
So how does ALSC solve the trusting issue that heavy existing in the traditional financial system?
The result comes to the smart contract framework of blockchain, it can realize intelligent encryption intelligent authorization and node decentralization. The asymmetric encryption property of blockchain itself is utilized to prevent personal tampering, thus weakening the ability of hacker attack. In addition, it is also available for programming to make regular automatic examination, which greatly reduces the probability of man-made embezzlement, effectively protects the big data security, as well as effectively reduces and even avoids the financial risk of magnifying potential loss caused by the man-made moral elements and data centralization.
Moreover, ALSC will conduct the digital iteration to the traditional assets by combining with the traditional securities, trust, commercial banks ad P2P platforms, in order to make assets diversified and increase the credibility of financial service. Mr. Edward believes that on the basis of bring convenience to the people, the long-standing problem of trusting issue has also been solved by ALSC, which perfectly proposes the best solution for our citizens with uncertainty of trusts.