Effort in "chain" fund management, third-party payment institutions try Web3.0

Reported by reporter Fu Leran Xuedong from China Times. net. cn in Beijing

Recently, payment institutions have started testing Web3.0.

The reporter from Huaxia Times learned from Huifu Tianxia that it is accelerating the layout of three new tracks: industrial digitization, cross-border payment, and Web3.0. In fact, there is more than one institution that is optimistic about this track, and top third-party payment institutions such as PayPal and eBay have become increasingly clear about the layout of Web3.0.

On June 2, Song Jie, General Manager of Huifutianxia Industry Development Department, told the Huaxia Times that with the development of blockchain technology and digital assets, cross chain payment, digital currency payment, digital assets and digital identity verification and other fields will gradually mature, promoting the payment industry to develop in a more open, transparent and trustworthy direction. In the future, Web3.0 will have more extensive applications and commercialization scenarios.

Wang Pengbo, a senior researcher in the financial industry at Botong Consulting, stated in an interview with a reporter from China Times that exploring digital services and new industry scenarios has always been a key direction for payment institutions, while Web3.0 is considered an industry that can disrupt future internet development and is worth planning ahead. However, it should also be noted that the profit model of Web3.0 is still unstable, and it is particularly important to consider the impact of regulation.

Layout Industry Digitalization, Cross border Payment, and Web3.0

When we talk about Web3.0, what are we actually talking about?

Web3.0 is based on blockchain technology and combines concepts such as decentralization and tokens, representing the direction of internet iteration. In Web3.0, data is decentralized and shared by everyone, improving data security, privacy, and scalability. With the evolution of technologies such as blockchain, digital assets, and metaverse, Web3.0 has attracted much attention.

Web3.0 is a concept corresponding to Web2.0, aimed at addressing the ecological imbalance and development opacity brought about by Web2.0. For example, in Web 2.0, the handling of transaction funds is not transparent and requires a lot of time and effort to build a user trust foundation. Web3.0 uses new protocols to enable users to master their digital identity and digital assets, making the network environment more secure.

The latest attempt comes from Huifu Tianxia. Song Jie stated that currently, Huifu Tianxia is accelerating the layout of new tracks such as industrial digitization, cross-border payment, and Web3.0. In terms of exploring Web3.0, Huifu Tianxia has launched the Huifu Digital Rights (NFR) SaaS platform Huifu Linglong Tower and the Chain Digital Wallet Huifu Tianxia Chain Treasure, both of which are solutions for Web3.0.

The application scenarios of Huifu Linglong Tower mainly cover copyright protection, IP monetization, digital collectibles display, and other aspects. The platform uses blockchain technology to achieve online distribution and management of digital rights. Huifu Tianxia Lianbao is a service aimed at solving the problem of on chain funds. The transaction process is achieved through smart contracts to achieve transparency and transparency, solving the problem of on chain fund management in alliance chain applications.

"These two products have mainly solved some pain points in the process of Web3.0 transformation, such as rights protection, digital realization, traceability of transactions on the chain, flexible payment on the chain, capital security compliance, etc." Song Jie said that this has not only promoted the Digital transformation and upgrading of traditional industries, but also promoted the wide application of Web3.0 technology in the real economy.

In the industry's view, the application scenarios of Web3.0 bring more possibilities to the payment industry.

As an early digital trading service provider that laid out the metaverse and Web3.0, Yibao Payment has established an ecosystem with its subsidiary Yilian Nebula to serve Web3.0 trading scenarios, including platform trading services, digital equity NFR circulation platforms, and other products.

In addition, at the end of May this year, payment giant PayPal invested in a new encrypted wallet software called Magic, a wallet as a service provider that can help businesses load users into Web3.0 through instant unmanaged wallet creation, which strengthens the adoption of Web3.0 encrypted wallets.

Another European payment company, EmerchantpayLimited, has invested in Web3.0 digital banking and payment company Ibanera, which provides security support for enterprises engaged in digital assets and NFT businesses while eliminating Web3.0 complexity.

In Wang Pengbo's view, from the actions of multiple institutions, the main solution is to solve the problems of opaque fund flow, lack of credit protection, and untraceable transaction processes in the platform's transaction matching process. This is an exploration of emerging industries by payment institutions based on their own characteristics and advantages, and also represents the development trend of the future payment industry.

Challenges and norms cannot be ignored

What are the industry challenges for Web3.0, which everyone is optimistic about?

There are indeed many payment companies exploring the potential of Web3.0, but they still face challenges in terms of technology, user acceptance, security and compliance, "said Song Jie.

He talked about, for example, in terms of technological infrastructure, Web3.0 involves emerging technologies such as blockchain and smart contracts, and the payment industry needs to establish corresponding technological infrastructure, including considerations of scalability, security, performance, and other aspects. At the same time, it is necessary to ensure seamless integration between payment systems and blockchain networks to achieve an efficient and reliable payment experience.

In terms of user experience and promotion, the usage of Web3.0 differs greatly from traditional internet, and users need to adapt to new payment methods, wallet management, and security measures. The payment industry needs to provide a friendly user interface and simplified operating procedures, so that users can understand and master the concepts and operating methods of Web3.0 payment.

In terms of security and privacy, Web3.0 payments involve private key management and digital asset security. The payment industry needs to strengthen security protection to ensure that users' private keys and transaction information are not leaked or stolen.

In addition, in terms of cross chain interoperability, multiple blockchains coexist in the domestic multi alliance chain ecosystem. The payment industry needs to solve the problem of cross chain interoperability to achieve asset circulation and payment interaction between different blockchains. This requires the establishment of standardized cross chain protocols and bridging mechanisms to promote interconnectivity in the payment industry.

Especially at the legal and compliance levels, with the development of Web3.0, the payment industry needs to face legal and compliance challenges involving blockchain and encrypted assets. The payment industry needs to cooperate with regulatory agencies to ensure business expansion within a compliant framework.

At present, the entire payment industry is still in its early stages of trying at the Web3.0 level. Although the concept of Web3.0 has attracted widespread attention and interest, its practical application and commercialization are relatively few, "he said.

Wang Pengbo stated that payment institutions are not regulatory agencies, but service providers for service platforms and users. Therefore, it is necessary to address issues at the institutional and cognitive levels of both parties. In other words, the rights and responsibilities of payment institutions should be clearly divided, and on the basis of establishing an effective institutional chain, both parties should accurately enhance their understanding of the positioning of payment institutions.

With regard to the future, Song Jie said that with the development of blockchain technology and digital assets, cross chain payment, digital currency payment, digital assets and digital identity verification and other fields will gradually mature, promoting the payment industry to develop in a more open, transparent and trustworthy direction, and Web3.0 will certainly have a wider range of applications and commercialization scenarios.

Editor in charge: Meng Junlian Editor in chief: Zhang Zhiwei