On Sept.3rd (UTC+8), We had a fascinating conversation with Mr. David Lei, who is Co-Founder of The Force Protocol and ForTube DeFi platform, sharing his deep insights on the development of DeFi and application of blockchain in healthcare industry.
Jokia: How would you describe yourself in three words? What’s your motto?
David: If I have to describe myself in three words, I would like to choose "DeFier", "Researcher" and "Architect".
My motto is “Insight, hard work and patience are the pyramidal cornerstones for success”.
Jokia: Can you please share more about your educational and professional background? And we’d love to hear what brought you to blockchain.
David: I’m an early bitcoin miner since 2011 when I was in graduate school. After the graduation, I worked for several leading companies in Healthcare, Internet finance, and software development.
I systematically studied about blockchain and cryptocurrency since 2016, I’m also a decentralized finance advocator in China.
After 2-years’ research and study, I founded The Force Protocol with my friends in my business school. And they are Allen, Louis, Michael, and we all, we all built this project together and aiming at the decentralized finance.
Jokia: We are at a moment of paradigm shift in development thinking and knowledge, and it seems blockchain technology is an essential part of this. How do you foresee the trends of blockchain technology for the next five years? How prepared is The Force Protocol to play a leading role?
David: The trends of blockchain technology, I try to predict, is firstly to solve the current challenges such as the difficulty in contract upgrade, fixed data structure, slow on-chain interaction, poor user experience, lack of necessary infrastructure, and security issues.
The Force Protocol is committed to playing a leading role and we combine different necessary services into one platform to satisfy users' various financial needs at one time.
The goal of our project is to realize an internet product level of development and upgrading pace as well as user experience among Ethereum finance DApps while maintaining their security.
Secondly, we are focusing more on the Asian market initially and support crypto assets such as HT, OKB, HBTC, imBTC, and etc.
Thirdly, we also designed a bridge service between NFT art works and DeFi space, recently we set up a strategic cooperation relationship with a crypto art work company named BCA. We will list the NFT tokens from BCA to the ForTube platform to support these art works& owners' finamcing needs in the decentralized lending and funding.
We believe the NFT Tokens will eat the world and hugely change people's life in near future, the innovation on bridge infrastructure will help us maintain advantages in the industry.
Jokia: One of the most exciting pages of your biography is your 5+years adventure as the manager in healthcare industry. From your point of view, how blockchain technology is disrupting the healthcare industry?
David: The advantages of blockchain are its distributed data control system, as well as its effectiveness, authenticity, transparency and security. I have to say some significant factors of healthcare industry will be surely improved.
First, the improvement on the mobility. With blockchain, the patient's health data can be accessed by providers authorized by the patient. This ensures the free flow of health information between local and international health care providers. Due to the interoperability provided by the blockchain, patients can access their health history and records through the distributed recording system. Similarly, health care providers can share detailed information about patients to maintain continuous care.
Second, the improvement on the medical research data certification. Blockchain technology can help reduce errors and fraud in clinical trial records by providing verifiable records of clinical trials and results.
Thirdly, the improvement on the billing and claims management. Blockchain can automate the payment and adjudication of many claims, eliminate intermediaries who may manipulate the process, effectively protecting the security of transactions, and eliminating expensive intermediary fees.
However, healthcare industry, especially the industry in China is highly regulated and lack of space for innovations such as crypto, that's why I chose to leave healthcare and all in crypto, I believe the innovations from crypto will someday take affection on healthcare to really change people's health management way.
Jokia: The US Speaker of the House said DeFi is reinventing global finance faster than the fed can print money. From your perspective, what’s unique and game-changing about DeFi compared to CeFi?
David: DeFi is short for Decentralized Finance. With mainstream chains (e.g. Ethereum) as the underlying framework, and smart contract as the core mechanism, DeFi products are committed to providing decentralize finance services that can be used by everyone, cannot be tampered with, and do not need permission. Compared to CeFi, DeFi was born to have unique advantages.
Firstly, DeFi products are often open-sourced and its smart contract have passed strict audits, which reduce the potential moral hazard.
Secondly, through the common maintenance of the non-tamperable distributed ledger, DeFi proposes a technical solution to solve the trust risk, trying to change the relevant economic model, so that the powerful third-party credit enhancement becomes no longer critical.
Thirdly, the practical significance of the private key lies in its holder's complete and public ownership of the corresponding data with the support of encryption technology. What’s more, KYC certification is not required.
Fourthly, the successful DeFi projects such as yearn.finance is totally community driven, compared with CeFi organization, a well organized DeFi DAO can have more than 10x resources and supporters than any CeFi platform, that's also a unique characteristic of DeFi and the game-changing point.
Jokia: A conducive regulatory environment is vital to protect consumers and foster growth and innovation within the investment industry. Do you favor more of a hands-off approach or clear-cut regulations just like in traditional finance?
David: DeFi products faces the same technical, operational and economic problems as other blockchain projects. And from my point of view, I believe proper supervision and regulation are necessary.
Proper regulation helps to maintain the principle of stable market order, the principle of protecting the application of scientific and technological innovation (such as the regulatory sandbox system), the principle of public interests (such as AML, anti-terrorist investment ,anti-fraud, etc.).
As an important part of DeFi, stablecoin is facing the pressure of supervision of The New York State Department of Financial Services in USA. I believe in the near future, cooperation between the DeFi project and the supervisor is inevitable. For example, the financial service department may require all different projects to self finance audit report in certain cycle, or DeFi project that need to follow such kind of regulation requirement.
Jokia: We already know that blockchain has the capability to offer a decentralized ledger system and many are already adopting the tech. On the other hand, AI and IoT also started to streamlining processes for our benefit. Do you think blockchain based AI and IoT will be the next technological milestone?
David: At present, AI can complete single point decision intelligently, and has the ability of continuous learning and iteration. The essence of the IOT is to solve the problem of communication ability of a single point of individuals, so that individuals and groups can form a collaborative underlying foundation. And Blockchain will become the infrastructure of group intelligent decision making and drive the cooperation among distributed intelligent nodes.
In a word, AI solves the problem of intelligent individuals, IOT solves the problem of information exchange, and the Blockchain solves the problem of group consensus and social contact. Artificial intelligence, Internet of things and blockchain will become the three cornerstones of the future society, forming a virtuous iteration of cross support and circular evolution.
Jokia: We’ve noticed that you are one of the famous speakers in global leading blockchain conferences What’s your benchmark to select the top-tier industrial conferences?
David: Thanks for your kind words, generally speaking, I have some standards to make a decision. Firstly, the organizer's background and experience. Take the conference I participated in recently for example, one conference is held by Winkrypto and ChainNews. They are very famous professional media in China. The other one is held by Chainlink. It is a leading DeFi project globally with strong market, research and innovation ability.
Secondly, timeliness and academic nature of conference theme. As DeFi is growing recently. The conference are held under the topic of DeFi may be worth to be participate in.
Thirdly, I will consider whether the conference is good for our project's public relationship or not, every conference I participate in is confirmed by the evaluation marketing team of our project.