Li Yang, Chairman of the National Finance and Development Laboratory: Building a Trust Mechanism Should Promote Blockchain

Today, the second China Inclusive Finance Innovation Development Summit with the theme of “Quality and Purity Finance” was held in Beijing. Li Yang, member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, said at the meeting that the development of Pratt & Whitney Finance needs to establish a mechanism for trust. Under the traditional system, all financial activities have an intermediary, there is a central bank, and there are banks in the whole industry. But such a mechanism has proven difficult to meet the special needs of the grassroots, and is the financial needs of small customers. In this regard, Li Yang believes that a new trust mechanism must be established. This technology is actually mature, and that is the blockchain. The blockchain technology actually uses a batch of robots. This technology is equivalent to robots replacing trust intermediaries. Our various bank financial institutions are trust intermediaries and use them to build credit. Technically speaking, this set of rules based on mathematical algorithms runs at a marginal cost of zero, so it is financially more sustainable. If we want to establish a trust mechanism to make up for the shortcomings of our existing trust mechanism, we should vigorously promote the blockchain, and we must pay attention to the blockchain should be promoted to this, do not use it to coin, speculate .