Comment: Blockchain, a new round of economic growth engine

Following China’s high-profile announcement in September that it is developing the central bank’s digital currency, on October 25, President Xi emphasized in the 18th collective study of the Political Bureau of the Central Committee that the blockchain is an important breakthrough for independent innovation in core technologies and accelerates the blockchain. Technological and industrial innovation development.

This is called the highest level of blockchain history, one is to fully affirm the practical value of block technology; the second is to emphasize the deep integration of blockchain technology and potential application scenarios; the third is to propose industrial development goals and livelihood The role of the field.

This move has educated the public to form a consensus: the blockchain is very bullish, and China has the ability to play a leading role in the blockchain field. In fact, Amway has a good blockchain, which is a large-scale promotion and learning of the blockchain and digital currency.

In fact, before the ZF station came out with high-modulation and blockchain technology, when the public still had a lot of misunderstandings about the blockchain, the blockchain never stopped growing.

At present, the global blockchain patent ranks first in China, accounting for 67% of patent applications, and Alibaba ranks first in terms of business. As of September 2019, Alibaba has achieved 534 blockchain technology patents, ranking first in the world.

In the two batches of blockchain information service filing lists issued by the National Network Information Office, BATJ, Ping An Group (including its financial technology companies, financial accountants, Lujin, etc.), Industrial Banking, and UnionPay, total 28 districts Blockchain information product service filing. Among them, China's Ping An has the largest number of products, reaching 10.

As of the first half of 2019, the number of blockchain enterprises with actual input and output in China exceeded 700, and the number of research institutions accumulated to 83. 34 banks participated in the deployment of blockchain business, with over 500 investment and financing events.

In addition, provinces and cities across the country are also accelerating the blockchain industry layout, and only 27 related support policies were introduced in the first half of 2019.

Speaking of the blockchain, industry insiders often compare it to the second revolution of the Internet. In the modern history of mankind, it has experienced several productivity-leading advances.

The first big leap in productivity occurred in the industrial revolution era, from about 1760 to 1830. Steam power and hydraulic drives replace limited manpower. Large factories have replaced small, inefficient workshops.

The second big leap in productivity was the power and automobile revolution, which took place in the late 19th and early 20th centuries. Electricity has replaced inefficient power such as steam power and hydraulics, and cars have replaced inefficient vehicles such as horse-drawn carriages.

The third big leap in productivity occurred in the last 50 years of the 20th century, when computers and other forms of automated control began to replace the human brain to command machine production.

The fourth major productivity leap was the information revolution from the end of the 20th century to the early 21st century. Great progress was made in the acquisition, storage and application of information. New technologies such as big data, artificial intelligence, and blockchain can be combined to achieve great achievements that were unimaginable in the past.

These few productivity jumps did not happen overnight, nor within a few years. It takes at least a few decades to show the effect.

From a long-term perspective, for an economy, the ability to develop depends on two factors, one is flow, that is, the population; the other is efficiency.

Regarding the population, China has implemented family planning since 1978, and even has insisted on family planning as a basic national policy. During the period, the state had additional subsidies for parents of only children and fined families who violated the policy.

Later, policies that have been implemented for decades have begun to loosen. First, in November 2013, the “Separate Two Children” policy was launched.

Until October 2015, the state announced the full liberalization of the two-child policy.

This is the beginning of the country’s awareness of the importance of population to economic development. As the population shrinks, the economy will not grow. However, the impact of population policies on the economy is lagging and long-term, because people's concept of fertility is unlikely to change much in the short term. In 2017, the population was 17 million, and the population born in 2018 was about 15 million. In 2019, it is expected to drop another 2 million.

Another key factor affecting the economy is efficiency. In the long run, every big leap in productivity is moving toward high efficiency.

Every scientific and technological innovation has created a number of new jobs and has eliminated a number of old jobs. Technology is the epitome of the cyclical pattern, rising and falling, survival and death. A while ago, I watched a Netflix documentary "American Factory". At the end of the scene, there was a deep memory, and all the cultural conflicts, the conflict between the employer and the employee was finally solved by the on-line robotic arm. Whether you are willing or not, the times must be moving in a more efficient direction.

As a new technology, blockchain is not only a technology, but also a mode of thinking.

In this mode, it appears to be a loosely decentralized self-organizing model, but it can operate efficiently under the logic of the certificate. People can quickly organize a top-notch team in the industry through blockchain models, which quickly come from all over the world and serve the world. I’m going to finish the most head-to-head things that the industry in the world can do.

Blockchain technology is not just a purely independent technology. More scenarios need to be combined with emerging technologies such as artificial intelligence, Internet of Things, virtual reality, and cloud computing. In this way, it can exert greater vitality to better integrate application scenarios and promote the development of the real economy.

Blockchain can increase production efficiency and promote changes in production relations.

China has become a country with rapid economic growth in recent decades, but its growth rate has gradually slowed down in recent years.

Whether it is population growth or changes in productivity growth, it will take decades to show results, but it is clear that they will affect a country's economic growth rate.

Everything has just begun for the blockchain industry that is beginning to show up and will lead the way in new technologies in the coming decades.

 

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