Nobel Laureate in Economics: Blockchain is a milestone in the trading market

On November 16th, the 90th anniversary of the establishment of the Zhejiang University School of Economics was held at the Zijingang Campus. Eric Maskin, who won the 2007 Nobel Prize in Economics and is also an overseas academic master at Zhejiang University, said that he has a positive attitude towards the blockchain. Blockchain is a milestone in the trading market. The market economy makes it possible for people who don't know each other to communicate, and the blockchain allows the people in it to communicate without having to know any information about each other. Information or money can be easily, cheaply, safely and quickly transferred from one end of the world to the other, without any medium. Blockchains still have shortcomings, with a focus on the use of virtual encrypted digital currencies such as Bitcoin. The emergence of bitcoin runs counter to the trading purpose of normal currency: normal currency as a general equivalent, ending the history of goods exchange, making the circulation of goods more convenient, and bitcoin reflects the market's retrogression in this respect. In the future, the improvement of blockchain technologies such as virtual encrypted digital currency requires more efforts by the government and the banking industry.