Wanxiang Xiaofeng: In order to become an institutional technology, the Internet of Things will inevitably require the cooperation of blockchains.

On April 24, at the Shanghai 5G Innovation and Development Summit in 2019, Dr. Xiao Feng, Chairman and General Manager of Wanxiang Blockchain, said in a speech entitled “The Business Circle of Blockchain and Internet of Things”, the Internet of Things is The object-based data network, so its core business logic is to collect device-side data. The Internet of Things has the characteristics of becoming an institutional technology. To bring about changes in the economic structure, economic system, and business model, IoT technology alone cannot achieve such a historic value. We need the cooperation of other technologies, and the blockchain is indispensable. Reasons include: 1. Identification of the device. The identity of digital devices that cannot be tampered with by blockchain technology is the basis of the closed loop of IoT business. 2. The bookkeeping system of the equipment. A distributed ledger based on blockchain provides a billing method for data transactions, which is not possible with distributed databases. 3. Ownership confirmation of device data. The blockchain's asymmetric encryption algorithm (private key + public key) is a set of methods for determining the ownership of digital ownership. 4. The unit of accounting and exchange of equipment data. Blockchain technology is a set of technologies that are naturally used to help us capitalize on digital assets.