Lingting 2020 | Meng Yan, Deputy Dean of the Digital Asset Research Institute: Blockchain is a "trust machine" to create a "trustworthy special zone"

On the evening of December 27, the world's first blockchain year-end speech "Ling Listening 2020" was held in Hangzhou. In the speech, Meng Yan, the deputy director of the Digital Asset Research Institute and the founder of the Token Thinking Lab, stated that in November this year, Vice Premier Liu He proposed using data as a new production factor. Meng Yan believes that the data has a "multiplier" effect, which helps to realize the value of other factors. Data must be confirmed in order to be open, shared, and traded, so data assetization and data asset trading are imperative. Data will change the logic of economic growth, and the marketization of production factors will lead to data assetization. He pointed out that data still needs to face some challenges as a factor of production. The advantages of traditional centralized solutions are simplicity, efficiency, and maturity. However, they also have problems such as high risks, closed monopolies, distortion of data prices, and ambiguity of data property rights. Blockchain is a technical contract system that provides a fair, transparent and automated implementation of the constraint system guarantee for contracts. Blockchain is a set of methods and mechanisms for solving problems, and it is also a "trust machine" that creates a "trustworthy special zone". Distributed bookkeeping guarantees that cryptographic digital objects (tokens) cannot be copied and have clear ownership; responsive data integration ensures that data property rights are clear; cross-validation guarantees that the data is authentic and credible; incentives and trading systems can price data assets.

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