Professor of Tongji University: How Blockchain Keeps Being Innovative

Source: Shangguan News , original title "Han Chuanfeng: The future has come, how can the blockchain keep up with innovation and not tolerate"

Author: Hanzhuan Feng (The author is Tongji University, sustainable development and new urbanization, director of think tank, Professor of Economics and Management)

Blockchain is a weakly centralized, tamper-resistant, and highly scalable information technology. It is also an advanced, dynamic, and complex modern business ecosystem. The unique technical principles of the blockchain can ensure data security and credibility, and are deeply integrated with the Internet of Things, 5G, big data, artificial intelligence and other technologies to provide a trusted environment for data collection, storage, transmission, and application in the digital economy and digital society. Can be widely used in finance, payment, supply chain, digital identity and other fields. Blockchain technology will deconstruct existing information dissemination methods, subject behavior habits, social interest patterns, etc., plowing to form a new digital ecology, becoming the cornerstone of the value Internet and important national key infrastructure, is an economy that is fiercely contested by countries around the world. Develop commanding heights.

Blockchain era: the future is here

 

The United States, Japan, the European Union and other countries and regions have promoted the development of blockchain as a national strategy to promote technology research and development and industrial landing. Relevant companies and institutions have continuously introduced blocks in the fields of traceability, payment, audit, justice, certificate deposit, and electronic invoices. Chain products. Beginning in 2018, the United States has issued a number of reports describing the strategic position and regulatory thinking of blockchain, and states are vying to legislate to recognize the legitimacy of blockchain and compete for development opportunities. In July 2019, the U.S. Senate approved the Blockchain Promotion Act. Facebook launched the world's digital currency Libra. To compete for the right to speak and develop opportunities in the world's blockchain, IBM also launched a blockchain logistics platform with logistics giant Maersk. TradeLens, streamlining global shipping industry processes with real-time information flow. Japan seeks to skip the electronic payment network technology and directly enter the blockchain era, and regards blockchain as a great opportunity for the economy to prosper again. Japan's largest bank Mitsubishi UFJ Financial Group will establish a blockchain-based consumer payment network, and 100 major Japanese manufacturers such as Mitsubishi Electric will use the blockchain to share production data. In April 2018, 22 countries in the European Union signed an agreement to jointly build a European blockchain alliance to create a professional knowledge platform for blockchain technology, regulatory exchange, and industry applications. In addition, the Customs and Inter-American Development Bank of Mexico, Peru, and Costa Rica launched the Cadena blockchain application, which aims to improve the efficiency of customs operations and data security. Thai companies and Thai Merchants Bank jointly use Ripple blockchain technology to make cross-border payments.

On October 24, 2019, the General Secretary of the CPC Central Committee Xi Jinping emphasized during the eighteenth collective study of the Political Bureau of the Central Committee, "We must take blockchain as an important breakthrough in independent innovation of core technologies, and accelerate the development of blockchain technology and industrial innovation. ". The blockchain has officially risen to the height of national strategy, and the development of the blockchain industry has entered a new era. In fact, China has always attached great importance to blockchain technology innovation and industrial development, and has a good development foundation. The "Thirteenth Five-Year Plan" National Informationization Plan emphasizes that blockchain is an important development direction and key frontier technology to strengthen basic research and development and frontier layout, and is an important part of the national science and technology strategy. The development of China's blockchain is dominated by the alliance chain. In March 2019, the Cyberspace Office released the first batch of domestic blockchain information service filing numbers. There are 197 blockchain information services in 18 provinces and cities across the country, of which the alliance chain The number is as high as 116, accounting for 59%. The central bank's digital bill trading platform has been in operation for more than 2 years. Tencent Zhixin Chain has been recognized by the Supreme People's Court, and a number of high-level people's courts have become its authoritative nodes in the ecosystem. China Blockchain Research Alliance, China Distributed General Ledger Foundation Agreement Alliance, Blockchain Top Alliance R3, Financial Blockchain Cooperation Alliance and many other industry associations have been established successively. Participating companies include Tencent, Alibaba, Huawei, Ping An Group, JD.com , Bubby Blockchain, Funchain Technology and other different types of enterprises. Tencent has issued a total of 6 million electronic invoices based on blockchain technology, amounting to 4 billion yuan, accessing more than 5,300 enterprises and covering more than 110 detailed industries. Tongji University ’s independent open source alliance chain “Indus Chain” has been running for more than a year, accumulating 15 billion yuan in financing to more than 1,000 SMEs, financing costs as low as 4.8%, and the ecosystem encompassing 220,000 companies.

Opportunities and Challenges: Shouzheng Innovation

 

The blockchain industry is in the ascendant and has a wealth of application scenarios. As an important infrastructure of the digital economy and digital society, the blockchain system is the physical carrier of the blockchain ecosystem, with features such as strong scalability, easy deployment, and low maintenance costs. The blockchain ecosystem has network effects and positive externalities. The more users, the richer the data, the stronger the system, the higher the security and credibility, and the greater the ecological value. The competition between blockchain ecosystems is a zero-sum game. The conversion cost between different ecosystems is very high. Once users' minds and habits are formed, it is difficult to change. The blockchain industry pattern presents a serious Matthew effect. China and the developed countries are on the same starting line of the development of the blockchain industry, with a larger population size and richer application scenarios, and have the advantages of the era of promoting blockchain technology innovation, industrial development, and ecological prosperity.

The global blockchain industry structure is uncertain, and a standard system has yet to be formed. First, the blockchain industry does not yet have a recognized industry standard in terms of basic technology, business and applications, processes and methods, credibility and interoperability, and information security. At present, there are various standards related to blockchain in various countries around the world, but in the end, only the most frequently used, most widely used, and most accepted standards will become global industry standards. China is expected to compete for the right to develop a blockchain standard with its leading blockchain technology, a complete blockchain industry chain, and rich landing scenarios. Secondly, blockchain is closely related to the financial economy and political structure. Blockchain-based digital currencies are expected to build a more open, equal, and inclusive world currency system, accelerate the development of global inclusive finance, increase the international influence of the RMB, and break the " Dollar hegemony. " Finally, digital identity, digital citizenship, digital currency, digital economy, and digital society based on the blockchain are the advanced stages and final forms of human development in the future. It is necessary to take the blockchain industry as the fulcrum and the world digital economy system standard system as the carrier. Promote the restructuring of the world's political and economic structure, and improve and establish China's institutional voice in the global digital governance system.

Blockchain technology and industrial development are disruptive innovations, and there are structural obstacles to large-scale landing applications. The development of the blockchain must deconstruct traditional industries, break and reshape the original technical architecture, business processes, industrial models, and interests, and there are major obstacles in terms of "people and systems". On the one hand, the logic of the "blockchain +" industry development is to break first, and the effect is not immediate. It requires a long-term vision and a strategic pattern. The consensus can be established through the consensus and consensus of the multiple actors in the upstream and downstream of the industry chain. Chain ecological value. Because of the lack of understanding of new technologies and the distrust of new mechanisms, some companies have adopted a wait-and-see attitude towards the blockchain and are afraid of self-renovation, making it difficult to break path dependence. On the other hand, the business model of the blockchain is unclear, the logic is complex, the content is sensitive, the stakeholders are large, and the scope of influence is large, which has caused a huge impact on the traditional business model and regulatory system. The technical standards, application standards, interaction standards, and security standards of the blockchain have not been unified, and new business and regulatory mechanisms have not been fully established, which seriously hinders the implementation of the "blockchain +" industry. The subject and system interact, depend on each other, and cause and effect each other. The slowness of the subject causes the system to lag. The system lag in turn exacerbates the slowness of the subject. There is an urgent need to improve the "blockchain +" industrial development institutional system.

Blockchain ecological governance requires the participation of multiple subjects, and the ecological construction faces adaptive challenges. The blockchain ecosystem is mainly divided into alliance chains and public chain ecology. The former is derived from the traditional industry, and the latter is based on the rise of the Bitcoin development model. The alliance chain uploads the necessary data and key business of the industry upstream and downstream, and needs to re-customize the rules and discourse system. This may damage the interests of the core enterprises, cause the core enterprises to be unwilling to take responsibility, and the SMEs are not capable of leading the ecosystem. Construction may fall into the dilemma of "thunder and heavy rain". The public chain ecology is more complex than the alliance chain ecology. It has multiple participants, long industry chains, and detailed division of labor, involving multiple miners, mining pools, public chain development communities, public chain foundations, Dapp project investors, investors, and media. The ecological governance system faces huge challenges. More importantly, the public chain carries a large amount of application data and funds. The decentralized nature exposes the public chain to great potential technical risks, and the emergency measures for the public chain after an attack are only two methods: rollback and fork. Either way will cause fundamental damage to the public chain ecology, and it is urgent to innovate the blockchain ecological construction technology system.

Blockchain Ecology Construction: Intolerance

 

First, give play to the advantages of the system, do a good job of the top-level design, and promote the innovation and development of the blockchain at a higher level and on a larger scale. In a sense, China has the world's largest blockchain application test platform. It is necessary to systematically organize enterprises, universities, research institutes, non-governmental organizations, etc., to strengthen forward-looking theoretical research on blockchain, to break through key technologies, and to innovate business models. , Enrich the application experience, cultivate behavioral habits, seize the minds of users, and promote the landing of business, so as to build a blockchain ecosystem. In addition, we will accelerate the improvement of the blockchain-related laws and regulations, promote the development and implementation of industry standards such as the blockchain industry technology standards and application standards, and guide the implementation of blockchain application scenarios. Improve the level of industrial standardization, reduce the phenomenon of “repetitive wheel building” by enterprises, bring together development and synergy, and strengthen China ’s right to speak in the world ’s blockchain industry system.

Second, highlight the concept of consensus, co-construction, co-governance and sharing, give play to the synergistic effect of multiple subjects, and set a blockchain ecological benchmark. Abandon the traditional “top-down” and “high-handed” industrial development methods, proceed from specific application scenarios, respect the objective laws of industrial development, enhance interaction between government and enterprises, and give full play to the bottom-up driving force of the market. Adhering to the concept of multi-subjects co-governance, using platform thinking, setting up professional societies, developing industry associations, forming cross-industry alliances, scheduling and integrating industry resources; taking the industry as a unit, cooperating with upstream and downstream entities, reconciling the interests of all parties and promoting the blockchain Ecological construction; With the application of landing as an entry point, overcome the problems of lagging concepts, technical bottlenecks, and institutional constraints in the ecological construction of the blockchain, explore the optimal path of the ecological construction of the blockchain, establish a blockchain ecological benchmark, and attract more In-depth participation of multiple agents to promote ecological stability and prosperity.

Third, based on the needs of users, build an innovation chain around the industrial chain and enlarge the value chain. Accelerate the breakthrough of technical bottlenecks such as network performance, calculation and processing performance, and lay the foundation for large-scale application of blockchain; use application innovation to restructure the business logic of traditional industries and improve production efficiency; use institutional innovation to break the old profit structure and reshape production relationship. Vigorously advocate and promote the application innovation model, based on the front end of the industrial chain, exert the high end of the industrial chain, and build a blockchain industry value network around user needs. Accelerate the integration and development of the value chain of the industrial chain innovation chain, cultivate the blockchain ecosystem for innovation, and expand the international competitive advantage of the blockchain industry.

Fourth, consolidate the "Trinity" guarantee system, and deepen the integration of production, finance, and education. The development of the blockchain industry is still in its infancy. There is an urgent need to establish and improve a system of personnel, funds, and policies to promote the innovative development of key technologies, business models, and ecosystems. Promote the "supervisory sandbox", establish a perfect trial-and-error fault-tolerance and correction mechanism, encourage blockchain companies to make bold attempts, and continuously promote the innovation of the blockchain industry model; establish a blockchain industry development fund, improve the direct financing system, and lower the threshold for indirect financing To improve risk financing channels; promote the integration of industry and finance, increase the investment in breakthroughs in technology and industrial development, and improve the efficiency of capital circulation in the blockchain industry; improve the training mechanism for advanced technical and commercial talents, and establish composite talent training in the blockchain industry system.