Essentials of "2019 Global Blockchain Industry Application and Talent Cultivation": Four levels, insight into industrial applications

Source: Silicon Valley Insight

In early 2019, the Silicon Valley Insight Institute released the 2018 Global Blockchain and Industry Combination Trend Report. And just in 2019, the blockchain has once again received wider attention worldwide.

This year, Facebook, the world's largest social networking platform, released a project based on blockchain technology Libra, hoping to build a new global monetary and financial infrastructure. This move has sparked global heated discussions, with regulators in various countries attaching great importance to it and raising questions.

Also in this year, China ’s central bank digital currency began to surface. The country clearly wanted to accelerate the development of blockchain technology and industrial innovation, and proposed that “the integrated application of blockchain technology plays a role in new technological innovations and industrial changes. Important role. We must take blockchain as an important breakthrough in independent innovation of core technology, clarify the main attack direction, increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. "

It was this year that people saw the application of blockchain technology in industries other than cryptocurrencies, and they also learned more about the core advantages and huge potential of blockchain technology.

As a result, the Silicon Valley Insight Research Institute lasted several months and worked hard to create a 100-page blockbuster industry report "2019 Global Blockchain Industry Application and Talent Training White Paper."


The white paper sorts out and interprets the development of blockchain technology worldwide from four perspectives: technological development, academic research, industrial landing, and talent training.

On the technical level, the Institute interviewed several professionals on the front line of R & D to interpret the latest developments in the underlying technology of the blockchain, including expansion technology, storage technology, privacy technology, and identity verification. These core underlying technologies are the key to whether the blockchain can be applied to the industry and have an impact on the industry;

At the academic level, the Academy uses the world-renowned SCIE top journals and conferences as data sources, and selects the 52 most influential papers in 2018 based on the index of journal impact factors and the number of paper citations. Research topics, industries, and the solutions they propose;

At the industrial level, the research institute focuses on the five major fields of finance, accounting, medical treatment, manufacturing, and government services. It sorts out and analyzes the practical cases generated by the combination of blockchain technology and business scenarios in these fields, and selects the best cases for Present

Talent is the foundation of industry development. The Institute investigated the current status and trends of talent training in the blockchain industry at home and abroad, analyzed the model of developing blockchain education in overseas universities, and presented excellent practice cases of blockchain education in top universities around the world.

Global case studies, insights into industrial applications

In general, from the technical level, the application of the two technical characteristics of blockchain data traceability and data immutability is the most common; the industry's first applications are private chain and alliance chain. For example, in the financial field, the use of biometrics to identify identities, combined with the use of blockchain for information storage, is a way of applying this technology. Customers can view personal information through the public key, but only the user can change personal information. Moreover, blockchain-based digital identities can be transferred between organizations across regions, helping the financial industry to improve efficiency and also improve data security.

In industry practice, the combination of blockchain and finance is also the most prominent. Compared with other industries, the degree of digitization in the financial field is relatively high. In the fields of payment, securities, insurance, asset securitization, etc., the advantages of blockchain technology will help the financial industry improve security, and the application of smart contracts will save A large amount of manpower, material resources and financial resources have replaced the work that required manual verification and verification and made the process more automated.

The big events in the blockchain field in 2019 are also generally in the financial field, such as Facebook's large-scale promotion of the concept of Libra and DeFi (decentralized finance).

In June 2019, Facebook released the Libra white paper, which brought a sensation. According to the white paper, Libra's mission is "to build a simple global monetary and financial infrastructure that can serve billions of people" and will be linked to a basket of monetary assets. Facebook also plans to launch Calibra, a digital wallet specifically for Libra. Libra claims that the advantages of cross-border transaction settlement are mainly reflected in "convenience" and "reduced costs", which may become Alipay worldwide. However, once "Libra" was announced, it raised questions throughout the United States and even globally. In July and October 2019, Libra project leader David Marcus and Facebook CEO Zuckerberg were summoned by the U.S. Congress, respectively. Facebook also finally stated that it will comply with all U.S. laws and regulations. No concerns will be issued until the concerns are resolved.

Digital currencies based on sovereign countries are also a hot spot in 2019. On November 28, the leaders of Saudi Arabia and the United Arab Emirates confirmed that the two countries will start the development of digital currencies and that digital currencies will be used for transactions between the banks of the two countries. At the first Bund Finance Summit on October 28, Huang Qifan, an academic advisor to the China Finance 40 Forum (CF40) and vice chairman of the China International Economic Exchange Center, mentioned the Digital Currency (DCEP) introduced by the Central Bank of China. He said:

"The People's Bank of China has studied DCEP for five or six years. I think it has matured. The People's Bank of China is likely to be the first central bank to launch digital currencies in the world."

The Silicon Valley Insight Research Institute has found that in the financial field, blockchain technology has been applied to transaction and payment, supply chain finance, insurance, trade finance, investment and financing and other branch areas, and has produced many outstanding practice cases.

For example, R3, the world's top blockchain alliance, is committed to building a financial transaction platform that uses blockchain technology to remove specific third parties. Today, it has more than 300 members. The blockchain project B3i initiated by the cooperation of the five major European insurance and reinsurance companies , The Catastrophe Excess Loss (XOL) reinsurance placement system based on blockchain distributed bookkeeping technology has been put into application.

In China, Minsheng Bank, Bank of China, China CITIC Bank, China Everbright Bank, and Ping An Bank jointly participated in the design and development of the blockchain Forfaiting Trading Platform (BCFT); and TCL Financial Simple Exchange uses blockchain technology to upstream and downstream of the supply chain Enterprises provide financing services, which give the platform's tamper-resistant and traceable information. In addition, Shougang Group's supply chain financial platform applies blockchain technology to realize the dismantling and reconciliation of electronic receivables for accounts receivable. The electronic vouchers on the chain are used to replace paper commercial tickets in the traditional business model, so that the vouchers can be dismantled, transferred and fused To reduce the overall financing cost of the industry chain.

Outside of the financial sector, blockchain technology has also begun to integrate and land in manufacturing, medical, accounting, and government services. For example, in the manufacturing sector, General Electric (GE) has begun using blockchain to verify 3D prints in its supply chain, ensuring that print manufacturers accurately print all subtle parts. The use of blockchain technology can provide genealogy for all 3D-manufactured parts of GE, from design to production, and certification of the materials, machines and processes used, thereby ensuring that there is no possibility of counterfeiting.

In the field of accounting, PricewaterhouseCoopers has partnered with Northern Trust, a leading global asset management company, to implement real-time auditing of asset equity through blockchain technology, thereby making basic transactions more transparent.

In the medical field, domestic Internet giants are very active in combining blockchain technology with medical business scenarios. For example, in 2017, Ali Health began to cooperate with Changzhou Medical Union to launch a blockchain project pilot, which aims to apply blockchain technology to the medical infrastructure's underlying technology architecture system to achieve a safe and controllable relationship between local medical institutions. Data interconnection, in a safe and effective manner, solve the "information island" problem of medical institutions. In March 2019, Ali Health and Alipay and Wuhan Central Hospital jointly created a "future hospital" that combines blockchain technology to provide "real-person real-name nuclear authentication, financial payment system, medical insurance mobile payment function, trading platform, logistics and distribution" And other technologies and services.

However, the combination of blockchain technology and industry also faces various challenges. For example, at the technical level, blockchain technology faces challenges such as how to achieve scalability and ensure security. The scalability challenge is mainly how to improve the throughput of blockchain-based transactions while reducing transaction confirmation delays. Whether it is high-frequency payment in the financial field or processing massive data in the medical industry, it is necessary to ensure the throughput and efficiency of education. Therefore, the large-scale industry landing still requires the further maturity of the blockchain technology in terms of scalability;

At present, the most popular application scenario of the blockchain is in the financial field, and security is the topic that has received the most attention. From the challenge of digital currency theft faced by various digital currency exchanges to the challenge of user identity verification, a major problem facing blockchain technology is whether it can ensure that the private key is sufficiently secure. If the user's private key is stolen, not only identity data will be stolen, but private property will also be at risk.

Compared with the technical level, the non-technical level is more complicated, and different industries have different problems.

For example, the application of the blockchain landing industry will pose a challenge to the participants' overall management capabilities. The blockchain industry contains many different types of subjects. The diversity of subject types objectively increases the complexity and coordination difficulty of the blockchain technology cooperation field. Promoting the application of blockchain technology also requires the cooperation of blockchain technology companies and regulatory authorities.

In addition, it can be found from a large number of cases that many countries and enterprises have adopted the government-enterprise cooperation model when the blockchain technology was implemented. However, this cooperation model may raise the question of who is the legal management entity behind the blockchain technology and how to allocate power and responsibility during the implementation process;

Third, once data is “chained”, it cannot be tampered with, which is likely to conflict with existing policies. For example, EU citizens have the "right to be forgotten", that is, the parties have the right to delete information that they do not want to be seen on the Internet. This information can be uploaded by yourself or uploaded by a third party. Once the blockchain technology is used and the data is uploaded, how to adapt to existing legal policies is a challenge.

Focus on talent training, deepen the integration of production and education

Challenges and opportunities coexist. Facing an emerging industry full of opportunities, talent reserve and talent training are top priorities. The white paper also uses special chapters to analyze the policy trends, the current status and challenges of talent demand in China's blockchain talent training. At the same time, the Institute surveyed the world's leading universities in the training of blockchain talents, their professional settings, curriculum planning, etc., and combined with the current status of China's industry, it also studied how to train blockchain talents and promote the integration of production and education Related suggestions were made.

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