Trillions of market opportunities in blockchain under new infrastructure wave | Roundtable

The application of blockchain technology is relatively basic, and it is still far from forming an industrial chain. Can it support the data construction needs of the new infrastructure?

Whether the U.S. stock disaster has turned into an economic crisis has panicked the world, and the rescue of the Federal Reserve ’s large coin is a move that has put the world on the back of the dollar and US Treasury bonds. For the world economy, which is struggling in the economic cycle, the global economic recession is unstoppable.

The only hope for ironing out this cycle is the power of the technological revolution. Can China seize this opportunity?

The most important information is March 4th. The Standing Committee of the Political Bureau of the Communist Party of China stressed that the construction of new infrastructure such as 5G networks and data centers should be accelerated. The signal is clear: China will speed up the construction of "new infrastructure". What is the difference between the new infrastructure and the traditional infrastructure, and how many technological revolutionary factors does it contain? What is the significance of this re-examination every two years for China's development?

"Creation and Evolution" is an original innovation section launched by CoinVoice. It is the industry's most cutting-edge online sharing platform created by blockchain innovation companies, and talks about the evolution methodology of enterprise development. In this way, CoinVoice specially invited Xiaomi Finance and TOP Network as guests to discuss "Creation and Evolution Theory" around " trillion market opportunities in the blockchain under the new infrastructure wave ."

Round table

CoinVoice: Recently, "new infrastructure" has become a hot word again. Actually, new infrastructure is not a new concept. It was mentioned at the Central Economic Work Conference in 18 years. However, it was raised again during the epidemic this year. What is the difference between new infrastructure and traditional infrastructure? What is the significance of this re-examination every two years for China's development?

TOP Network co-founder Noah: At present I have not seen a clear definition of traditional infrastructure and "new infrastructure", but in a general sense, traditional infrastructure mainly refers to railways, highways, airports, bridges and other fields. As for the "new infrastructure", according to the central series of important conferences and related expressions in the literature, combined with the current state of China's science and technology and economic and social development, industry insiders and media organizations have summarized the main areas involved in the new infrastructure into 7 aspects, namely 5G base stations, special High voltage, industrial Internet, intercity high-speed railway and intercity rail transit, new energy vehicle charging piles, artificial intelligence, big data centers.

The new infrastructure and the traditional infrastructure are both connected to some extent and have certain "essential" differences. Most of the traditional infrastructures focus on physical investment, which is a relatively narrow form of infrastructure. The new infrastructure is given More advanced and deeper content, including both tangible physical infrastructure investment and intangible infrastructure investment, and most of them tend to digital intelligent construction. The new infrastructure has distinctive technological characteristics and technological orientation, and is supported by modern science and technology, especially information technology. It aims to build the key infrastructure in the digital economy era and promote the digital transformation of the economy and society.

After two years, the central government re-raised the new infrastructure, first of all because the epidemic made people deeply feel the important role played by technology and digitalization in the epidemic. For example, the AI ​​algorithm of Ali Dharma Hospital has been applied to the detection of new coronary pneumonia, which shortens the detection time and achieves an accuracy rate of 96%. This technology has been promoted to more than 100 hospitals in 16 provinces and cities nationwide, and has completed more than 60,000. Diagnosis of clinically suspected neo-coronary pneumonia cases. At the same time, in the face of difficulties in resuming work and starting school, the government encourages the use of digital epidemic prevention and resumption, and the entire people work and work at home. In 28 provinces, digital epidemic prevention systems have been quickly established, health codes have been copied to more than 200 cities, and court remote AI Trials and more.

What's more important is that China's economic growth has already bid farewell to the era of high growth in the past. In the future, economic growth will focus more on the quality of development. 5G, data centers, industrial Internet and other fields are ahead of schedule and will be the new hardware for future economic support. Nuclear power has strong economic momentum that has set off a wave of rejuvenating the country with scientific and technological information, infused strong digital vitality, promoted the shifting and upgrading of the Chinese economy, and created the "Chinese time" of the world economy. The digital economy is a "new energy" economy characterized by AI and industrial Internet, which is conducive to showing the high-quality charm of future economic development.

CoinVoice: The blockchain has been mentioned in the country's major strategic plan last year, so that many people are full of confidence in the blockchain , but there are also many voices that the status and development of blockchain technology is too early. What are the technical difficulties and factors of the blockchain that currently hinder its large-scale application and landing?

Xiaomi Finance Jiang Yongqiang: Blockchain has injected the spirit of "trust" into the Internet era and has irreplaceable value in the future development of science and technology. At present, the development of the blockchain is still in its early stages. Due to the excessive capital hype in the early stage, the value of the blockchain has been overdrawn, and now the speculative and hype components have gradually receded. Therefore, the huge potential value of the blockchain itself has slowly It takes another process to grow and reach the surface.

Even if it is not included in the scope of the new infrastructure this time, we believe that with the improvement of the blockchain's own technology, the accumulation of use scenarios, and the mining of business value, it will again have a stronger vitality and the ensuing hugeness. commercial value.

TOP Network co-founder Noah: The development of the blockchain is indeed at a very early stage, and most of the public chains have not completely solved the problem of blockchain expansion, or they have been technically resolved but have yet to be tested in practice. For example, our TOP public chain has achieved capacity expansion through network sharding, computing sharding, and state sharding in sharding technology, which is sufficient to support the massive business in reality. Of course, it is still being continuously optimized, and it will be implemented in the later stage. Continuous optimization and improvement.

In addition to technical restrictions, the second is that the blockchain applications that have landed so far have basically nothing to do with people's daily lives. The most well-known is virtual currency, which is one of the high incidences of MLM and fraud. Ordinary people are afraid of blockchain technology, which is very unfavorable to the popularization of blockchain technology.

Finally, the current lack of upstream and downstream requirements for large-scale application scenarios, mainly due to the decentralization and data sharing characteristics of the blockchain, requires institutions to change the original cooperation model and benefit distribution mechanism. Judging from the development process of the Internet, the development from early simple information dissemination to all aspects of life is a gradual process. Technically, the isolated systems are opened through open interfaces. In the future, it will further develop into direct data sharing and cooperation through the blockchain, bringing higher efficiency in a more credible and open form. But this requires a very innovative business model. Most of the blockchain technology applications currently seen are relatively basic, and it is still far from forming an industrial chain.

CoinVoice: Many industry experts believe that blockchain is used as the infrastructure in next-generation infrastructure such as 5G, artificial intelligence, and IoT big data. The wave of new infrastructure will completely drive the huge prosperity of the blockchain. What do you think of this view? ?

Xiaomi Finance Jiang Yongqiang: The new infrastructure focuses on highlighting the new direction of industrial transformation and upgrading, which reflects the general trend of accelerating the development of high-end industrial development. In this megatrend, the effective use of data in related directions such as the Industrial Internet and the Internet of Things is a problem that needs to be urgently solved, and the blockchain technology is precisely to effectively solve the problem of data validity, data authenticity, multi-party trust, etc. A very effective means of demand.

By using the blockchain alliance chain and other models, it can effectively provide a solid data infrastructure for the new infrastructure wave and help complete the overall industrial upgrade.

TOP Network co-founder Noah: Although the central government did not mention the blockchain in the new infrastructure this time, it does not mean that the blockchain has no chance in the new infrastructure. Xinhuanet pointed out in a recent article that "new infrastructure" can be divided into four levels. The core layer provides infrastructure for digital technologies represented by 5G technology, big data, artificial intelligence, cloud computing, blockchain, and the Internet of Things, such as 5G base station construction and IDC data centers; the second layer is the intelligent software and hardware foundation Can intelligently transform the existing traditional infrastructure, such as artificial intelligence and industrial Internet; the third layer is supporting facilities for new energy and new materials, such as new energy vehicle charging piles; the outermost layer is more supplementary Short board infrastructure, such as the construction of UHV, intercity high-speed railways and urban rail transit. In the future, 5G, cloud computing, AI, the Internet of Things, and blockchain will become the basic production tools of society like water and air.

It can be seen that blockchain technology has a lot of room to play in the new infrastructure, especially in the process of the overall transformation of the entire society into a digital society. It must be inseparable from the empowerment of blockchain technology. Judging from this epidemic situation, blockchain technology can play a huge role in public opinion management, epidemic data disclosure, community and enterprise personnel dynamic management, medical data sharing and achievement transformation, public welfare charity, and medical product traceability.

It's just that at this stage, the development of the Internet, big data, and artificial intelligence is much more mature than blockchain technology, so it will play a larger role at present, but with the continuous maturity of blockchain development, it will definitely be It is a situation where multiple technologies go hand in hand and merge with each other.

CoinVoice: In the current context of the new infrastructure, which two guests think the fields will become the main battlefield to play the characteristics of the blockchain ? That is, which application scenarios of the blockchain will get great promotion and development?

Xiaomi Jiang Yongqiang: Blockchain is naturally one of the essential applications in the financial field. It solves important and difficult Thaksin problems in the financial field. Using distributed ledgers, smart contracts and other related technologies can help financial institutions complete Data validity, consistency certification, etc. in the process of asset data circulation will assist financial institutions to hopefully complete the establishment of online asset transaction models.

Supply chain finance and industry chain finance have always been popular assets in financial institutions, and the difficulty in the industry chain lies in the confirmation of multiple role relationships between multiple industries. This aspect is exactly the advantage of blockchain technology.

At present, major banks have launched blockchain-based financial products, and many core industrial chain companies such as Xiaomi have also launched industrial chain financing services based on their own industrial chains and using blockchain technology.

The involvement of blockchain technology in the industry chain business has greatly accelerated the development of the Industrial Internet and opened up difficult data barriers between industry and finance.

TOP Network co-founder Noah: As we all know, the main characteristics of blockchain technology are openness, transparency and immutability. In the new infrastructure, blockchain technology can provide data confirmation for big data technology; it can also provide data protection for 5G technology; provide data analysis for artificial intelligence technology; provide a reliable data source for cloud computing technology; provide for the Internet of Things technology Decentralized operation and maintenance to overcome performance bottlenecks and reduce operating costs.

Therefore, blockchain technology can play a pivotal role in new infrastructure. The development of blockchain technology can also promote the development of other technologies. It can even be said that blockchain technology is "infrastructure in new infrastructure."

CoinVoice: As two representatives of the public chain and the alliance chain, what do you think will be the important roles that the public and alliance chains will play in the future digital infrastructure with the construction of China's digital economy?

Xiaomi Finance Jiang Yongqiang: Blockchain technology, as the Internet era, does not require a fair "trust" carrier of third parties / authoritative institutions. It has application potential not only in the economic field, but also in many fields.

The characteristics of the public chain determine that it is more suitable for mass-oriented scenarios, and plays a vital role in protecting some core data of users, safeguarding the interests of users, and enhancing users' trust in the platform.

However, due to the limitations of related technologies such as public chain TPS and data storage space, it is difficult to implement applications in environments such as finance that require risk, data privacy, and data transmission rates. Therefore, the alliance chain system that has strong applicability in a certain range is transformed from the public chain.

The alliance chain is relatively more suitable for exclusive scenarios. Through the transfer of trust, it can help companies share certain transaction data more securely, improve the transparency of transaction data, and then increase the trust between enterprises and expand business models. Through the application of technology such as multi-level alliance chain and cross-chain, more complex business designs can be achieved, thereby solving the complex application of multiple rules such as roles, permissions, and levels in an open commercial environment.

TOP Network co-founder Noah: In fact, there is no obvious boundary between public chain and alliance chain, only the degree of openness is different, and we can see that many public chain projects can provide the technology of alliance chain, and many alliance chains can also go to the public chain.

At the current stage in China, due to policy reasons, blockchain technology may land more in the form of alliance chains, and if it is used within an institution or enterprise, the form of alliance chains is sufficient. Therefore, the best application scenarios of the alliance chain are institutions or enterprises, or those areas with a clear scope of use.

The public chain is the underlying infrastructure of the blockchain.It can be widely used in fields related to finance, cross-border payments, vouchers, bills, supply chains, and traceability. If it is not only within a group, or an industry that does not require much supervision, then the public chain may play a greater role. But like I said before, there is no clear boundary between the alliance chain and the blockchain, because the public chain can also provide technical support in the form of an alliance chain, and the alliance chain can easily develop into a public chain. Therefore, the blockchain can play a great role in the future digital infrastructure construction, but how it exists depends on the specific situation.

Media Observation Mission

Cointelegraph Chinese Editor-in-Chief Amey: President Jiang, you mentioned in your public speech that “ blockchain is a more feasible solution for current supply chain finance”, so what did Xiaomi Finance do in the integration of the industry blockchain and the Xiaomi industry? What about exploring?

Xiaomi Finance Jiang Yongqiang: Xiaomi Finance has used blockchain technology to create detachable asset transfer products, and digital production systems based on blockchain link suppliers' MES to create full-chain financial products. In the Xiaomi system, this product has opened up the multi-level industrial system of many upstream and downstream suppliers, and has also launched an integrated service industry-financial service platform in Nanjing, Tianjin, Chongqing and other places. It uses blockchain, big data, and cloud Financial technology and other advantageous means have helped local industries to achieve online industrialization and asset dataization, and to achieve asset data storage, deposit, and forensics based on the blockchain, and complete the rapid transfer of assets across platforms and institutions.

It was just mentioned that Xiaomi Finance, the Beijing Financial Bureau and many other units have jointly created fintech laboratories, participated in the supervision sandbox, promoted the development of regulatory compliance, and the application of blockchain.

Carbon chain value Jiang Lu: DApp user traffic and activity have been criticized. Does TOP public chain have mature solutions and landing scenarios in terms of landing and traffic?

TOP Network co-founder Noah: Our vision is to build a public chain platform built for DApps. The TOP chain is the world's first full-state fragmented public chain. The implementation of this technology is two years ahead of Ethereum 2.0. The TOP public chain's unique three-layer architecture of the main chain, business chain, and trusted ledger can support any order of business on the chain, with a single-chain processing capacity of more than 100,000 TPS, which is particularly suitable for communication, gaming, social, big data, and artificial Massive high-frequency services such as smart and IoT are on the chain. As of now, the TOP team has developed a decentralized wallet, HiWallet, and is developing several large DApps including blockchain games.

In fact, we have a natural advantage over other blockchain projects in terms of traffic. Because there are already three landing applications in the TOP ecosystem: Dingtone, CoverMe, and Proxy with more than 100 million overseas users. In the later period, these applications will be transparently migrated to the TOP public chain, bringing massive business and users to the TOP ecosystem, making it a truly prosperous blockchain ecosystem. After our ecosystem is booming, we can use traffic to attract third-party developers, thereby further enriching our blockchain ecosystem. So we are fully prepared for both landing and traffic.

Blocklike Bai Xingyu: TOP public chain is committed to creating a 4th generation distributed communication network, so how does the current product integrate with the new infrastructure?

TOP Network co-founder Noah: We position ourselves as a low-level public chain platform. Distributed communication networks are just one aspect of our many businesses and are likely to be one of the first large-scale landing areas, because after all we There are already three landing applications with over 100 million users.

At the same time, in the short term, communication may also be closely related to the new infrastructure. Because the new infrastructure includes the construction of 5G base stations, 5G is powerful. Although most people have not yet experienced it, in many imaginations, 5G has advantages such as high speed, low power consumption, and massive connections. The blockchain is deployed on the Internet, and the underlying is the distributed ledger technology. Its data synchronization requires a large amount of real-time data communication. With 5G, the Internet-based data consistency will be greatly improved, which can improve the area. The reliability of the blockchain network itself reduces errors and forks caused by network delays.

5G helps the blockchain to obtain shorter blocking time by increasing node participation and decentralization, and it can also promote the scalability of the blockchain, which in turn further supports the Internet of Things economy. This means that there will be more and more traditional industries, such as agriculture, mining, mobile phones, automobiles, home furnishings, etc., which will be automated through high-speed Internet of Things. In the future, blockchain technology will be applied in more fields, and more landing applications will also appear.