Babbitt Live 丨 How Blockchain Lands in the Real Economy, Industry and Academia

Hainan is speeding up in the exploration of blockchain landing.

Just the first two days, the Hainan Free Trade Zone (Hong Kong) Blockchain Pilot Zone released the “Chain Shanghai South” plan for the first time, attracting many companies to explore the industrial landing in Hainan.

On December 6, at the "Hainan Free Trade Port Digital Economy and Blockchain International Cooperation Forum" hosted by the Hainan Provincial Department of Industry and Information Technology and hosted by Hainan Ecological Software Park and Huobi China, the Hainan Provincial Department of Industry and Information Technology Chief engineer Cao Shiping revealed that the province will soon launch ten policies on accelerating the development of the blockchain industry, and in the future it will launch a blockchain sandbox supervision and fault tolerance and correction mechanism to provide an innovative environment for blockchain development.

How to promote the integration of the real economy and blockchain technology has naturally become a hot topic in this forum.


Professor Deng Jianpeng of the Law School of Central University of Finance and Economics, Hong Xuemin, Deputy Dean of the School of Information Technology of Xiamen University and Director of the Blockchain Technology Research Center of Xiamen University School of Information, Professor of Xidian University and Executive Director of Shaanxi Key Laboratory of Blockchain and Security Pei Qingqi, Microsoft China Financial Industry Director, and Deputy Secretary-General of the Fintech Innovation Alliance Li Guoping shared the status quo, challenges and countermeasures of the integration of blockchain and the real economy at the forum on the day. It also looks forward to the development trend of the blockchain.

How blockchain technology integrates with the real economy

Deng Jianpeng:

First, we must combine the characteristics of both. Blockchain is characterized by trust, and the real economy is about trust.

A very important problem in China's real economy is counterfeiting and counterfeiting. If the two are to be deeply integrated, it is necessary to intercept the two characteristics.

Let me give an example. A famous agricultural product in Jiangxi is oranges, but most of the oranges bought in Beijing are counterfeit. I think that the combination of related enterprises and the private industry, the products sold in Beijing and supermarkets ensure that it is credible, the information is immutable, and the agricultural products are absolutely authentic. Hong Xuemin:

I want to make two points from technology. The first is the current stage and the second is the future.

The current stage is supply chain finance, which solves the circulation of assets in the real economy and the application of traceability, and solves the problem of quality supervision.

For example, circulation is like a thrombus, and the patient's circulation is not enough. Blockchain can be used as a solution. Source tracing is like the immune system, and the entire control can be given by accreditation.

I personally think that the core problem solved by blockchain is assetization. It was not easy to do assets, and then went on the chain after assetization to circulate assets. The core competitiveness of the real economy comes from innovation and creativity, and the flexible distribution of creative assets is a great place for blockchain to promote innovation in the real economy. Pei Qingqi:

First, deep integration. Every blockchain practitioner wants to come up with a killer application for the blockchain. After so many years of hard work, we have not found a killer application. At present, the outlook is not so obvious. From the perspective of the current integration of the real economy, I think that more consideration is given to how the current blockchain technology is integrated with the existing information Internet and systems. system.

The second problem is that the comparative advantage of blockchain is to build trust. When the real economy is integrated, we must use the blockchain to improve the quality and efficiency of the real economy.

Third, the blockchain must be integrated with sociology, economics, and management to attract production relations to the system ecology we have established. If people can't get in and production relations can't get in, I think it's very difficult for the ecology to build success. Li Guoping:

Each wave of technology has actually promoted social productivity and social production relations. From the industrial revolution to the emergence of the information industry decades ago, to the present day the digital economy and blockchain have appeared to reshape the business model of the entire society.

Blockchain decentralization greatly simplifies the original complex business chain. Microsoft made standby credit with banks and securities in the United States in 2017, which is the issue of letters of credit. Traditionally, the L / C process is more complicated. The two banks that open the account with the two buyers and sellers, whether the freight is offshore or landed, etc. Microsoft is based on the blockchain cloud platform, a complete set of processes has been greatly simplified, and the overall trade costs and benefits have changed greatly. From the perspective of serving the real economy, where is the value of the blockchain? It should be viewed from the point of increasing efficiency and creating new business models.

Landing in the real economy, challenges and suggestions

Deng Jianpeng:

Challenges and recommendations are currently facing, mainly in terms of laws and policies. China has some subdivided industries in the blockchain and is currently in a gray area. The regulations and policies related to the gray industry may have relatively large repetitions in about five years, which will affect the investment and various business behaviors of market players.

The General Secretary mentioned in February this year that the rule of law is the best business environment. For blockchain companies, we must implement the spirit of the legal system. Realizing this ability provides a good environment for the market. The core of the legal system is two points. The first is good law, and the second is good law. The first, combined with their legitimate claims, reflects the core of the law. The second is to implement the law in accordance with the laws and regulations in order to create the best business environment. Hong Xuemin:

The challenge is that the mission of academia is to be authentic. A more academic review logic is needed to clarify the concept of blockchain. The cross-disciplinary cross-convergence of blockchain, how to really sort out this matter from the scientific system, this is a challenge. The suggestion is to strengthen cooperation in academia.

Pei Qingqi:

The biggest challenge comes when we talk about the benefits of the blockchain, from the perspective of the public chain, but we are basically landing on the alliance chain or the private chain. Does it match?

The second is old problems and challenges. When we established the blockchain ecosystem, it was plainly a problem of distributed databases and data. So the credibility of the data on the chain is actually a relatively large challenge from its birth to its purpose. When we do, we integrate with multiple technologies such as the Internet of Things, big data, and artificial intelligence to ensure the credibility of the data as much as possible.

The third challenge is the interdisciplinary challenge. For example, points can be generated as long as there is a corresponding credit endorsement and economic endorsement. The question is how much money corresponds to how many points? This model is not made by information technology, not by IT. When the value is transferred, it is established by economic and financial models. Li Guoping:

Let me mention three points.

First, today when we apply blockchain technology, we should think more about how to empower and talk less about subversion. The emergence of a new technology, Libra is a good counter-example, it wants to subvert, even including national sovereignty borders. In fact, today, as we move from the traditional business format to digital life and the digital economy, there are many pain points and shortcomings in industry scenarios. We should use blockchain technology to help the real economy solve the low business efficiency in informationization The problem of high cost.

Second, science and technology are good. Whether it is blockchain technology or artificial intelligence technology, there is a problem of poor cognition. When there is poor cognition, should you use leading cognition to cut other people's leek, or abuse data through new technology? In fact, our original intention was to change the world with new technologies and make the world a better place. Only by not forgetting your original intention can you go further and more steadily. Practitioners should be in awe of supervision, of customers, of sustainable development.

Third, the theory of the network effect principle, the larger the network, the greater the value. From the traditional earliest local area network to Ethernet to the entire interconnected world, the effect of the network must be expanded. Everyone is talking about public chains. Today, there is no standard between global chains and chains. Many of the information and assets based on chains cannot be linked with each other. The next step is to discuss the standards of the chain together.

Status and trends of blockchain

Deng Jianpeng:

The financially developed countries in the United States, Japan, and Europe that I have studied, which treat the policies of blockchain + finance + the real economy, mainly reflect the state of caution, openness, and tolerance. On the one hand, in strict accordance with the requirements, if there is a securities act to be registered, it must be strictly in accordance with the law. If it is other behavior, it is generally more lenient.

Hong Xuemin:

I hope that China can make great achievements in open source construction.

Pei Qingqi:

Blockchain's international focus is more on the leadership of open source technology, and we may still have a process. In practical science, I think China is ahead.

Li Guoping:

Libra is an American innovation with great ideas, but it is too disruptive, so there will be some uncertainty for various reasons. It is precisely because of Libra that we are accelerating the launch of our digital currency. I am very optimistic about the central bank's digital currency. It is a very important weapon and grabber for China to lead the world in the digital age. I believe that in the next five or ten years, China's digital economy will lead the world again.

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