Blockchain changes: Do it well, don't come.

On the afternoon of October 24 , the Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development. Xi Jinping, general secretary of the CPC Central Committee, emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation. We must take the blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

In the past three years, the Politburo, which involves the country's major science and technology innovation strategy, has only one study each year, namely the 2017 National Big Data Strategy, the 2018 Artificial Intelligence, and the blockchain technology. Therefore, the speech of General Secretary Xi’s speech, in the eyes of many blockchain related practitioners, is undoubtedly the spring rain of the early winter season, which has laid a strong shot for the entire blockchain industry.

( Note: The Central Political Bureau's collective study after the 16th National Congress of the Communist Party of China is the main practice of grasping the learning problems in the process of governing the country through the Party Central Committee. On average, once a month, the content of the study can be roughly divided into major national strategies and important national realities. Problems, the rule of law and the rule of state, etc. )

In his speech, General Secretary Xi clearly defined China's development goals in the field of blockchain technology, that is, strive to let China take the forefront of theory in this emerging field, occupy the commanding heights of innovation, and gain new industrial advantages . At the same time, General Secretary Xi emphasized six tasks for the development of blockchain in the future: strengthening basic research, enhancing original innovation capabilities; promoting collaborative research, accelerating core technology breakthroughs; strengthening blockchain standardization research, and improving international discourse rights and rulemaking rights Accelerate industrial development, give play to market advantages, open up innovation chain, application chain and value chain; accelerate the deep integration of blockchain and artificial intelligence, big data, Internet of things and other cutting-edge information technologies; strengthen the construction of talent team and establish perfect talents Cultivation system. The speech also pointed out the role of blockchain technology, the blockchain can deepen the application scenarios and the guidance and risk prevention for future blockchain technology development.

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1. Blockchain is the representative of the new generation of information technology

 

Since the creation of Bitcoin by Nakamoto in 2008 , the blockchain has been gradually recognized as the underlying technology of Bitcoin, and it has been nearly a decade. The blockchain is still "young" but has gradually shown great value.

In May 2018 , General Secretary Xi Jinping, in his speech at the 19th Academician Conference of the Chinese Academy of Sciences and the 14th Academician Conference of the Chinese Academy of Engineering, together with blockchain and artificial intelligence, quantum information, mobile communications, and Internet of Things technologies. Listed as a representative of a new generation of information technology.

The emergence of the Internet has solved the problem of information transmission, brought great convenience to people's production and life, and also led the global business transformation. The blockchain is called the "trust machine." Although the blockchain technology has not been separated from the Internet technology, it can solve the problems of fairness, trust and value transfer in the traditional Internet through distributed books, peer-to-peer transmission, encryption algorithms, and consensus mechanisms. The transformation of the information Internet to the "value Internet."

In his speech, General Secretary Xi also pointed out that the role of the blockchain in promoting data sharing, optimizing business processes, reducing operating costs, enhancing synergies, and building a credible system should be brought into play.

Bai Liang, founder of the Zero Think Tank, believes that the central government's adjustment of blockchain technology will attract more companies and talents to join this emerging field, and will also accelerate the blockchain technology penetration into various physical industries and accelerate the blockchain. Innovation in business models and technology applications.

 

2 , the blockchain is not equal to the digital currency, the virtual reality, the service entity is the core

 

Correctly treat the blockchain technology, do not confuse the blockchain technology with Bitcoin and other digital currencies. Understanding the value of the blockchain service entity economy from the technology itself is the most important issue for the whole society and the whole industry.

Although the blockchain is the underlying technology of Bitcoin, digital currency is also one of the important application scenarios of the blockchain industry today. But this does not mean that the blockchain can only serve digital currency, and it is not easy to force blockchains and numbers. The currency is tied together. Meng Yan, deputy dean of the Institute of Digital Assets, said in an interview with Zero Financial that the blockchain has been associated with negative vocabulary such as speculative currency and illegal fund-raising in the minds of ordinary people, and there is a problem of stigmatization.

Ye Jian, secretary-general of the China Blockchain Application Research Center, also believes that although General Secretary Xi’s speech will have an impact on the mood of the digital currency market, the real impact is on technology development and application. The blockchain technology encouraged in China is independent of digital currency, and China's regulatory trend for digital currency trading activities such as bitcoin is gradually tightening.

Serving the real economy is an important feature of blockchain 3.0 . In the speech of General Secretary Xi, the application of blockchain technology has been extended to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, and digital asset trading. What is more noteworthy is that the speech first mentioned the concept of “blockchain + ” at the national level, emphasizing the exploration of the application of “blockchain +” in the field of people's livelihood, and actively promoting blockchain technology in education, employment, pension, and precision. The application of poverty alleviation, medical health, commodity anti-counterfeiting, food safety, public welfare, social assistance and other fields will provide the people with more intelligent, more convenient and better public services .

Yuan Yong, Institute of Automation, Chinese Academy of Sciences, believes that General Secretary Xi’s organization of blockchain technology will greatly encourage the entity industry to learn and apply the confidence of the blockchain, and promote the domestic blockchain field to “deviate from reality” and serve the real economy. Process. Wang Xiaoliang, CEO of Xita Technology and co-founder of Secret Technology, also told Zero Finance that the speech of General Secretary Xi helps the economy to use the distributed technology to achieve a benign promotion and reduce the supply and demand of SMEs. The absolute weakness on the issue, to some extent, to solve the problem of financing development.

 

3. The development of blockchain is still in its infancy, and it is of vital importance to strengthen cooperation between industry, universities and research institutes.

 

Blockchain development has been going on for more than ten years, but so far, the recognized “killer application” in the blockchain field is still the cryptocurrency limited to pure virtual economy such as Bitcoin and Ethereum, and the actual needs are solved in the real society. Although the blockchain system is numerous and blooms, it is a small-scale exploration and experiment. The development of blockchain technology is still in its infancy, especially in the context of deconstruction and service economy.

This is particularly evident in the financing performance of blockchain companies. According to the “Semi-annual Report | Blockchain Blockchain Financing Amount: The United States Overtakes China, Hong Kong Wins Greater China, and Hangzhou Forces North Shangguang”, from the global blockchain-related company financing in the first half of 2019 . Look, the current 88.06% financing is in the seed / angel round and the A round. The blockchain projects after the rounds of the B and B rounds are only 16 cases, accounting for less than 12% .

However, in the project category, application scenarios such as blockchain underlying technology development, blockchain + , and entertainment social networking began to be favored by the capital market. The digital currency and digital currency trading platform were attenuated, indicating that investors are more rational and the entire industry is gradually entering the early stage. At the end of the stage, gradually enter the fast lane of development. Guosheng Securities had previously called 2019 "the first year of blockchain business applications."

Today, with the accelerated development of blockchain and increasingly fierce competition, General Secretary Xi emphasized that it is necessary to strengthen basic research, enhance original innovation capability, and strive to make China take the leading position in the emerging field of blockchain, occupy the commanding heights of innovation, and acquire new industries. Advantages; strengthen the research on blockchain standardization, enhance the right of international discourse and rulemaking; strengthen the construction of talent team, establish and improve the talent training system, build a variety of high-level talent training platforms, and cultivate a group of leading figures and high level Innovation team.

In this regard, Yuan Yong said that he is very happy to see that General Secretary Xi has repeatedly stressed the need to strengthen basic research and technological innovation in the field of blockchain. Although at the application level, China is still at the same starting line as Europe and the United States, and even leads half a position. This is our development advantage and should be fully utilized. However, in terms of basic technology research, the domestic blockchain field has shown a trend of industrial innovation-driven development, and academic research is relatively lagging behind and needs to be followed up. Therefore, the academic community should take this opportunity to effectively study the basic theories and key technologies of the blockchain “ card neck ” , break through the bottlenecks in the efficiency, safety and interoperability of the blockchain, and strengthen the cooperation between industry, universities and research institutes. Construct an domestically controlled blockchain with international influence and independent controllability.

Dr. Wu Tong, Dean of the Digital Economy Business School and deputy director of the CECBC Blockchain Committee of the Ministry of Commerce, also believes that General Secretary Xi’s speech will have a major positive impact on the blockchain education consulting industry. Domestic universities and research institutes will increase their investment in basic research on blockchain and form a positive cycle with the practice of blockchains.

In Bai Liang's view, blockchain technology is now in the global competition window, and it is also an opportunity for China to compete in the world's cutting-edge technology. Although there may be many challenges in the process, a large number of outstanding Chinese blockchain technology teams and enterprises have the opportunity to create the world's leading technologies, products and business models with the help of policies and capital.

"The technical foundation determines the upper application. We used to suffer from the basic technology of hardware, operating system and chip. Now it is equivalent to a new track, we have enough space and time to lead the world", immersion area Wang Xiaoliang, a veteran of blockchain technology for many years, also said this.

 

4. Accelerate the deep integration of cutting-edge technologies and give play to the advantages of blockchain technology

 

Blockchain is not a brand new technology, but a combination of technologies derived from the interdisciplinary integration of cryptography, computer science, and economics. Blockchain technology has unique advantages in terms of trust conduction and data protection. However, there are still many problems in terms of scalability, performance and data interaction under the chain.

As an underlying technology for interoperability, blockchains and other technologies have huge integration space. In his speech, General Secretary Xi emphasized the need to build a blockchain industry ecology, accelerate the deep integration of blockchains with cutting-edge information technologies such as artificial intelligence, big data, and the Internet of Things, and promote integrated innovation and convergence applications.

Blockchain technology and artificial intelligence have natural complementary enhancement effects, which can lay a credible, usable, reliable and efficient data foundation and trust foundation for artificial intelligence. The combination of blockchain and big data can ensure the real data on the chain. The letter and the non-tampering; the integration of the blockchain and the Internet of Things technology can solve the untrustworthy problem in the blockchain data collection process, and can also solve the data protection and privacy security issues for the Internet of Things system.

At present, domestic scholars have already had a very good research and application foundation in the fields of artificial intelligence, big data and Internet of Things. The blockchain field should make full use of and deepen reference, and promote the integration innovation and integration application of new technology clusters.

 

5. Strengthen the guidance and regulation of blockchain technology to promote the healthy development of the industry

 

Technology is always neutral. Like many other cutting-edge technologies, blockchain technology can benefit people, empower the real economy, and may be used by some people to harm the property security of the people and the public interest.

Previously, many projects have engaged in illegal financing activities such as ICO and IEO through the gimmicks of blockchain technology. Digital currency scams such as air coins and pyramid money have still occurred from time to time in China, and it is difficult to eliminate them.

In order to prevent some people from using the central policy and blockchain concept for illegal financial activities, Bai Liang believes that relevant departments and enterprises should strengthen the emphasis on technical security in the development of blockchain, and strengthen the market for blockchain technology and digital currency. Educate education, better falsify the truth, and create a healthy and healthy development environment for legally innovative blockchain companies and digital currencies.

Meng Yan said that in the short-term blockchain industry, there will be a variety of experts coming out from all directions, a large amount of capital will quickly influx, and a variety of projects are dazzling. But after smashing, most will be attributed to dust. Those who really want to develop in this industry for a long time must be self-disciplined and do something that is worthy of the times and conscience.

In order to prevent possible risks in the development of blockchain, General Secretary Xi pointed out in his speech that relevant departments should strengthen the guidance and regulation of blockchain technology, strengthen the research and analysis of blockchain security risks, and explore the establishment of adaptation zones. The safety guarantee system of the blockchain technology mechanism guides and promotes the blockchain developers and platform operators to strengthen the industry self-discipline and implement safety responsibilities; implement the rule-based rule network into the blockchain management, and promote the safe and orderly development of the blockchain.

Of course, the healthy and orderly development of the blockchain industry requires both the guidance and support of national policies and the persistence and efforts of every blockchain practitioner. Blockchain companies can't just focus on cutting C- side data in various ways and then telling stories, burning money and pursuing the favor of capital markets. They need to do things in a down-to-earth manner, strive to do a good job in the transformation of industry, academia and research, and deepen the underlying technology of blockchains. The blockchain commercial landing has contributed to the construction of the blockchain industry ecology.

The horn of the blockchain has already blown, and the journey has just begun.

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