Blockchain ushers in a policy inflection point, core technology and applications will become the main track in the future

Article source: Xinhua News Agency original title: blockchain ushered in the policy inflection point core technology and application landing will become the future main track

After years of "barbaric growth" and twists and turns, the blockchain industry has recently ushered in major policy positives. Experts believe that as an important breakthrough for independent innovation of core technologies, blockchain will open a new journey in China, and core technology research and development and industry application will be the main track for future industrial development.

China's blockchain development is the world's first echelon, but the core technology remains to be improved.

As an emerging technology, the blockchain is still in the early stages of development around the world. From the perspective of blockchain technology, on the one hand, in the application of patents for blockchain technology, the development level of China's blockchain is currently in the first echelon in the world. In the first half of 2019, the number of patent applications for global blockchains accounted for 67% of the total, while the United States only 16%. On the other hand, in the underlying technology of the blockchain, China is in a relatively backward position, such as the current blockchain. The mainstream consensus algorithms are basically developed abroad. In the expansion of the blockchain, such as cross-chain, fragmentation and other technology development are also led by foreign teams or institutions.

From the point of view of the blockchain market, China can now say that it is already in the forefront of the world. By the first half of 2019, China's blockchain-related enterprises registered in the industrial and commercial sector had reached more than 27,000. International Data Corporation (IDC) previously released the "China Blockchain Market Forecast, 2018-2022" research report shows that China's blockchain market spending reached 165 million US dollars in 2018, and this strong growth is expected to continue in the next three years.

According to Guo Yuhang, the head of the China Blockchain Application Research, China's blockchain application is at an advanced level in the world, and there are many landing cases in the fields of supply chain finance, bills, deposit certificates, and invoices. However, due to China's weak basic disciplines such as mathematics, China has always lacked internationally recognized original success. The core innovations of the blockchain, such as the consensus mechanism, are basically all-in-one.

Li Wei, CEO of Fun Chain Technology, believes that the current blockchain technology at home and abroad is at the same starting line. Due to the good foundation of the domestic Internet industry, the application landing speed exceeds that of foreign countries, but it is necessary to further strengthen the R&D investment of domestically-controlled and controllable technologies. Stay ahead in the follow-up international competition. At present, the bottlenecks and shortcomings of the application and development of domestic blockchain technology are fundamental technologies that still need to achieve breakthroughs in performance, scalability, privacy, security and other dimensions. In the core technology, we must continue to increase R&D investment and encourage consensus. Basic research in the areas of passwords, distributed communications and storage.

Zheng Yushan, head of investment in the Shanghai Digital Economy Innovation Practice Base of the National Center for Technology Transfer, told reporters that from the application level, foreign teams are better at developing the underlying blockchain technology, including consensus mechanisms, encryption protocols, etc., while domestic teams are good at Application landing and concept innovation. At present, the main shortcomings in China are that there is a slight lack of original aspects of the underlying technology.

The core technology is set and the policy environment is becoming clear

The Political Bureau of the CPC Central Committee recently conducted collective learning on the status quo and trends of blockchain technology development, emphasizing the need to use blockchain as an important breakthrough for independent innovation of core technologies, focusing on a number of key core technologies, and accelerating the promotion of blockchain technology and industrial innovation. development of. This will open a new chapter for the development of the domestic blockchain industry.

International Data Corporation (IDC) believes that the tone of blockchain technology has been set, demonstrating China's determination to develop blockchain technology, which has a huge impact on clarifying market awareness and promoting technology, and has also brought significant development to the industry. opportunity.

Previously, the government's attitude towards the blockchain showed the characteristics of "clear and distinct". On the one hand, it affirmed the potential of blockchain technology as a new technology, and guided its standardization development; on the other hand, it resolutely cracked down on virtual currency, cryptocurrency, and first token. Issues (ICO), etc. are nominal illegal fundraising activities. In practice, the attack on the "coin" has restrained the development of the "chain" to a certain extent, and has also caused many local governments to encourage the blockchain to stay at the level of policy vocalization and lack practical support measures. In this speech, the blockchain is called "an important breakthrough in independent innovation of core technologies", and its integrated application plays an important role in technological innovation and industrial transformation. This is the central level of the block design from the perspective of the top design, and has a clear goal orientation, so that the policy environment for the development of blockchain becomes clear.

In the opinion of experts, another key point of this Politburo meeting is to overcome a number of key core technologies. From the current technical paradigm, the expansion of the existing system defects, cross-chain, privacy protection and governance rules are the key to the core technology of the blockchain. After a large amount of capital and enterprises enter the market, the attack on core technologies will greatly accelerate the process of technological productization.

Guo Yuhang believes that the country's policy signal on the future development of the blockchain has invigorated the industry and made clear guidance on the development of the three levels of the blockchain, including blockchain basic technology research, industry application landing, and figures. The integration of economic business incentive models makes the future direction of the industry clearer.

Zheng Yushan believes that under the promotion of this policy, more mainstream scholars and more enterprises and institutions will enter the blockchain field. It is expected that in the future, there will be more breakthroughs in the research and development of the underlying technology in the domestic blockchain industry. .

Promote the convergence of technology and realize the application of blockchain "Hundred Flowers"

Zhang Yifeng, dean of the China Banknote Blockchain Technology Research Institute, recently stated at the "2019 Shanghai Digital Economy Innovation Summit" that the key to the development of the blockchain in the next step is application promotion. The current blockchain development is facing the most critical step, namely how to promote the construction of related infrastructure, including: First, the public blockchain platform, the public blockchain platform of the industry, and the regional public blockchain platform; The second is distributed digital identity. These are some of the important infrastructures that need to be addressed to further expand the application area and application scope of the blockchain.

Xu Mingxing, founding director of China Blockchain Application Research Center, said that blockchain is not the same as speculative currency. Serving the real economy is the real application scenario of blockchain. Based on its own transparency, non-tampering, decentralization and other characteristics, the blockchain will bring about substantial changes in the production relationship for the real economy, in the blockchain + Internet of Things, blockchain + travel, blockchain + logistics, Blockchain + real estate, blockchain + new retail and other aspects are promising.

Li Wei said that if the blockchain is not worthy of application, if the value of the application is infinite, the blockchain must be implemented. In the financial, medical, supply chain, port and other industries, there will be more blockchain products. Similar to 5G and the mobile Internet, they are all an infrastructure. Based on these infrastructures, the above application will be “Hundreds of Flowers”.

In order to promote the close integration of blockchain technology and industry, Li Wei said that it is recommended to introduce industry guidance, introduce some industry demonstration applications, and standardize the underlying technical standards and agreements, especially the application of domestically autonomous controllable technologies, rather than using Foreign open source underlying technology. At the same time, the whole process of supervision will be implemented to ensure the rapid, healthy and orderly development of the industry.

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