We use these ten sentences to pay tribute to the 2019 Chinese blockchain | Year-end inventory

In the long river of history, most people are unknown. In fact, all we can remember are just moments of highlights like stars.

In 2019, the blockchain evoked the desire of Chinese cities and gradually became a symbol of memory and speech. Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Tianjin, Nanjing and other places have issued blockchain policies to accelerate industrial development; Fujian, Jiangxi, Sichuan, Zhengzhou, Xi'an, Changsha and other provinces and cities have witnessed the rise of the Blockchain Association, which is political. Industries, universities, research institutes, and other industries have built bridges of communication; blockchain + electronic invoices, government data, house leasing, and judicial certification, major cities are competing to go online, and the first-mover advantage is increasingly prominent.

In 2019, the Internet giants competed for strength, and the "national team" entered one after another, and the blockchain giants loomed to the surface. Ali heavy operations, Tencent heavy products, and Baidu heavy technology are also the same in the field of blockchain; the three major telecommunications operators have seized the "5G + blockchain", and many state-owned banks have achieved application landing, and the blockchain service network (BSN ) Launched; Jia Nan listed, Zhongxiang Bit C round of financing, QuChain, Yunxiang Blockchain, Wanxiang Blockchain and other developments are still strong, Jingtong, Mystery Ape, Conflux, etc. or tomorrow's star.

In 2019, people across the five generations gathered on the stage of the blockchain and tirelessly realized and preached. They are: post-50s represented by Zhu Jiaming, Chen Chun, Bai Shuo, and Zheng Zhiming; post-60s represented by Xiao Feng, Zhou Sha, and Zhu Youping; and represented by Meng Yan, Yan Ting, Wu Sijin, Ma Zhitao, and Hu Jie Post-70s, post-80s represented by Kong Jianping, Yu Jianing, Li Wei, Li Lin, and post-90s represented by Tang Xialing, Wu Xiao, and Shenyu.

In addition, there are so many words in 2019, they suddenly came, inadvertently moved you, and then changed your view of the industry. Here, we are willing to write a chain footnote for the 2019 Chinese blockchain in ten sentences. Some of these words came from public reports on the Internet, and some came from my observations in media work this year.

I. "Accelerate the development of blockchain technology and industrial innovation"

On October 24th, the Political Bureau of the CPC Central Committee conducted the eighteenth collective study on the current status and trends of blockchain technology development. The General Secretary of the CPC Central Committee Xi Jinping emphasized during the study that the integrated application of blockchain technology played an important role in new technological innovation and industrial transformation. We must regard blockchain as an important breakthrough in independent innovation of core technologies, 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.

This speech by General Secretary Xi Jinping is undoubtedly one of the most influential events in China's blockchain industry in 2019. Since the beginning of the 21st century, technology and financial innovation have become the new driving force for the development of the times. The new generation of information technology represented by the blockchain has swept the world like a storm and penetrated into finance, government affairs, payment, trade, supply chain, logistics, and medical care. And many other areas.

Although some people have suggested that "blockchain technology is not a panacea" and some have questioned the practical utility of blockchain technology, we can foresee that under the national top-level design, "everything in the world is tied to the blockchain" will It will become the main theme of the development of China's blockchain in the next few years. At the same time, we also look forward to the "chemical reaction" that will occur after everything is on the chain.

2. "If the digital economy is the body, digital finance is the blood, and digital assets are the core."

On September 17, Yao Qian, the general manager of China Securities Depository and Clearing Corporation and the former director of the Digital Currency Research Institute of the Central Bank, stated at the 5th Blockchain Global Summit that if the digital economy is the body, digital finance is the bloodline, and digital assets Is the core. Digital financial innovation, characterized by the digitization of assets, is a brand new system, or it will reconstruct the traditional financial operation mode, service model and even the entire ecology. Digital assets are calling for digital currencies, and both the private and public sectors are working on it.

Digital assets and digital finance are two concepts often mentioned this year. Yao Qian believes that digital assets are products that are native, contain full amount of information, and are displayed and transferred in digital form. Digital finance is a financial system formed by the production and circulation of digital assets. Blockchain, as a trusted technology, is recognized by many parties and endorsed by many parties. It is the technological prototype of a new generation of financial infrastructure, which can "bless" credit for the underlying entities that are not reached by existing financial institutions.

Yao Qian has been called the "China's most knowledgeable digital currency official" by the outside world, and it is also one of the intellectuals in the new era that I admire most. For digital currency enthusiasts, "The Frontiers of Digital Currency", "Introduction to Digital Currency", and "Economic Analysis of Digital Currency" edited by Yao Qian are excellent reference books. The writing is fresh and smooth, full of knowledge and sense of history.

On December 11, according to multiple media confirmations, Yao Qian has already served in the CSRC and is expected to serve as the director of the Science and Technology Supervision Bureau of the CSRC. This is another new journey after he completed his phased missions at the Digital Currency Research Institute of the Central Bank and China Securities Journal.

3. "After 5 years of research, the central bank's digital currency can be said to be ready"

On August 10th, at the China Finance Forty Forum, Mu Changchun, then Deputy Director of the Payment and Settlement Department of the People's Bank of China, said that from 2014 to the present, the research on the central bank's digital currency DC / EP has been conducted for five years, from Since last year, the relevant staff of the Digital Currency Research Institute has been 996. For the development of related systems, the central bank's digital currency can now be said to be ready.

Mu Changchun is the current director of the Digital Currency Research Institute of the Central Bank. Unlike Yao Qian's cautious personality, Mu Changchun is more bold and open. He has repeatedly mentioned China ’s central bank digital currency (DC / EP) in public, and cooperated with the APP to provide audio courses-"Frontiers in Science and Technology: Libra" And Digital Currency Outlook. He revealed at the 2019 China Finance Association Academic Annual Meeting on December 21st,

At present, the digital currency DCEP of the People's Bank of China has basically completed the top-level design, standard formulation, function research and development, and joint testing. In the next step, we will follow the principles of stability, security, and controllability, rationally select pilot verification areas, scenarios, and service scopes, continue to optimize and enrich DC / EP functions, and steadily promote the introduction of digital form of fiat currency.

As for the difference between DC / EP and traditional payment, here is an example: If I go downstairs to buy a bottle of pure water of 5 yuan, there are several payment methods: One is to give a 5 yuan banknote or coin to the owner, and then Take the water away; the second is to swipe a bank card; the third is to pay with Alipay or WeChat scan code; the fourth is to pay with DC / EP. The difference between the latter three is that swiping a bank card means that money is transferred from my card-issuing bank to the owner's acquiring bank through the background; scanning with Alipay or WeChat means that money is transferred from my Alipay or WeChat to the owner's Alipay or WeChat. In essence, money still has to be cleared and settled between commercial banks; the use of DC / EP means that there is no such process behind it, and many aspects of background clearing and settlement are omitted during the transfer process.

4. "Future currency will be the perfect combination of wisdom, philosophy, system and technology"

This sentence is the inscription of the economist Zhu Jiaming in the book "Libra: A Financial Innovation Experiment" on July 31, 2019.

Looking back on the 40-year history of digital currencies, there is no other digital currency other than Bitcoin that can cause widespread discussion like Libra. Libra represents not only the use of its blockchain technology, but also the impact on the monetary and financial system, and the impact on the future world economic and political landscape.

On the third day after the release of the Libra white paper on June 18, Zhu Jiaming led a seminar on "Libra: a comprehensive game involving global wisdom, technology, economy, politics, and rights." In the following month, he successively participated in the Libra Libra Symposium in Beijing and Shanghai, and collaborated with experts in various fields to write the first Chinese Libra book, Libra: A Financial Innovation Experiment.

Zhu Jiaming's high attention and rapid response to Libra is impressive, and the spirit of preaching for digital currency and blockchain is also admirable. He believes that there is a mapping relationship between the blockchain scientific system and the blockchain technology cluster: the expansion of the scientific foundation can support the expansion of the blockchain technology cluster, and the expansion of the blockchain technology cluster will force the deepening of the scientific foundation. Blockchain is likely to bring about a "paradigm revolution" in science.

As an economist who grew up in the 1980s, Zhu Jiaming is still full of the idealism and family feelings of that era. In September 1984, he and Huang Jiangnan co-sponsored the Moganshan Conference. This is the first national seminar for young and middle-aged economic scientists since the founding of the People's Republic of China, marking the young and middle-aged Chinese economists as a responsible person of the times. The historic rise of the group; in September 2019, still on Mogan Mountain, he said that digital currency has exacerbated the contemporary economic and social complexity, and the emergence of digital currency is likely to completely change the "aggregate demand" and "aggregate supply" of currency "Equalization framework.

For Zhu Jiaming, times are changing, and what remains unchanged is the romantic memories of the past and the beautiful imagination of the future.

V. "The construction of China's blockchain standardization system has taken the lead in the world"

In early November, Li Ming, director of the Blockchain Research Office of the China Electronics Standardization Institute under the Ministry of Industry and Information Technology, said in an interview with China News Weekly that

Following the release of the two group logos of "Blockchain Reference Framework" and "Specifications of Blockchain Data Formats", the National Blockchain and Distributed Accounting Technology Standardization Technical Committee is under preparation, and the first national standard for blockchain is also being developed . Due to the many application scenarios of China's blockchain technology, the construction of the blockchain standardization system has taken the lead in the world. At the same time, it has also played an important role in promoting the development of international standards.

In the blockchain industry, the efforts of many people are unknown, as is the case with blockchain standardization. For most people, blockchain standardization is a very unpopular topic, but for the country, it is the key to mastering the blockchain's right to speak. At present, there are 1 national blockchain standard, 16 blockchain group standards, and 13 blockchain industry standards.

On October 31st, Li Bin, the chief researcher of FinTech of Weizhong Bank, published an article "China Blockchain Standards Past". As a witness, Li Bin recalled the hardships and joys China has made in the development of blockchain standards in the past three years. He wrote in the text:

Although the reference architecture has been won, in all areas of the blockchain standard, there are other areas of standards such as basics, privacy and identity authentication, security, smart contracts, governance, use cases, interoperability, etc. Expansion of the right to speak is still expensive to insist on … Finally, it ends with a sentence that Mr. Lu Xun has said: a little heat, a little light makes the firefly ordinary, or a little light in the dark No need to wait for the torch. Since then there has been no torch: we are the only light.

6. "The new generation of digital financial system requires blockchain and digital currency"

On September 18, at the Fifth Blockchain Global Summit hosted by Wanxiang Blockchain Lab, Xiao Feng, Chairman and General Manager of Wanxiang Blockchain, stated that the new generation of digital financial system requires blockchain and Digital currency, or digital financial system, is built on the financial infrastructure of blockchain and digital currency. The future sharing economy and gig economy are based on blockchain and digital currency.

In the blockchain industry, Xiao Feng is known as a "godfather" character, and this is no exaggeration. On the afternoon of September 18, although Xiao Feng was the last guest speaker, the scene was still full, and almost no audience spoke. Moreover, Xiao Feng is very charismatic and can attract a group of aspiring young people to gather around him.

He has written that blockchain is an information decentralized decision-making mechanism that can achieve established social goals. Compared with the centralized authority mechanism, the blockchain mechanism has two advantages: one is the Pareto effectiveness of resource allocation; the other is incentive compatibility, which better solves the opportunistic behavior caused by asymmetric information.

In addition, Wanxiang also contributed to the early construction of China's blockchain. Wanxiang Investment has incubated hundreds of high-quality global blockchain projects, with a cumulative investment of more than 1 billion yuan.

7. "The future of the digital economy: the era of ultimate synergy and new types of contracts made up of trust"

On July 27th, Jiang Guofei, the vice president of Ant Financial and director of the Alibaba Dharma Institute of Financial Technology Lab, published an article "Building a Value Internet Together to Meet the New Era of Contracts". The article states that

When the value Internet becomes the global infrastructure like the information Internet, smart contracts on the blockchain as an automatically executed, open and transparent decentralized network protocol will ensure that the rules of the value Internet are trusted to be executed and will bring Coming to a new era of contract-whether it is financial and commercial credit between individuals and enterprises, or new trust between individuals and society, institutions and institutions, blockchain will definitely reshape existing productivity, means of production and production relations , Forming the ultimate collaborative future digital economy.

In this year, the Internet giants represented by the ant blockchain accelerated the implementation of blockchain applications at the to B and to G ends, created a BaaS platform, and formed a blockchain ecosystem around their own characteristics.

Ant blockchain is aimed at small and micro enterprises and individual developers to create an open and inclusive blockchain service network; Baidu launched the super chain, starting from the four major scenarios of medical care, justice, government affairs and transportation, and starting smart city trials; Tencent's main push Blockchain electronic invoicing and supply chain financial services, and recently won the Hong Kong virtual banking license, began to prepare the blockchain virtual banking team.

Eight, "China should vigorously develop domestically controlled blockchain technology platforms"

On November 26, People's Daily published the article "Science Popularization" Blockchain "-New Motivation for Technological Innovation and Industrial Transformation (Open Book, Know New) by Chen Chun, a professor of Zhejiang University and a member of the Chinese Academy of Engineering. The article states that

In the future, blockchain has a long way to go in terms of technology research, industrial applications, and regulatory services. We must strive for the initiative in the development of blockchain technology, especially to achieve breakthroughs in the core technology of the alliance chain with high performance, security privacy, high availability and high scalability, and vigorously develop domestically controlled blockchain technology platforms that are self-controllable. In terms of the development and deployment of the blockchain system, it fully reflects Chinese characteristics, rather than being completely based on foreign open source platforms.

In fact, the same view as Academician Chen Chun also has Academician Zheng Zhiming of the Chinese Academy of Sciences. Zheng Zhiming believes that the current state of development of China's blockchain is that there is no secure, autonomous and controllable underlying platform, relying on the results of foreign open source communities, and quoting foreign security algorithms. Therefore, it is possible that the underlying technology is constrained by people. Following the Internet, it will lose the core control of the next generation of trusted Internet.

Some people believe that the technology of the Sino-US trade war may mean the beginning of a technology war, and blockchain plays an important role in it.

Nine, "In the middle of complete centralization and complete decentralization, there is an optimal equilibrium point"

At the end of June, Zhou Sha, CEO of Jingtong Technology and founder of MOAC blockchain, said in an interview with Xinhua News Agency that

There is a black and white dual thinking in Western thinking, that is, decentralization is to subvert centralization. If we think in the East, it is called "Yin is within Yang, not Yang." The method of decentralization is not to subvert, but to complement each other to make up for some shortcomings of centralization. I put forward the concept of effective decentralization. In the middle of complete centralization and complete decentralization, there is a lot of space. There must be a point, which is called the optimal equilibrium point. Optimizing the equilibrium point is certainly not just a standard, such a proposition should be answered according to the actual application scenario. For example, things related to the Internet of Things, then the more decentralized it is, the better. But for very important tasks, it may be relatively "centralized." According to different application scenarios, it should have different optimization points. Therefore, some scenarios use the alliance chain best, and some scenarios use the full public chain the best.

In terms of technology, foreign countries focus on the optimization and innovation of core technology for the public chain; domestic focus on optimizing the blockchain technology to meet the needs of highly concurrent applications. In terms of application, most of the United States is a public chain, which tends to the circulation of digital assets; most of the domestic is an alliance chain, which tends to serve the industry.

At present, China's blockchain has two main development directions: one is to promote the development of the blockchain industry, and the other is to prevent and resolve financial risks. Technological innovation and risk prevention are carried out in an interactive manner. Although the regulation of virtual currencies has become stricter recently, it has not explicitly stated that it is necessary to curb the public chain.

X. "Supply chain finance is the best business scenario for blockchain"

On July 19th, Zhang Yongqiang, the general manager of Nantong Zhongshi Textile Trading Market Co., Ltd., said at the launch conference of the East China region of Zhongxiangbit in Shanghai. I thought this was a boring blockchain case demonstration. I didn't expect that at the end of the speech, he conquered me with a picture. As shown below,

oznor

The textile and clothing industry is a huge manufacturing system. For example, there are many doorways, a very long industrial chain, each process is responsible for different factories, and the supply chain cooperation is extremely flexible, so there are pain points such as weak management, difficult transactions, and expensive financing. Zhang Yongqiang said that the application of blockchain in it is to build an in-stock goods mortgage registration system, an electronic warehouse receipt pledge registration system, and an alliance notary and execution notary system through the alliance chain asset trading platform to achieve financing and asset confirmation. Supply chain finance is the best business scenario for blockchain.

In this "Nazi", the textile alliance in the middle is the alliance chain. The two hot wheels are Weisha (social and management tools), China Real Trading (spot trading service system), and the three ends are flowers ( Cotton), gauze, cloth, six arms are pin, storage, inspection, purchase, transportation, and financing. Zhang Yongqiang said that he used this picture with Chinese characteristics because he believes that the application of blockchain in the industrial Internet can be the best for Chinese people.

As media practitioners, we often hang “industrial blockchain” and “blockchain empowering the real economy”, but in fact we do not know about the industry and the real economy. This "Nazi map" made me feel the enthusiasm from the industrial side.The blockchain is not unfathomable, nor is it a high-level technology.

The future has come, but it is not yet popular.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Cardano (ADA) Adoption Surge: A Bullish Sign for Future Price Levels 🔥💰

Exciting possibilities lie ahead for Cardano (ADA) as it shows promising signs of surpassing current price levels, ba...

Blockchain

Cardano: The Boring-yet-Brilliant Blockchain

Cardano's CEO Frederik Gregaard dismisses criticism of delays and updates, saying the network is boring, according to...

DeFi

Cardano's DeFi Ecosystem Flourishes Total Value Surges to Almost $450M as ADA Rockets 17% on Layer 1 Push!

This week, the total value locked (TVL) of Cardano-based tokens skyrocketed to more than $440 million, surpassing the...

Market

The Drama Behind Bitcoin ETF Approval: What You Need to Know

Although the spot Bitcoin ETF decision may potentially result in a sell the news situation, alternative cryptocurrenc...

DeFi

🤩 The US Cryptocurrency Conundrum: Regulating in Chaos 😱

Charles Hoskinson, creator of Cardano, expressed to Cointelegraph that regulators in the US, like the SEC, have effec...

Blockchain

Cardano (ADA) Breaks Out: Is a New All-Time High on the Horizon? 🚀

Cardano (ADA) has made a notable price breakthrough, surging to $0.710 for the first time since May 2022 on Thursday....