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Wanxiang blockchain Xiao Feng's latest speech: what is the application value of blockchain?

Time : 21/02/2022 Author : 2ogtyz Click : + -
        On July 4, 2020, the 2020 China New Area blockchain Leadership Forum jointly launched by Wanxiang blockchain laboratory, Singapore Xinyue University of Social Sciences and Babbitt was broadcast live in China and Singapore. The forum invited outstanding experts, scholars and entrepreneurs from the blockchain industry in the central new area to interpret hot issues in the industry and share the latest information, building a bridge for communication between the blockchain industries of the two countries. At this forum, Dr. Xiao Feng, chairman and general manager of Wanxiang blockchain, delivered a keynote speech entitled "what is the application value of blockchain". The full text is as follows. Hello, ladies and gentlemen! I am very glad that the 2020 China new area block chain leadership forum can be successfully held today.
 
        As one of the sponsors, on behalf of Wanxiang blockchain, I would like to welcome all guests. Today, I want to share with you &mdash& mdash; What is the application value of blockchain?. By 2020, the application of blockchain is in full swing. However, how to use blockchain? How to maximize the value of blockchain? It has become a hot topic of discussion recently. To recognize the application value of blockchain, it is best to compare it with other technologies in the long history. Therefore, let's first review the development of basic technology in the past 100 years. At the end of the 19th century, Edison and Nicholas · Tesla, Marconi and other great inventors invented electricity, telegraph, telephone and wireless communication.
 
        The inventions of these new technologies are concentrated in the United States. At the end of the 19th century, the United States was able to establish the position of global economic hegemony, which was closely related to its leadership in the invention, creation and innovation of communication technology and electrification technology. These communication technologies and electrification technologies are what we usually call "CT technology". Communication technology, including power, telephone, telegraph, wireless communication and mobile communication (such as 5g) that has continued to today. In the 1970s and 1980s, a new round of revolution in basic technology occurred again. This technological revolution is called the information technology revolution. That is, the gradual development of IT technology, which includes computers, operating systems, software tools, the Internet, the Internet of things and so on.
 
        At the beginning of this century, the third iteration of basic technology. We call this round of new technology innovation "digital technology" innovation. The innovation of digital technology includes the content we want to discuss today, such as blockchain, cloud computing, artificial intelligence, cryptography encryption algorithm, genetic engineering, etc. I personally classify these as digital technology. In the past 100 years, basic technology has experienced three iterations of innovation. With the innovation and development of basic technology, the industrial structure has also experienced three major upgrades. At the end of the 19th century, with the development of "CT technology", the world entered the era of electrification under the leadership of the United States.
 
        Many famous enterprises were born in that period, such as GE, IBM, and at&, which was famous before; T。 In the last century, based on the information technology revolution, the industrial structure has been upgraded for the second time. During this period, a number of star enterprises based on information technology were born, such as IBM, Microsoft and Intel. By the beginning of this century, with the iteration of basic technology from information technology to digital technology, some star enterprises were born, such as Google, Tesla, etc. Of course, there is another one that has become a star enterprise in the era of information technology &mdash& mdash; Microsoft.
 
        This is the upgrading change of industrial structure brought about by the invention and creation of basic technology over the past century. In the process of industrial structure leaping, what kind of ups and downs has the enterprise experienced?. The first company is ge. The market value of GE has fallen from more than 600 billion in its glory to tens of billions of dollars now. A closer look shows that GE's core business foundation has not been successfully upgraded in the 1970s. It has always stayed in the era of electrification. Under the pressure of Wall Street, Jack · What strategies did Welch adopt after taking over as CEO? First, adopt refined management.
 
        Use fine management such as 6Sigma to extract marginal efficiency. Second, take the road of industrial finance. In Jack · When Welch left the CEO position, more than half of GE's profits came from financial business rather than the original core industry. The financial crisis in 2008 completely exposed its infrastructure problems. The failure to successfully upgrade its core business foundation to information technology is the core problem of GE's business difficulties. The second company is IBM. There is a book called "who says elephants can't dance". This book describes how an enterprise, which was born in the 19th century, successfully upgraded its core business based on electrification to information technology in the 1970s and 1980s.
 
        This "elephant" learned to dance, which means that its upgrade was successful. In the information age, IBM has successfully renewed its brilliance. The third enterprise is Microsoft. Microsoft is a typical star enterprise in the information technology era. After entering this century, Microsoft has also encountered operational difficulties. Bill Gates retreated at this time. The new Microsoft management, who is very familiar with digital technology and the new era, has successfully led the enterprise to glory and successfully upgraded to the digital era. The market value of Microsoft has also changed from the lowest $300billion to the current $1300billion. As for IBM, which we just talked about, in the past ten years, there have been not many bright spots in its business operation, and its performance is also very poor. Its market value has also fallen sharply.
 
        But just this year (2020), IBM also renewed its management, and last year it also spent a lot of money to acquire an open source software company. (this may mean) IBM is also determined to start its transformation in the digital age. It is hard to imagine that in the digital age, you will package some AI algorithms into a piece of hardware to sell to your customers. We all use cloud and API to provide algorithm services. But IBM once made its AI algorithm into a machine called Watson. It is the product of the information age to sell your algorithm ability in the way of hardware. In the digital age, enterprises need to provide cloud services.
 
        No matter how good the algorithm ability is, it should be called by others in the way of API, rather than rebuilding a machine placed in the house to provide services through the machine. This is a very typical practice in the information age. IBM has brought this practice to the digital age. I think this is the ideological reason for its poor management in the past decade. The fourth enterprise is Tesla. Tesla is a new species born in the digital era, just like Microsoft in the information technology era. As of today (July 4, 2020), Tesla's market value has exceeded $200billion, more than the total market value of five or six traditional automobile enterprises.
 
        According to the changes of basic technology, industrial structure and commercial institutions in the past 100 years, we have come to a preliminary conclusion: the changes of any technology, any industry and any enterprise must firmly focus on the changes and iterative development of basic technology. You must upgrade and iterate your industry, business and products on the basis of basic technology. Back to blockchain technology and blockchain applications. Blockchain is the core basic technology of digital economy. How to use blockchain to upgrade our industrial structure? Or iterate our business model?. One is Tesla, which reconstructs the car. It uses a set of digital technology to integrate the most typical and brilliant achievements of the industrial revolution &mdash& mdash; The automotive industry has been completely restructured.
 
        Cars have always existed, but the way cars are built has changed. Traditional cars have 30000 parts, while electric vehicles only need more than 3000 parts. The physical structure of electric vehicles looks very simple, and the most valuable is software, such as its auto drive system. This is a typical case of reconstructing the tradition. Many great achievements in the industrial revolution and industrial economy need to be reconstructed. The second "road" is continuation or improvement. Continue the old industry, or improve the old industry and structure. There are also many cases of this improvement. For example, using blockchain as a certificate of deposit and traceability is an improvement and improvement on the marginal effect of traditional industries, but it is not a revolution.
 
        Others use blockchain for supply chain management, which is also an improvement. The improvement of traditional things will improve the marginal effect, but it will not bring subversive and value explosive growth. Therefore, blockchain, as a basic technology, must be integrated and innovated in various technologies in order to truly move towards application and give full play to the maximum value of application. Blockchain is used for certificate storage and traceability, basically using the distributed database inside the blockchain; If we build a more decentralized business organization, then P2P networks will be used; If the programmability of disintermediation is used in this commercial business, then smart contracts are used; If data privacy computing is involved in business processes, cryptography is used and some cryptography technologies are integrated.
 
        Finally, if you use economic models and incentive models in innovative businesses, you use digital currency and many other technologies. Blockchain is the core basic technology of digital economy. If you want to maximize its value, you need to integrate innovation, rather than just focus on one of its characteristics and do things on one of them. In addition to making integrated innovation in the field of blockchain technology, you also need to integrate many other digital technologies to truly build a new digital economy and new business model. Only with the integration of many new technologies can we get many new and valuable business models in the innovative digital economy.
 
        For example, the Internet and the Internet of things enable you to collect massive amounts of data at a low cost, and more data will produce value; Cloud computing allows you to easily and cheaply store and calculate these massive data; If the data occurs on the blockchain, (everyone) does not need a third-party trust organization to trust these massive data at a low cost; Cryptography and privacy computing algorithms can protect these privacy data well; Finally, artificial intelligence is used to collect various application algorithms, analyze and use these data. Finally, we return to the theme &mdash& mdash; What is the maximum value of blockchain applications? Instead of depositing certificates or supply chain finance, it is restructuring or innovating production relations.
 
        To reorganize and innovate production relations, we need to integrate smart contracts, privacy computing, artificial intelligence and other technologies. The first is the typical mode under the industrial revolution, or the most typical mode in the era of electrification, that is, unilateral platform. Produce a product and face customers through one-way sales channels, hoping to standardize as much as possible and sell a product to more customers as much as possible. In the period of unilateral platform, what we pursue is scale effect. The second is bilateral platform. It is the product of the information age. Uber and didi are the most typical bilateral platforms. Bilateral platforms can bring network effects to businesses. The third is the multilateral platform. In the digital era, with the support of a series of digital technologies, we have moved from a "bilateral platform" to a "multilateral platform".
 
        There are a wide range of participants. They may not have any relationship with each other, but they all participate in it like building an ecosystem. The final commercial effect of multilateral platforms is an ecosystem. Therefore, from the superposition of scale effect to network effect, and finally become ecological effect. The real ecological effect is the one that can last forever, and it is the most vibrant business form. This can only be achieved through multilateral platforms, and blockchain is a tool for restructuring or reconstructing production relations that allows all stakeholders to cooperate very smoothly and at a very low cost to create ecological effects. This is the most valuable part of blockchain applications.
 
        Without the authorization of this website, no unit or individual may reprint, excerpt or use the above works in other ways. Violators will be investigated for legal responsibility. All works marked with "source: China business network" or "source: China Business Daily - China business network" on this website belong to China business network (unless otherwise stated by this website). For copyright matters, please contact: Email: /li. Business public welfare "perfect" combined with Wanmei fund to explore a new paradigm of Bancassurance helping agriculture &mdash& mdash; Agricultural Bank of China Anhui branch and Guohua life insurance Anhui branch jointly set up the agricultural fund.
 
        
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