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Service trade association observed: why can blockchain become a "booster" of Global trade?

Time : 16/03/2022 Author : 0yivho Click : + -
        China News Agency, Beijing, September 7 (reporter Xia Bin) - blockchain is becoming a natural "booster" of Global trade. At the 2020 China International Trade in services Fair being held here, how to use blockchain technology to enable international trading partners to better eliminate barriers and build trust has become a hot topic of discussion. Maxiaofeng, Dean of the blockchain Research Institute of Tongji University, said that blockchain technology will promote the activity of Global trade, because blockchain is naturally a global network, and its tamper proof characteristics can also solve the trust problems of institutions and enterprises in different countries, reduce the communication costs and friction caused by trust problems, and promote the vigorous development of trade.
        "Blockchain can solve many trade ‘ pain points ’." Huang Tianwei, chairman of Shenzhen times blockchain technology, said that for example, blockchain technology can reduce the difficulty of transnational crackdown on counterfeits in terms of counterfeiting prevention and traceability; In terms of trade finance, supply chain finance supported by blockchain technology can establish a better risk control model, innovate factoring business, microfinance business, etc., making services and transactions more convenient and smooth. Taking the cross-border financial blockchain service platform launched by the State Administration of foreign exchange as an example, it takes advantage of the tamperability and uniqueness of blockchain technology, integrates logistics, information flow and capital flow, effectively solves the problems of authenticity audit of trade background, information asymmetry and poor information availability in the traditional trade financing business process, improves the audit efficiency, and provides trade investment and financing facilitation services for enterprises.
        Da Hongfei, CEO of Shanghai distribution information technology, pointed out that service trade faces great challenges in global cross-border payment, and transactions are often fragmented. Therefore, the low-cost global cross-border payment system built by blockchain technology can come in handy. Nowadays, Chinese blockchain enterprises have gone abroad and established technological confidence in overseas markets. According to incomplete statistics, only in the second half of 2019, Chinese enterprises have cooperated with six countries and organizations to promote the application of blockchain technology in various countries and internationally. This is inseparable from the "comparative advantage" of Chinese blockchain enterprises in the world. According to the ranking list of blockchain invention patents of global enterprises in the first half of 2020, among the top 10 enterprises, there are 7 Chinese companies; Among the top 100 enterprises, nearly half are Chinese enterprises, accounting for 46%, while American enterprises account for 25%.
        The huge market is a fertile ground for the rapid growth of Chinese blockchain enterprises. Zhang Chao, vice president of Ouke cloud chain, believes that China's blockchain technology and applications are "running fast in small steps" in the huge Chinese market and constantly trying and making mistakes. "For overseas enterprises, it's not that they don't want to do it, but that they want to do it but have no market to do it.". "Unlike the development of the Internet, China's involvement in blockchain technology is no later than that of foreign countries. Foreign blockchain technology is mainly developed in the financial field, and their industry width is not as wide as that of China." Xiao Wei, general manager of Baidu blockchain, pointed out that China's blockchain application has not only made achievements in the financial field, but also matured in government governance, copyright protection, agricultural traceability, medical insurance verification and other aspects.
        However, Ma Xiaofeng also reminded that in the process of "going to sea", Chinese blockchain enterprises must pay attention to overseas policies, regulations, culture and other factors, such as the scope of data use, user authorization standards, and the focus of financial supervision. "Blockchain is not just technology, it is a digital ecosystem built by technology. This ecosystem must reach consensus among many parties and promote cooperation under this basic framework." (end).
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