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Blockchain technology makes the digital economy more equitable and efficient

Time : 02/12/2021 Author : b3fw1y Click : + -
        "Blockchain is the core component of the next generation digital economy. The inherent transparent and tamper proof characteristics of blockchain make it possible for the fair distribution of benefits." Li Lin, chairman, founder and CEO of Huo coin group, said in an interview with the financial times at the "2019 China New Financial Summit Forum" held recently. At present, the financial industry is undergoing historic changes, with the deep integration of Finance and technology, and all kinds of financial institutions have ushered in the opportunity of digital transformation. Looking forward to the future, how the "hot" blockchain will better enable financial transformation and how to better serve the development of the real economy has been widely concerned and warmly discussed by people in the industry.
        Li Lin answered this topic one by one in an exclusive interview. Li Lin believes that the blockchain enabled real economy can be divided into four levels: distributed ledger, value transmission network, certificate incentive system, and asset digitization. Taking the distributed Ledger as an example, its advantages are that the whole network bookkeeping is tamper proof, the credit does not depend on oneortwo nodes, and the application scenarios are very rich. It is worth mentioning that the empowerment of blockchain technology for the digital economy is receiving more and more attention. Li Lin believes that blockchain is the core component of the next generation digital economy and can make the digital economy more equitable and efficient. "The inherent transparent and tamper proof characteristics of blockchain make it possible for the fair distribution of benefits.
        All the data on the chain are open, and the information is completely transparent. No party can take advantage of information asymmetry to obtain benefits; And the data on the chain is recognized by consensus of many parties, and has the characteristics of tampering. Therefore, among the parties connected by the blockchain, all participants participate in fair distribution in a transparent environment. The consensus mechanism in blockchain is the core element to achieve fair distribution, and different value frameworks need to apply different consensus mechanisms. ". In addition, Li Lin believes that, "Blockchain technology can effectively reduce the dependence on third-party institutions and save transaction costs and regulatory fees, such as inter-bank clearing and registration systems, cross-border exchange settlement systems, etc. these systems need to create centralized institutions to ensure the responsibility of transaction clearing and the true will of both parties to the transaction, but at the same time, they need to bear high verification costs, long transaction time and a large amount of post audit costs; and, through intelligent The rules of energy contract are embedded to form an effective constraint and incentive mechanism, which stimulates people to provide more resources in economic activities in order to obtain more remuneration, increases the effective supply of social resources, realizes the interaction and control of the process of resource allocation, and greatly improves the efficiency of resource allocation.
        ”。 So, what are the "pain points" of the current blockchain technology application? Li Lin said that the imperfection of infrastructure, the lack of digital legal currency, the imperfection of relevant laws and regulations, and the lack of talents in industrial blockchain are several major obstacles restricting the application of blockchain technology, which need to be solved urgently.
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