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Strive to create a highland of blockchain technology innovation

Time : 08/07/2021 Author : wo7z6h Click : + -
        Introduction: it is reported that the blockchain has been included in the national five-year plan for the first time. In the chapter of "accelerating digital development and building a digital China", the blockchain is listed as one of the seven key industries of the digital economy in the "14th five year plan", which fully reflects the great importance attached by the Party Central Committee and the State Council to blockchain technology and industrial development. In order to further understand the underlying logic, development trend and regulatory direction of the blockchain, China Economic and trade magazine invited Professor Yang Dong, executive director of the blockchain Research Institute of Renmin University of China and director of the financial technology and Internet Security Research Center of the National Development Institute, to exchange and share views. Professor Yang Dong is one of the earliest scholars in China to study the application of blockchain. He is the first scholar to teach blockchain in Zhongnanhai. He helped implement the first blockchain government project, published the first monograph on non bitcoin application scenarios of blockchain, helped students incubate the first blockchain financial application project in China, opened the first undergraduate blockchain course in China, and introduced blockchain to Beijing, Hunan Guizhou and other local governments have set up China's first big data blockchain and regulatory science and technology laboratory. They have visited Zhongnanhai State Council General Office, the national labor Commission, the people's Bank of China, the China Banking Regulatory Commission and other central departments, as well as at the invitation of Beijing and other local government agencies and judicial organs, to explain the relevant issues of blockchain regulation, known as "Yang Zhongji" and "Yang Gongpiao".
        1. China economy and Trade: in recent years, domestic and foreign enterprises have paid extensive attention to financial technology, blockchain, digital currency, big data and other intertwined businesses in the fields of finance, law and science and technology. At the same time, the state actively advocates to seize the development opportunities of the digital economy, drive the transformation of production mode, life style and governance mode by digital transformation, actively respond to the challenges brought by the changes of the external environment such as "anti globalization", and achieve higher quality development. Under these circumstances, what do you think is the current development status of blockchain? And the future development trend?. Yang Dong: digital economy uses brand-new production factors and production organization methods to bring all-round changes to human society and promote the transformation of economy from exogenous to endogenous growth.
        As the basic technology of the next generation Internet, blockchain is not only closely connected with big data, cloud computing, artificial intelligence, but also widely combined with finance, law, science and technology, management, environmental protection, energy and other application scenarios. It has become an important technology for the development of the digital economy. In short, the blockchain can fully release the huge energy contained in the digital economy, and the digital economy will lead us into a zero marginal cost society. Traditional production activities are limited by the fact that the marginal cost rises. After the production scale reaches a certain level, the depreciation and loss caused by the additional input of production factors will exceed the marginal income. Therefore, it is impossible to promote the unlimited growth of output through the continuous expansion of input.
        The development of blockchain can be summarized into three stages: 1.0 is bitcoin, 2.0 is Ethereum, and 3.0 is blockchain. It has only begun to be gradually applied to all possible scenarios including finance, energy, electronic certificates, agriculture and medical care. At present, it is in the 3.0 stage. However, from the technical point of view, the 3.0 phase is still in the early stage. In combination with the cross integration of blockchain and various fields, I have elaborated on the development status and future trend of blockchain in monographs such as China's financial science and technology security tutorial, Internet + finance = crowdfunding finance, chain gold with law: blockchain business practice and legal guide, and blockchain + regulation = legal chain.
        Among them, in 2019, the book "China's original data theory: blockchain and co vote Economics: an original data from China, a new economic era" was published in the UK as the world's first monograph on China's blockchain, which systematically expounds my original theory & mdash& mdash; Common vote economics. The future development trend of blockchain is closely linked with token. Common ticket economy is a new concept emerging with the development of blockchain.
        The essence of token is a digital equity certificate. It is a certificate issued by developers to create different applications through smart contracts based on blockchain scripts. It is used to manage the platform, pay dividends to participants, encourage participants to participate in community construction, and keep the whole application a complete ecosystem. The importance of common ticket is that the supply is fully marketized, the circulation speed is fast, the price signal is sensitive, and the application combined with smart contract can stimulate innovation. It is a multi value scale economy. The common vote economy can not only promote free exchange, but also strengthen supervision. It is a major upgrade of the market economy. In essence, it is to redefine the market economy with cryptography and future information infrastructure such as cross-border open source and open supercomputers. It will greatly and fundamentally promote the real economy and have an essential impact on people's lifestyle.
        And co voting and crowdfunding are also closely linked. I believe that crowdfunding may be the "second great institutional invention" of human society after the shareholding system. The difference between common vote economy and traditional crowdfunding lies in the combination of common vote and digital voucher. Furthermore, it breaks the monopoly of the traditional capital market exchanges on the secondary market transactions and makes the financial disintermediation direct transaction possible. The most important application of blockchain is the direct circulation of value on the Internet. Through the co invoicing of physical or virtual assets, the assets can be linked to realize the liquefaction of assets, and the assets can be traded and transferred directly across borders, with short time difference and low cost through the network.
        Asset liquefaction can divide the assets, circulate the whole world on the chain, and break the regional limitations. And the platform can carry out platform financing through co ticketing to raise funds for the startup and development of the platform. Therefore, token is necessary for value bearing and circulation, and is the blood of the public blockchain. 2. China economy and Trade: on August 3, the general office of the Beijing Municipal Committee of the Communist Party of China and the general office of the Beijing Municipal People's government officially issued the notice on the implementation plan of Beijing on accelerating the construction of a global digital economy benchmark city. The notice clearly pointed out that Beijing will, through 5 to 10 years of continuous efforts, create "six highlands" leading the development of the global digital economy, and build itself into a global digital economy benchmark city by 2030.
        What do you think are the advantages of Beijing in building a global benchmark city? And what are the key elements to achieve this goal?. Yang Dong: first of all, from a global perspective, against the background of sluggish global economic growth, the development of digital economy has become a new benchmark for economic growth and an important direction for countries to boost their economies. Secondly, from the domestic perspective, & lsquo; The fourteenth five year plan; In this period, in the face of the world's unprecedented changes in a century, accelerating the development of the digital economy is an inevitable choice to build a new competitive advantage in the digital era. It is also a practical need to build a new development pattern with domestic and international circulation as the main body and create a new engine for high-quality development.
        The advantages of building Beijing into a benchmark city of the global digital economy: first, the high concentration of innovation resources. Second, Beijing is leading the country in the construction of new digital infrastructure. Third, there are many digital application scenarios. As early as 2018, I was invited to provide expert opinions for the "Tianping chain" launched by the Beijing Internet court, and explore the application of blockchain technology to solve the problems of difficult evidence collection, evidence storage and identification in political and legal work. In 2020, I led the team to draft and design the Beijing natural resources blockchain registration research project, and worked with the Beijing real estate registration affairs center to explore the issuance of electronic real estate registration certificates based on the blockchain technology, promote business collaboration, deepen the "run once" reform, bring better government service experience to the people, and realize the implementation of blockchain in Beijing real estate registration.
        It can be seen that the practice of blockchain technology in Beijing's government affairs and judicial scenes is more and more extensive, the level is improving, and the effect is remarkable, laying a solid technical foundation for Beijing to build a digital benchmark city. General Secretary Xi stressed at the central talent work conference that we should thoroughly implement the strategy of strengthening the country with talents in the new era and accelerate the construction of an important talent center and innovation highland in the world. One of the keys to the construction of Beijing's digital economy is the cultivation of digital talents. Since 2017, at Renmin University, I have opened a special blockchain course to help students carry out blockchain entrepreneurship and develop applications such as blockchain wallets. The school of law of Renmin University is the first law school in China to open a blockchain course, and has cultivated China's first undergraduate blockchain startup company, gold stock chain. The company is currently undertaking blockchain projects of Beijing, Chengdu, Chongqing, Ningbo, Shenzhen and other local governments.
        Therefore, the superior conditions for the training of blockchain talents enable Beijing to have unique advantages in developing the digital economy. 3. At present, China's digital economy is developing rapidly, and disruptive scientific and technological innovations are emerging. Emerging technologies such as artificial intelligence, big data, blockchain and cloud computing are rapidly iterating, and relevant industries are continuously upgrading. At the same time, new disruptive scientific and technological innovations are emerging, releasing huge development momentum and further promoting new products, new business forms and new models. These subversive digital technologies and the business models and industrial format innovations that they spawn will form strategic emerging industries in the short and medium term, and will also form future industries that represent the long-term development direction with the continuous deepening of the new round of scientific and technological revolution and industrial transformation.
        Do you understand the decentralized cloud computing field generated by the combination of blockchain and cloud computing? How do you view this emerging market?. Modern technology composed of a (AI Artificial Intelligence), B (blockchain), C (Cloud Computing) and D (bigdata big data) has pushed human society into a new era. Efficient distributed cloud computing is the core of big data processing. Its application in various fields has greatly reduced costs and improved efficiency, which represents the improvement of productivity. In contrast, production relations will also be changed. What blockchain represents is the restructuring of production relations, even the reconstruction of rules and laws.
        Blockchain technology is an important system composed of code, password and various technologies. Rules and laws are written into code, and rules and laws are realized in the form of code and smart contract. Based on this, it can be considered that the blockchain is the technical foundation of big data, and the development of cloud computing technology cannot be separated from the blockchain. At present, the combination of blockchain and cloud computing is still in its infancy and immature. In the process of their respective applications, they will encounter various challenges, but to a certain extent, they can seek the support and assistance of other technologies to complement each other. The Internet, big data, artificial intelligence, blockchain and cloud computing are actually building the entire digital ecosystem. Various technologies must promote and coordinate each other to build such a digital ecosystem.
        In the digital economy environment, how to better realize the underlying application of blockchain technology, and how to provide support for the entire digital ecosystem through the application of blockchain technology?. I think crowdfunding is the core system, blockchain is the key technology, and token is the shared interest. The crowdfunding mode in my ideal is a kind of thought and a kind of thinking. The core is to break the financial monopoly, including the removal of intermediaries, so that ordinary people and small and micro enterprises can realize a kind of crowdfunding socialism through financial management. The "mobile Internet + finance" I wrote in the book "Internet + finance = crowdfunding finance" in 2015 is one of the application scenarios of blockchain + cloud computing, which originates from my previous experience.
        Take the financial field as an example. Since 2012, I have been deeply involved in the birth and development of Alibaba, Alipay, yu'ebao, ant financial, Baidu, Tencent, and other Internet financial companies. I have also participated in the discussion and Research on the issuance of important laws, administrative regulations and regulatory licenses. I am a member of the drafting working group of the e-commerce law of the finance and Economic Commission of the National People's Congress. I am responsible for the drafting and research of relevant laws and regulations such as electronic payment and competition rules. I also participated in the research on the revision of the securities law and the Futures Law of the national labor Commission. As a scholar, I hope to find a relatively objective academic balance for the country and society, and find a balance between efficiency and occupational safety for the development of the industry.
        In 2014, I proposed that the core of Internet finance is crowdfunding finance. I translated it as "wefinance" in English. I firmly believe that the breakthrough and development of blockchain + cloud computing is conducive to the realization of socialism, Inclusive Finance and "wefinance". 4. The blockchain storage derived from the combination of blockchain and cloud computing, due to its decentralized characteristics, makes data resources no longer monopolized by a single platform, and makes data assets more freely mobile. Do you think it will create greater commercial value?. On the one hand, the application of blockchain storage in payment and settlement, digital bills, asset digitization, securities, insurance, supply chain finance, credit investigation, cross-border remittance and other fields has achieved a breakthrough in blockchain technology and its payment scenarios, effectively reduced transaction costs, and played a great role in improving the infrastructure of China's financial market.
        Information asymmetry has always been a major problem hindering the development of the financial market. The decentralized trust mechanism, non tampering and traceable technical features of blockchain technology have greatly alleviated the market inefficiency caused by information asymmetry. The application of blockchain storage in identity authentication, privacy protection, electronic storage, Internet of things and other scenarios is conducive to the realization of greater business value. On the other hand, in the non-financial field, "how to solve the trust problem" is the core meaning of all industries. Traditionally, in order to establish public trust and gain trust, it is often necessary to obtain the unanimous trust of the society through endorsement by public authorities or specific authorized institutions. The "decentralized" trust mechanism of blockchain has been applied in digital copyright management, medical care, energy, e-commerce, bidding, charity and other scenarios, which has stimulated greater business vitality.
        For example, Renmin University has been teaching blockchain knowledge in the classroom since 2014. In 2017, it opened a special course on blockchain, not only in law school, but also in computer school, information school and technical experts outside the school. Some students directly went to blockchain companies after graduation, and some directly started their own businesses. For example, the gold stock chain we know is the first enterprise in China to apply the blockchain to the financial scene, and the first enterprise to realize equity registration, transfer and management on the blockchain. Successfully completed the world's first blockchain real estate registration project in Loudi, Hunan.
        In addition, although blockchain and cloud computing technologies are improving, they still involve many technical problems and legal risks in practice. While applying blockchain storage to various scenarios, attention should be paid to identifying and preventing technical risks, operational risks and legal risks. The solution of legal issues is the core issue of the development of blockchain. As a new technology that may change the future life style of mankind, it should escort the development of new technologies at the institutional level. Yang Dong: blockchain technology aims at the trust and security issues in transactions and adopts four technological innovations: distributed ledger, asymmetric encryption and authorization technology, consensus mechanism and smart contract. According to the above description, the blockchain forms a decentralized, reliable, transparent, secure and traceable distributed database through encryption technology, which promotes the transformation of Internet data recording, dissemination and storage management, and brings new growth impetus to the digital economy from the perspectives of reducing credit costs, simplifying business processes and improving transaction efficiency.
        With the advent of the digital economy era,
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