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Cai Weide: China's blockchain development needs to establish a new regulatory sandbox

Time : 16/09/2021 Author : l4cn3g Click : + -
        Haikou, the client of and, reported on December 11 (reporter Ren Tong of On December 11, the 2018 Hainan "Internet +" innovation and entrepreneurship Festival blockchain innovation and Application Conference was held in Haikou. Cai Weide, a distinguished expert of the national "Thousand Talents Program" and doctoral supervisor of Beijing University of Aeronautics and Astronautics, interpreted the blockchain sandbox and proposed that China's blockchain development needs to establish a new regulatory sandbox. It is understood that Cai Weide has done a lot of important blockchain work, including big data version blockchain, blockchain based clearing, panda homogeneous network model, golden monkey heterogeneous network model, etc. And has created many new technologies in this field and obtained 13 patents.
        "The purpose of sandbox is to encourage innovation and try new technologies." At the meeting, Cai Weide explained the use of sandbox from the supplier (technology companies), the demander (central bank, financial institutions) and the regulator (government), and introduced the concept of regulatory sandbox. He pointed out that the regulatory sandbox brings benefits to consumers through the company's financial service innovation, while enabling the company to have capital and the ability to control risks. Britain, Canada, Singapore, Malaysia and other countries have started to use regulatory sandboxes. Cai Weide proposed that the blockchain industry sandbox plan will form a practical industrial regulatory system by refining the rules, which can prevent, identify, warn, warn and deal with the risks of blockchain industry application.
        At the end of 2017, the first generation sandbox landed; In June 2018, the second generation sandbox landed, the interface was automatically tested, the operation was tracked, the blockchain line was inspected, the automatic public chain evaluation was completed, and a large number of databases were established. "China's blockchain development needs to establish a new regulatory sandbox." Cai Weide said that the promotion and use of sandbox in China will accelerate the establishment of China's blockchain industry and become a leading blockchain country in Asia and even the world. As far as the government is concerned, the regulatory authorities do not need to rely solely on human assessment, but use the sandbox as a sharp regulatory tool to regulate financial technology in an objective, fair, open and scientific manner. To develop the local economy, various regions will establish industrial sandboxes in different fields to better serve industrial development.
        In the industry, industry norms are spontaneously formed and sandboxes are used to promote academic research and educational practice. Chinese research institutes and universities can use the sandbox to become the world blockchain research center and develop blockchain applications and blockchain underlying technologies at low cost in the sandbox.
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