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Meaning of blockchain,To explore the new trends of the industry, Huobi China was invited to participate in the 2020 global blockchain Policy Forum

Time : 12/08/2022 Author : 5wxcbv Click : + -
        People's Political Consultative network, November 24 - from November 16 to 20, Paris time, the 2020 global blockchain policy forum hosted by the organization for economic cooperation and development (OECD, hereinafter referred to as "OECD") was officially held. Yuan Yuming, CEO of Huobi China, was invited to participate in the forum and delivered a speech at the theme forum on "trade under the epidemic: is distributed accounting technology an answer to the risks and inefficiencies of global supply chain" on November 17. Officials of the US Department of Commerce, officials of the Danish Maritime Administration and IBM executives also participated in the sharing. The 2020 global blockchain policy forum brought together officials from the International Monetary Fund (IMF) and the OECD, government ministers, senior policy makers, industry leaders, scholars, etc. to carry out in-depth exchanges around the main applications and major policy issues of the blockchain ecosystem in 2020. Through sharing best practices from around the world, they jointly discussed the emerging trends of the blockchain industry and the direction of future policies.
 
        There have been many bottlenecks in the development of cross-border trade, and the global epidemic has made it face great challenges. Yuan Yuming said that the three key pain points of "complex cross-border trade links, asymmetric information of all parties", "high trust cost, high communication cost and high compliance cost" and "long transaction process and high pressure on participants' capital occupation" have seriously restricted the development of Global trade. "Blockchain can provide good technical support and effectively solve the pain points of Global trade." Yuan Yuming further explained that the distributed ledger can share data among different participants, effectively reducing information asymmetry. Consensus mechanism and digital signature can ensure that the information is authentic, non tamperable and traceable.
 
        Thus, a transparent, trusted and shared environment can be established to reduce the overall cost. If assets can be mapped on the chain, the company can quickly withdraw funds and shorten the fund circulation cycle. At present, more and more companies are expanding the data-driven blockchain economy. IBM conducts research and evaluation on "the development of blockchain in Global trade" through 1000 companies in 34 countries and 22 industries. ParM Sangha, executive partner of IBM Global business services, said that the research showed that for most companies, it is important to share reliable data, which requires a reliable infrastructure for legitimate data transmission and connects reality with the trading world.
 
        In addition, at present, the industry hopes to see a standardized, global environment with rich industry service functions, which requires the guidance of the government and regulatory departments and the support of the academic community. As a one-stop service platform for "blockchain + industry", Huobi China has conducted in-depth exploration in the field of "blockchain + cross-border trade". Yuan Yuming introduced the integrated management platform scheme of "blockchain + cross border trade" deployed by Huobi China, and explained it with commodity smart contract as an application case. For example, when distributors publish commodity trading contracts on the platform, the platform will automatically review the credit and qualification of trading partners. All trading mechanisms are preset as smart contracts, all participants will be verified through their electronic signatures, and all trading information will be stored in the chain block.
 
        Anette dybdal, director of business and it development of the Danish Maritime Administration, also mentioned that in the process of digitizing paper documents in the past two years, we have noticed that the advantages of blockchain can ensure the security of data, but not all data will be linked. The blockchain is used as a plug-in in in the original system to ensure the effectiveness and security of data at a lower cost. It is reported that the "global blockchain policy forum" is a leading international event led by the OECD blockchain policy center, focusing on the policy implications of this technology and its applications. The global blockchain policy forum in 2020 is the third forum. The OECD was founded in 1961 and currently has 34 member countries. Its main function is to study, analyze and forecast the development trend of the world economy, coordinate the relations among member countries and promote cooperation among member countries.
 
        
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