Blockchain will become a booster for revitalizing the real economy

Tue Apr 10 16:06:20 CST 2018

Blockchain technology is a disruptive technology. Blockchain technology is expected to create a "value Internet," promote the entire economic system to achieve technological changes, organizational changes and efficiency changes, and make important contributions to the construction of a modern economic system, resulting in the community The widespread concern.

Blockchain is just a technology, and it is not mysterious in itself. Only when it is actually in the industrial scene can it demonstrate its intrinsic value. An important factor in determining the future of the blockchain is its degree of integration with the real economy. The current application of blockchain technology is still mainly confined to the financial sector. Technological innovation and financial innovation are only deeply integrated with the real economy to promote the development of the real economy, effectively changing the industry's gameplay, reducing industrial costs, improving industrial efficiency, and improving the industrial environment. The value of innovation can be fully realized. In the future, the deep integration of blockchain technology with the real economy industry will form a group of “industrial blockchain” projects that will become the application trend of blockchain technology.

Then, how does the blockchain promote the revitalization of the real economy?

In the initial stage of the development of the blockchain industry, through the "transaction chaining", blockchain technology must realistically solve some "little problems" for the industry. Specifically, it can promote the entity from the three aspects of reducing costs, improving efficiency, and creating an honest environment. economic development.

First, the blockchain will play the role of "cost reduction for the real economy." At present, the cost of the real economy is high and the profit is thin. As a result, the capital does not support the real economy. In the operating costs, management costs and financial costs accounted for not less than the proportion, blockchain technology can effectively help companies reduce the cost of these two parts.

Second, the blockchain will play a role in “improving the synergy efficiency of the industry chain”. Enhancing industrial synergy is an important way to promote China's manufacturing to the mid-to-high end. However, in many industries, the synergy efficiency of the industrial chain is still low, and this problem is particularly prominent in the international trade field.

Thirdly, the blockchain will play the role of “building an honest industrial environment”. At present, the construction of China's social credit system is accelerating, but in some cases, the process of establishing trust between partners is still relatively slow. It is difficult to obtain various types of credit information, and it is difficult for small and medium-sized enterprises to obtain credit loans from financial institutions. Through “trade-uplinks”, various parties can more easily find out the accurate historical credit status of their counterparties, and can establish cooperation mechanisms more quickly; banks can also more securely grant credits to enterprises based on transaction records, and promote the resolution of credit management. Small, medium and micro enterprises have problems such as difficulty in financing, expensive financing, and slow financing.

In addition, blockchain with smart contract technology can largely avoid default and fraud. For example, on the Internet sharing economic platform, users pay money to the platform. However, when the resource provider and the platform settle their accounts, it is difficult to check the correctness of the split amount, and even if there is doubt, it is difficult to grasp the evidence. If the transaction behavior is based on blockchain and smart contract implementation, then it can effectively guarantee the accuracy of the split amount and reduce disputes.

As for the blockchain that will subvert the "classical Internet" problem, I do not agree that blockchain technology has overthrown the Internet. Instead, it should be seen as a perfection of the Internet, an iterative upgrade, and a new phase of Internet development. The blockchain is based on the Internet and solves the long-standing problem of unordered data dissemination, incomprehensibility, and lack of trust in the Internet. It realizes the efficient transmission of value on the Internet and realizes the upgrade of Internet functions.

The Internet has so far been divided into five stages of development: the web1.0 era, where the main communication carrier is text information, the mode is online news, and Internet users communicate through chat rooms; in the web2.0 era, content carriers are transformed into multimedia, and communication methods are also turning social Web3.0; web3.0 is the era of mobile Internet, PC-side traffic is generally moving to the mobile terminal; web4.0 is the era of industrial Internet and Internet of Things, and more objects and machine nodes are connected to the Internet to further enrich the function of the Internet. .

In the web 1.0-4.0 phase, the advantage of the Internet is the efficient transmission of information, but there is an implicit premise: information can be copied and pasted, and spread to multiple points at the same time. The theoretical basis of these stages of industrial development is "Metcalf's Law." However, just as a sum of money can only be transferred to one person at a time, the value of money is obviously only one-way and single-point transmission. Therefore, the traditional Internet is not good at transmitting value. Blockchain solves the problem of integrity, authenticity, and uniqueness in the process of value transmission to a certain extent, reduces the risk of value transmission, and improves the efficiency of transmission, thus realizing the transition from the "information Internet" to the "value Internet." A major upgrade has opened web5.0, which is the curtain of the value Internet era.

At present, there are two extreme understandings of the blockchain industry's evaluation in the society: one is “demonization” and the other is “deification”. Both of these cognitions bring negative effects on the development of the blockchain industry. influences. Blockchain technology itself can ensure synchronized reconciliation of uplink information, cannot be tampered with, and cannot be easily lost. This has been able to solve too many problems for the real economy. However, one technology cannot be expected to solve all problems in the industry at one time. In the future, blockchain technology must be used in conjunction with cutting-edge technologies such as the Internet of Things, artificial intelligence, big data, and cloud computing to achieve maximum results.

At present, China's blockchain industry is in the ascendant, and the maturity of the blockchain-related technologies, markets, and regulatory systems requires a process. In my opinion, a blockchain-based system can be widely deployed within two to three years, combined with specific industrial scenarios to create new models.

In order to accelerate the promotion of blockchain technology in the industrial scene, it is also necessary to address the following issues:

First, find a suitable industry scenario, effectively solve the pain points of industrial development, and use blockchain to solve real problems. In general, B2B transaction scenarios make it easier to use blockchain technology. If an industrial scenario meets the following conditions: the transaction is relatively high frequency, the scope of the transaction subject is relatively fixed, but the parties lack a sufficient trust relationship, and all parties have a certain IT system operation capabilities, then the scene of blockchain technology can be relatively easy Landing. In the future, with the maturity of blockchain-based services, it will gradually be applied to B2C industry scenarios.

Second, the technology is further complete. Blockchain technology still has some problems: 51% attack problems, hard bifurcation problems, high transaction costs, slow confirmation speeds, selective transaction blocks, and POW (workload justification) consensus mechanism. , data privacy is more difficult to protect and so on.

Third, the mechanism is further improved. It is necessary to accurately understand the relationship between "centralization" and "decentralization" of blockchains. The so-called “decentralization” refers to the fact that the entire system can be automated without the management of the central organization. The two unfamiliar entities can realize mutual trust creation at a low cost and quickly without third-party intermediaries, thereby realizing transactions. However, this does not mean leaving no one to manage. The blockchain system is still an information system and it needs to be iteratively upgraded according to new technologies and requirements. There must be a corresponding governance mechanism behind this.

Fourth, the establishment of industrial standards has been accelerated. Although most of the national standards in the field of information and communication are not mandatory standards, once national standards are established, they will have very positive significance for speeding up the training of professionals in the industry, lowering the threshold for technological development, facilitating cross-chain data exchange, and expanding the technical application scenarios. .

Fifth, to further improve the relevant laws and regulations and regulatory measures. The application of blockchain technology is not an extra-territorial place. New technologies are not illegal shields. Establishing and improving corresponding regulatory rules and mechanisms are good for maintaining the healthy operation of the blockchain industry ecosystem, preventing risks, and reducing the compliance risk of related companies. It is of great significance. In addition, we have noticed that many local governments have already introduced policies to promote the development of the blockchain industry in local areas, which will also positively promote blockchain technology's acceleration in the industrial scene.