As the blockchain gradually enters the industrial application stage, key technologies such as distributed storage, consensus mechanisms, smart contracts, and encryption algorithms have made new progress, and the depth of cross-chain and sharding technology research further sinks. Blockchain will become a new engine for building a trust economy, multiple scenarios will be gradually activated, the physical world, digital world and financial system will be highly connected, data and assets will flow credibly, and the endogenous driving force of economic growth will be stimulated.
Source | Ali Research Institute
Recently, the “Blockchain+” Research Center of Ali Research Institute and Ant Research Institute jointly released the “Rise of Trust Economy-2020 China Blockchain Development Report” during the Global Digital Economy Conference. Focusing on keywords such as “data, trust, platform, application, governance”, the report gives seven predictions for the future development of blockchain:
1. Blockchain makes the trust economy possible. Blockchain is based on the foundation of data credibility, which establishes the credibility of things. The credibility of things makes assets credible, and the credibility of assets realizes the credibility of people. In the next three years, there will be an all-round explosive growth in the fields of finance and government affairs.
2. Converged applications will become the main battlefield for future applications. The blockchain application market will maintain a compound growth rate of about 30-50% in the future. The two characteristics of deposit certificate and traceability have become the main application support, and are widely used in bill management, electronic deposit certificate, digital copyright protection and supply chain finance. Converged applications in scenarios such as government affairs, justice, people’s livelihood, trade, finance, manufacturing, and smart contracts will become the main application areas in the future.
3. Wanchain interconnection has become a new trend. Blockchain technology will accelerate the transition from small-cut applications to large-scale applications. In 2020, the average daily transaction volume of AntChain has exceeded 100 million. Industrial and regional blockchain application networks, and the organic combination, collocation and unification of different blockchain application networks on the same value chain will gradually accelerate.
4. Realize credible circulation of data and assets. Data has become an important factor of production. Under the escort of blockchain technology, the physical world, the digital world and the capital system will be highly connected, and the credible circulation of data and assets will stimulate the endogenous driving force of economic growth. One of the core propositions of future economic competition is how to use blockchain to promote the role of trusted data, a new production factor, to reshape the trust economy.
5. Security and privacy protection have been further resolved. “Sovereignty, security and controllability, interconnection and interoperability” will become an important principle for blockchain technology and industrial development. Independent and controllable security and privacy protection algorithms, hardened hardware chips, etc. will make major breakthroughs, and security and privacy protection issues will be Further resolved.
6. Application promotion is the core in the development of blockchain. The core that determines the future development of the blockchain lies in the expansion of application scenarios, promotes the deep integration of blockchain and the real economy, and creates a batch of verifiable, replicable, and popular models in the fields of agriculture, finance, government affairs, social governance, and people’s livelihood. Cases, combined with the characteristics and needs of various provinces for large-scale promotion.
7. The development of blockchain requires new governance. In the era of digital economy, the connection between people and people extends to the interconnection of people and things, and things and things. Blockchain improves the efficiency of social governance and reduces the cost of social trust. Similarly, blockchain also needs to strengthen governance, clarify the rights and obligations of data generation, use, circulation, storage and other links and subjects, achieve a balance between data openness, privacy protection, and data security, and promote the in-depth integration of technology and social governance.
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