Which fields or scenarios are more suitable for using blockchain technology?
With the release of heavyweight documents to promote the application of blockchain technology and industrial development, the policy bonus period of blockchain development is coming, which may promote a new wave of blockchain application landing tide.
The Ministry of Industry and Information Technology and the Office of the Central Committee for Network Security and Informatization recently jointly issued the “Guidance on Accelerating the Promotion of Blockchain Technology Applications and Industrial Development” (hereinafter referred to as “Guidance”).
The Guiding Opinions clarify that by 2025, the comprehensive strength of the blockchain industry will reach the world’s advanced level and the industry will take shape. Three to five internationally competitive backbone enterprises and a number of innovation-leading enterprises will be cultivated, and three to five blockchain industry development clusters will be created. By 2030, foster the formation of a number of enterprises and industrial clusters with international leading level.
Yu Jianing, the rotating chairman of the Blockchain Special Committee of China Communications Industry Association, said in an interview with China Business News that the introduction of the “Guiding Opinions” means that the top-level design of the national blockchain industry development has been basically completed, and the development goal of the blockchain industry in the next 10 years has been clearly defined, which further leads the blockchain industry to take the road of high-quality development and heralds the arrival of the “policy dividend period” of blockchain development.
On the whole, the development of blockchain technology in China is relatively mature, but it lacks the guidance of relevant policies to be implemented in a wider range of application scenarios. Now, under the guidance of the “Guiding Opinions” and local governments, industry insiders believe that blockchain technology will soon blossom in the domestic product traceability and data management.
Clarify the direction of blockchain development
During the “14th Five-Year Plan” period, the blockchain industry will become more competitive as the global digitization process advances. According to the Ministry of Industry and Information Technology, the introduction of the “Guiding Opinions” will help further strengthen the foundation of China’s blockchain development, accelerate the scale of technology applications, build a blockchain industry ecosystem with a world advanced level, and achieve leapfrog development.
Yu Jianing said that at present, China’s blockchain technology continues to innovate, and the blockchain industry has taken initial shape. With policy support and promotion, the future blockchain technology application is expected to enter the new stage of “industrial blockchain 2.0”. The application of industry blockchain + asset blockchain + data blockchain + technology fusion and digital RMB will gradually deepen to the ground, driving China’s digital economy and the real economy to further deepen their integration and contribute to the high-quality development of the economy at the beginning of the 14th Five-Year Plan.
Long Dian, the founder of FireNews Finance, told First Financial that the domestic policy and rule of law have already had clear guidelines and systematic planning for the strategic direction and top-level structure of the blockchain industry, and the Guidance also points out that a number of famous blockchain enterprises should be cultivated, which indicates that the blockchain industry has really ushered in the race stage and the blockchain industry has officially stepped into the mainstream.
The Ministry of Industry and Information Technology said that China’s blockchain technology applications and industries have a good development foundation, and a number of representative blockchain applications have emerged in such fields as anti-counterfeiting and traceability, supply chain management, judicial deposit, government data sharing and livelihood services. The initial role of blockchain in supporting China’s economic and social development has emerged. However, at the same time, China’s blockchain is also facing problems such as urgent breakthrough in core technology, immature integration applications, industrial ecology to be improved, and obvious shortage of talent reserves.
Under the five basic principles of application-driven, innovation-driven, ecological cultivation, multi-party collaboration and security-orderly, the Guiding Opinions propose five key tasks and 22 sub-tasks to empower the real economy, enhance public services, solidify the industrial foundation, build a modern industrial chain and promote inclusive development.
Empowering the real economy is placed in the first place of the key tasks. Yu Jianing said that blockchain is a “hydrogen bomb level” weapon in the business world, but any technology or financial innovation that cannot serve the real economy has very limited value. The value and power of blockchain technology can only appear if it can be deeply integrated with the industry of the real economy, effectively serve the main line of supply-side structural reform, and promote the formation of a virtuous cycle of finance and the real economy.
Blockchain technology has entered China for nearly 10 years, and there have been relevant enterprises and developers exploring the application of blockchain technology. “With the joint exploration of multiple parties, blockchain technology has been landed in some scenarios with high requirements for information traceability and other fields, such as invoices and tracking of the issuance of poverty alleviation funds.” Wang Haifeng, a senior researcher of OUKE Cloud Chain Research Institute, told the First Financial Reporter.
According to Wang Haifeng, the Guiding Opinions cover the necessary measures to guide the development of an emerging industry, such as basic objectives, key tasks and safeguards, and its significance lies in the clear planning of the development direction and objectives of China’s blockchain industry in the next few years, which points out the general direction for domestic companies engaged in the research and development of blockchain technology innovation, and enterprises will have clearer objectives and tasks when laying out relevant businesses.
At the same time, the future development of the whole industry will be more orderly and healthy under the regulation of the “Guiding Opinions”, which is also conducive to attracting capital and talents to enter the industry and growing the power of China’s blockchain technology application exploration team.
A new wave of application “landing wave” will be ushered in
Which fields or scenarios are more suitable for using blockchain technology?
The Guiding Opinions specify that by 2025, the comprehensive strength of blockchain industry will reach the world advanced level, the industry will take shape, blockchain applications will penetrate into many fields of economy and society, and a number of well-known products will be cultivated in such fields as product traceability, data circulation and supply chain management, and scenario-based demonstration applications will be formed. We will cultivate 3~5 internationally competitive backbone enterprises and a number of innovation-leading enterprises, and create 3~5 blockchain industry development clusters.
“It is probable that these backbone enterprises and innovation-leading enterprises will also be born in enterprises engaged in research and development of on-chain and off-chain data management in the fields of product traceability, data circulation, supply chain management, etc.” Wang Haifeng said. As for regional advantages, in his opinion, the direction and target have been clearly defined, and enterprises that have already accumulated certain technology and experience at present will have certain first-mover advantages. In addition to Beijing, Shanghai, Shenzhen, Hangzhou and other regions that are currently leading in the development of the Internet industry, western cities such as Guiyang and Chengdu, which are leading in the big data industry, also have the opportunity to become a blockchain industry development gathering area.
In recent years, blockchain technology and industry have been developing rapidly around the world, and the applications have been extended to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, etc., showing a broad application prospect.
However, there is still a shortage of application cases of blockchain available for large-scale commercial promotion. On the one hand, blockchain technology has not yet matured and is still evolving rapidly; on the other hand, the characteristics of blockchain determine its application to specific scenarios, which need further in-depth integration with application scenarios. Therefore, there is an urgent need to combine the technical characteristics of blockchain, select areas suitable for application, drive the accelerated maturity of blockchain technology, promote the iterative upgrading of technical products, and form a source to promote industrial development.
The “Guiding Opinions” deployed two key tasks, one is to play the role of blockchain in optimizing business processes, reducing operating costs, building a credible system, focusing on supply chain management, product traceability, data sharing and other areas of the real economy, promoting the integration of blockchain applications, supporting the digital transformation of industries and high-quality industrial development; the second is to promote the application of blockchain technology in public services such as government services, deposition and forensics, smart cities and other public services, accelerate application innovation, and support the transparency, equality and accuracy of public services.
Yu Jianing said that in the future, under the promotion of the central government and local policies, blockchain-related innovation resources will be rapidly gathered, and blockchain will usher in a new wave of application “landing tide”. The future of blockchain underlying platform, products and service enterprises will be supported by policies, and industry talents will be trained faster to promote the formation and growth of advantageous industries.
This “Guidance” to coordinate policy, market, capital and other resources, to cultivate a number of internationally competitive blockchain “famous enterprises”, to play a leading role in demonstration. At the same time, it encourages deep plowing in niche areas, taking the path of specialized development and creating a number of unicorn enterprises. And encourage localities to combine resource endowments, highlight regional characteristics and advantages, and create blockchain development pioneer areas in accordance with the “regulatory sandbox” concept, and create blockchain “famous parks”.
Yu Jianing said that this means that certain policy incentives and support will inevitably exist for the future development of blockchain in line with the standards, which will be of great benefit to its unfolding blockchain technology innovation.
However, the application of blockchain in the financial field may still be limited than in the fields of supply chain and anti-counterfeiting. Nowadays, blockchain application itself seems to be more smooth or low-key, and has entered the “charm removal stage”. Earlier, it was believed that blockchain would be used to build a new generation of financial infrastructure, including clearing and payments. The use of blockchain can reduce costs compared to centralized credit assurance mechanisms. But in fact, the consensus of the industry today also lies in the fact that although there are inefficiencies in traditional finance, the inefficiencies are often for compliance and risk control.
After research, this reporter also found that there are real challenges in the application of blockchain in the financial sector. For example, the blockchain practice of most banks also still stops at a taste of a demonstration project, but then it is not put into daily application.
In the future, it is crucial to let blockchain find the right scenario. In the current fintech paradigm, both traditional Internet platforms and blockchain platforms mostly exist as data silos – users and developers are more or less limited by the platform’s functionality or otherwise, said Hongfei Da, founder and CEO of Distributed Technology, to reporters. “I have always believed that interoperability (interoperability) is the future of the blockchain industry, a foundation for the entire blockchain ecosystem to achieve synergy with the traditional Internet world and build the future digital economy and ‘next generation Internet’ at scale. ” He claimed.
Although there are already many interoperability protocols, most of them focus on the “asset transfer” part, which is actually a very small piece of the puzzle in the cross-chain world, according to Da Hongfei. In addition to interoperability between blockchains, interoperability between blockchains and traditional platforms is also a major challenge that we still need to overcome.
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