Di Gang, deputy director of the Central Bank’s Institute of Mathematics: Blockchain does not mean that there is an essential difference between Bitcoin and chain

Beijing Business Daily (Reporter Yue Pinyu and Liao Meng) On September 10, the Beijing Local Financial Supervision and Administration Bureau joined forces with the People’s Bank of China Digital Currency Research Institute, Fengtai District People’s Government, and the Asian Financial Cooperation Association in Beijing Fengtai Lize Financial Business At the 2021 China (Beijing) Digital Finance Forum held by the district, Di Gang, deputy director of the Central Bank’s Digital Currency Research Institute, delivered a keynote speech on the topic of “Blockchain Technology Boosts the High-quality Development of Digital Finance” .

Regarding the innovation and development of blockchain in the field of digital finance, Di Gang pointed out that we must first raise awareness and clarify concepts. On the one hand, the blockchain is an integrated innovation that integrates multiple technologies, involving sophisticated combined applications such as cryptography and consensus mechanisms, and realizes the high-level trust problem of untrusted subjects. The second aspect is that the blockchain is not equal to Bitcoin . The blockchain is just a technology. The technology itself is neutral, and there is an essential difference between a currency and a chain. In the third aspect, the blockchain is a tool for self-certification of innocence among non-trusted subjects, and the internal blockchain of a strong-trusted subject cannot play a very important role. The fourth aspect is that people with different professional backgrounds have different understanding of blockchain, and everyone should discuss it in the same dimension.

Secondly, we must take the essence and avoid its shortcomings. Blockchain is not omnipotent. It sacrifices storage and calculations and establishes trust. It has shortcomings in many aspects. Its advantage scenario is to solve the trust problem, but it is not very suitable for scenarios with high concurrency and high privacy and performance requirements.

Third, we must fully understand and develop pragmatically. Technical decentralization does not mean decentralization in management. Blockchain is decentralized, but everyone often misunderstands decentralization. Everyone often emphasizes distribution in computers, but distribution is also one. A manageable distributed architecture. Blockchain, as a technology, should also be a manageable distributed architecture.

Then, long-term evolution and system thinking are required. Blockchain is still under development. It is systematic, long-term, and complex, and requires systematic thinking and dynamic thinking. We are currently facing multiple challenges, including on-chain and off-chain collaboration issues, business continuity issues, engineering implementation and security issues, and performance issues.

Finally, distinguish right from wrong and match the scene. Blockchain has its application scenarios, and you cannot use a hammer to find nails.

 

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