The “troika” of the blockchain industry in 2020: the top-level design escorts the people’s livelihood and the entity dual track

Looking back on 2020, the development of the blockchain industry is exciting.

Human beings always have high expectations for emerging technologies, which may give rise to bubbles. The same is true for blockchain. What first came into people’s eyes was the ups and downs of Bitcoin, a series of chaos in the ICO field, and so on. But in the process from chaos to governance, especially in the year when the blockchain has become a national strategy, what people see is the top-level design of the entity, people’s livelihood, and economic and social changes.

The new changes are quietly dissolving the embarrassment of the people who have no sense of blockchain before. In 2020, in terms of top-level design, various ministries and commissions and local governments frequently issued blockchain-related support policies to escort the healthy development of the blockchain industry; in the field of people’s livelihood, blockchain shines in the field of government affairs, which has improved the government Service quality and efficiency, and convenience for the people to do things, innovated the way the government serves the people’s livelihood; in terms of entities, the blockchain with natural financial attributes has been effective in enabling finance, and the scale of transactions on the chain of 100 billion has gradually become the standard for state-owned big banks. , To speed up the real economy of financial “blood transfusion”.

Looking to the future, as the value of blockchain continues to be released, the role of empowering the real economy and serving the society and people’s livelihood will become more obvious. By then, people will see a new era of digital economy with high-quality development supported by blockchain technology.

Support policies frequently play the top-level design movement

In terms of top-level design, in 2020, the policy warm wind in the blockchain field will blow frequently, which not only provides the largest resources for the industry, but also provides the best dividends. In the policy warming, new infrastructure, new occupations, new pilot projects…Blockchain has brought a new look to the development of traditional economy in the form of “digitalization”.

Since the beginning of this year, from various ministries and commissions to local governments, blockchain-related policies have been frequently introduced, and the top-level design framework of the industry has been gradually outlined. According to the reporter’s incomplete statistics, at a press conference on April 20, the National Development and Reform Commission officially included the blockchain in the scope of the new infrastructure, further highlighting the value of the blockchain. Subsequently, in the new infrastructure-related plans issued by the local governments of 17 provinces and cities, 12 provinces and cities including Beijing, Shenzhen, Fujian, etc. focused on the application and development of blockchain technology. This shows that the value of blockchain is gradually gaining universal recognition, and its weight in the economy is becoming heavier.

Chen Wen, director of the Digital Economy Research Center of the School of Finance of Southwestern University of Finance and Economics, told reporters that the characteristics of digital assets determine the huge difference between their pricing and transaction methods and physical assets and securities asset transactions. Blockchain helps digital asset ownership confirmation, value evaluation, and full chain monitoring of circulation, which can greatly reduce the frictional cost of digital asset transactions, and will also make digital asset transactions from “impossible” to “possible”.

At the beginning of July this year, the Ministry of Human Resources and Social Security announced 9 new professions, among which two new professions in the blockchain field, such as “blockchain engineering technicians” and “blockchain application operators” were listed. With the vigorous development of the blockchain industry, the market has more and more demand for employees; and the emergence of new types of blockchain industry has also contributed to the coordinated development of talent training, technological innovation, and industrial applications in the blockchain industry. Play a driving role. A few days ago, the Ministry of Human Resources and Social Security once again named “Blockchain” in the “Regulations on the Management of Online Recruitment Services”, encouraging human resource service agencies engaged in online recruitment services to use blockchain, big data and other technologies.

Also in July, the China Securities Regulatory Commission issued a document to approve five regional equity markets in Beijing, Shanghai, Jiangsu, Zhejiang, and Shenzhen to carry out pilot projects for blockchain construction. This pilot has provided a “new scenario” for the blockchain and has achieved initial results.

In addition, blockchain also frequently appears in the top-level design of local governments. After sorting out, the reporter found that there are 25 provincial administrative regions that have highlighted blockchain in their 2020 government work report. In general, the eastern region places more emphasis on the basic research and development and original innovation of blockchain technology; the central and western regions are more inclined to the industry’s leading role of blockchain, hoping to increase the speed of local economic development. In addition, various local governments are also actively introducing special blockchain policies to promote the real implementation of the top-level design of the blockchain. After sorting out the relevant information, the reporter found that up to now, nearly 20 provinces and cities have introduced special blockchain policies, and many of them have introduced more detailed blockchain development plans for three or six years.

Looking back on 2020, various ministries and commissions to local governments have successively introduced various blockchain-related support policies, releasing strong goodwill, taking into account both “quality” and “quantity”, and continuously enriching and improving the top-level design of the blockchain industry.

Senior engineer Xiang Lipeng, head of the blockchain innovation team of the Fifth Institute of Electronics of the Ministry of Industry and Information Technology, told reporters that various ministries and local governments have frequently adopted policies and strengthened top-level design, which will help the industry to actively implement policies under the guidance of policies. Innovate in order to build an industrial infrastructure centered on value networks (blockchain) and artificial intelligence. And use this as a technical means to truly play the role of consensus value of blockchain technology, and realize a new business model and social order of conspiracy, co-construction, co-governance and win-win.

Actively deploy in the financial sector to improve the quality and efficiency of service entities

The first “killer” application of blockchain technology, which naturally has financial attributes, is Bitcoin. Since December, the price of Bitcoin has risen staggeringly, repeatedly breaking historical highs, breaking the $28,000 mark at one time, and its total market value has exceeded $500 billion. This price, compared with the lowest point of 4,100 US dollars in mid-March, has risen nearly six times during the year.

Bitcoin’s amazing gains are due to multiple reasons. Ouke Yunchain Research Institute believes that this round of Bitcoin price increase is mainly driven by four factors. The first is the influx of a large number of mainstream institutional capital; the second is the increase in the demand for investors to hedge against inflation due to the easing of monetary policies in many countries; the third is PayPal’s announcement of the launch of cryptocurrency payment services, laying long-term benefits for Bitcoin; fourth is the third reduction of Bitcoin this year Semi-formed market effect.

William, the chief researcher of OKExResearch, told reporters that in terms of the current market situation, Bitcoin is gradually changing its positioning from “alternative investment products” to “digital gold”. This round of Bitcoin bull market is a product of high inflation expectations. Foreign institutional investors care about profits, not feelings such as “Bitcoin faith”. As monetary policy gradually shifts from loose to moderately tight, institutional investors may sell Bitcoin in the market outlook. But until then, the price of Bitcoin will still maintain its main upward trend. However, as the price of Bitcoin gets higher and higher, the market volatility will continue to increase. It is recommended that investors do not add excessive leverage when participating.

Compared with overseas investment institutions, domestic institutions pay more attention to how to empower the real economy. Many financial institutions recognize that blockchain should be a lifeline connecting the physical industry and financial institutions. Since the beginning of this year, they have deployed blockchain to improve the quality and efficiency of financial institutions in serving the real economy through technical means.

On the blockchain track, banks are undoubtedly the leading financial institutions. Up to now, blockchain technology has become the “standard configuration” for the six major state-owned banks to deploy financial technology. The reporter found that since the beginning of this year, the “good hearts” of various banks in the field of trade and finance have covered supply chain finance, domestic letters of credit, and forfaiting. Among them, ICBC, China Construction Bank, and Bank of Communications The scale of transactions on the chain has exceeded the 100 billion yuan mark.

Although the Postal Savings Bank of China was late in the layout of the blockchain, it has also achieved some success. According to the 2020 semi-annual report, Postal Savings Bank of China completed the industry’s first cross-chain forfaiting transaction in January 2020; as of the end of the reporting period, the U-chain forfaiting business system has been connected to more than ten industry partners, and the cumulative transaction scale exceeds 25 billion yuan.

Among joint-stock banks, Zheshang Bank has the most eye-catching performance. Relevant announcements show that as of the end of June this year, Zheshang Bank relied on blockchain and other financial technology receivables chain platforms to have served 22,646 customers and provided a financing balance of 144.643 billion yuan. For upstream and downstream SMEs, through the receivable chain platform, not only can they make payments to upstream suppliers, they can also be transferred to banks for financing realization at any time, effectively alleviating the problems of corporate financing difficulties and expensive financing.

Banks can achieve such impressive results in the field of trade finance with the deployment of blockchain, mainly due to the precise “injection” of the blockchain to the current pain points in the trade and finance field, facing thousands of upstream and downstream small, medium and micro enterprises with financing needs , Blockchain can help the financial industry to improve the quality and efficiency of serving the real economy.

Yu Weiren, dean of the Top Research Institute and vice president of the Shenzhen Information Service Industry Blockchain Association, told reporters that there are multiple participants in trade finance, each of which represents the different interests of its affiliated institutions, and the cost of communication and collaboration is high, especially In the exchange of data and information, the ownership of business sovereignty is particularly prominent due to the involvement of business privacy.

Yu Weiren analyzed that the establishment of a unified distributed ledger technology and consensus mechanism through blockchain technology can achieve the consistency and equivalence of the identities, powers, responsibilities, and interests of all participating entities, and effectively solve the problem of business sovereignty. In addition, the natural sharing of information can directly connect the supplier and the demander, solve the transaction and credit problems of upstream and downstream customers, and greatly improve the power of transaction matching.

Not only in the financial field, but also more and more integration points between the real economy and the blockchain.

“After the financial regulators further clarified that technology companies involved in financial business should be included in supervision, the main direction of blockchain applications began to shift to various business scenarios in the real economy.” Zheng Lei, chief economist of Baoxin Finance, told reporters. At present, blockchain companies use the alliance chain as the main structure to deploy the BaaS platform at the bottom of the blockchain technology, and have made progress in cross-chain connection. The technical infrastructure of blockchain applications provides technical support for the transformation of traditional industries.

Yu Jianing, the rotating chairman of the Blockchain Committee of the China Communications Industry Association and the president of Huobi University, told reporters that as a key infrastructure in the digital economy era, the application value of the blockchain will quickly emerge with the explosion of the digital economy . In 2020, the integration of blockchain and major industries will become increasingly close, and it will play an increasingly important role in reducing costs for the real economy, improving the efficiency of industrial chain coordination, and building an honest industrial environment.

Government affairs scenes blossom everywhere and innovative ways to serve the people’s livelihood

In the field of people’s livelihood, what people see is the concentrated outbreak of blockchain in the field of government affairs. For local governments, the changes brought about by blockchain technology are innovations in ways of serving the people’s livelihood and improvement in the level of serving people’s livelihood.

On the blockchain track, financial institutions, listed companies, and Internet giants have begun to compete on the same stage, using their own advantages to fully tap the potential of blockchain to empower people’s livelihood.

Financial institutions take the lead. Among them, ICBC uses blockchain technology to create the “ICBC Charity Chain”, providing nearly 200 charities across the country with services that integrate financial services, charity transparency, and charity traceability; ICBC also independently develops the “Requisition and Demolition Fund Management Zone” The “blockchain platform” effectively solves the problems of high complexity of expropriation and demolition, low capital utilization, and difficult capital flow supervision. China Life Property & Casualty Insurance has innovated a new model of poverty alleviation and applied blockchain technology to the insurance poverty alleviation project represented by “Come on Mulan-Pay attention to poor women”, forming a legal person blockchain public welfare insurance model with its own characteristics. Statistics show that China Life Property & Casualty Insurance has provided 599.848 billion yuan in risk protection for 7,456,700 poor households with registered cards in 66 poor counties in 15 provinces (autonomous regions) including Yunnan, Sichuan, Xinjiang, Inner Mongolia, and Shaanxi.

Listed companies are also remarkable in the application of blockchain in the field of government affairs. Jincai Internet provides an online financial and taxation custody service product “Jincai Cloud Commerce” based on blockchain technology. The handling personnel can complete all business links online without being present, which is a specific manifestation of the application scenario of “business collaborative processing”. Nanwei Software uses blockchain electronic license technology to create a “blockchain license and license” for Fujian.

Internet giants are also actively using blockchain to empower people’s livelihood. The reporter learned that Tencent Fintech is using blockchain technology to lead the digital transformation in the field of “blockchain + taxation”. Relevant data shows that as of late October this year, Tencent blockchain provides Shenzhen blockchain electronic invoices supported by the underlying technology. 20,000 companies have registered on the chain, covering 116 detailed industries, and more than 33 million invoices have been issued.

In general, in the field of government affairs, blockchain has played a huge role in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system. It can help governments improve the digitalization of social governance, The level of intelligence and precision will improve the quality and effectiveness of serving society and people’s livelihood.

Fan Jingang, executive deputy secretary-general of the Blockchain Branch of the Chinese Institute of Electronics and CEO of Beijing Liangguan Network Technology Co., Ltd., told reporters that in the future, it is necessary to focus on the core key technologies of the blockchain, such as privacy computing, consensus mechanism, etc., to improve the block The privacy, security, scalability, and transaction efficiency and performance level of the chain, thereby establishing a true blockchain-based trusted data sharing platform and value network, realizing the authenticity of multiple, multi-source, and multi-dimensional data Reliability, real-time circulation, clear authorization, and traceable footprint, promote the joint maintenance and utilization of government data across departments and regions.

Looking forward to the future, Zheng Lei said that after the bubble is removed, the development direction of the blockchain industry will be more clear. It is expected that during the “14th Five-Year Plan” period, it will enter a stage of accelerated growth and make greater contributions to empowering the real economy.

Yu Jianing believes that in 2021, the application of blockchain is expected to enter the new stage of “Industrial Blockchain 2.0”, and the state’s support for the blockchain industry will also be greatly increased, and there will be more, more extensive and more specific support policies The introduction provides an important guarantee for the development of the blockchain industry and accelerates the leapfrog development of the blockchain industry.