Confucius said: If you do not know propriety, you cannot stand. With the rapid development of the blockchain, enterprises after 5-10 years are likely not to be “on the chain” and have no way to stand.

To talk about the development process of blockchain in recent years: “From the hotness in the second half of 2017 to after April 2018, China’s blockchain investment has declined significantly. By July 2018, the central government proposed that no Blockchain is the definition of finance. Therefore, after July 2018, most of the people related to the blockchain in China have retreated to the technical level, and have done the unified and standardized construction at the bottom of the industry.” Yang Ge, founding partner of Xinghan Capital The “Chinese and foreign management” has been sorted out.

And 2019 is an important node for the development of blockchain. In general, investment institutions have become more mature in their thinking on the bottom layer of the blockchain, and more pragmatic in the implementation of applications. This year, blockchain investment began to focus on cryptocurrencies and gradually converged to blockchain applications.

Yang Ge said: “In 2019, standing at an important node in the economic adjustment cycle, the country urgently needs the promotion of new production capacity. Only the emergence of more valuable new production capacity is the basis for driving the economy forward. But new Where is the production capacity? The emergence of blockchain has undoubtedly reinvigorated everyone’s confidence.” Yang Ge firmly believes that this time the central government has raised the blockchain to a national strategic level, which is a major benefit to the capital market and the entire industry.

Some media have found that learning cutting-edge technologies is an important part of the collective learning of the Political Bureau of the Central Committee. One view even believes that blockchain, as the three pillars of financial technology that keeps pace with artificial intelligence and big data, is likely to be the “Internet” in 10 years.

Value 1: “Standardization” and consensus mechanisms in all walks of life

“The track of the blockchain is subdivided, and the value of the blockchain depends on which ‘part’ of the business it is creating value for.” Deding Innovation Fund, which has been following the blockchain track for four years Partner Wang Yuehua emphasized on “Chinese and Foreign Management”.

Wang Yuehua said that Deding Innovation Fund is generally optimistic about two aspects of blockchain:

On the one hand, there are blockchain applications, such as “blockchain + finance”, “blockchain + insurance”, “blockchain + medical health”, etc. On the other hand, it is “blockchain + Internet of Things”, that is, adding a blockchain protocol to the Internet of Things scenario can make the Internet of Things more valuable. Wang Yuehua regards “blockchain + Internet of Things” as a is an infrastructure.

Regarding the value of the blockchain, Yang Ge of Xinghan Capital analyzed “Chinese and foreign management”: “To a certain extent, the blockchain acts as a translator of ‘value’. In the process of agriculture, industry, commodity circulation and supply chain transmission Many links have not been standardized, and this is precisely where the blockchain comes in.” “Every point in business, every service and application, whether it is good or bad, more or less, it is difficult to measure with ‘value’, and the blockchain needs to be clearly described in the form of digital contracts.”

Yang Ge believes that the blockchain is a middle-level framework technology driven by the Internet, that is to say, the positioning of the blockchain is a tool for the further upgrading of the Internet, so there is a saying of “blockchain+”. As a tool, the important value of blockchain lies in helping companies to standardize and assets to standardize.

“Only when standardization is achieved, the blockchain can build a new system, which is the value of the blockchain. Why in the United States, the blockchain is regulated by the SEC (US Securities Regulatory Commission), the main reason is that the After the establishment of standards and consensus, the blockchain acts as an auxiliary tool for ‘finance + securities’ in the financial field.” Yang Ge emphasized that China is still in the early development stage of the blockchain industry – the technical stage.

Therefore, Yang Ge’s technical positioning of blockchain is: based on a product between the Internet and software, it is not a term for the integration of technology and business from the bottom to the top, but a staged technical framework, a driving force Tools for further business upgrades.

Value 2: From “Internet of Information” to “Internet of Trust”

The formation of a “consensus mechanism” through the blockchain can solve the problem of information asymmetry among various subjects “on the chain”, and truly realize the transformation from “information Internet” to “trust Internet”.

And “trust” is undoubtedly the cornerstone of the operation of the market economy. Many problems in China’s economic development have a main common reason – the transaction cost is too high, and the risk of default is too great!

“Blockchain distributed bookkeeping will be the most direct and effective way to solve the problem of trust.” Wang Yuehua gave an example of establishing trust between the two sides of the credit: In the past, when banks lent to enterprises, there was no way to distinguish the authenticity of many links, such as : The accounts receivable certificate provided by the enterprise is true or false… But the blockchain distributed bookkeeping is introduced in supply chain finance, and the upstream supplier of the enterprise can directly provide the bank with the ‘credit certificate’.

“More importantly, in the quality control of supply chain finance, blockchain can also find a place to use.” Wang Yuehua continued to analyze: Taking the most common enterprise warehouse receipt (the certificate for extracting warehouse goods) as an example, the warehouse receipt If the bank’s approval can be obtained, it can naturally lead to the bank’s lending behavior.

After enterprise suppliers are “on the chain”, with distributed ledgers, suppliers at all levels of the enterprise can be open and transparent, and form a consensus mechanism for warehouse receipts to recognize and confirm rights, and ultimately become a relatively small and medium-sized enterprise. Credentials to easily establish lending relationships with banks.

Yang Ge believes that the blockchain has greatly expanded the breadth and depth of human trust and will develop into the next generation of cooperation mechanisms and organizational forms. Because the most important function of the blockchain is to establish a value consensus, and this “consensus” is mainly based on two aspects: “value quantification ability” and “value security process”.

The first is “value quantification capability”: to describe one thing clearly through digital means is a process of value quantification. The second is the “value security process”: after it is clearly described in a digital way, it is necessary to protect the data from being tampered with, and it can be queried anytime, anywhere. These two aspects are superimposed to form a consensus of value.

Therefore, the blockchain will play a very important role in the construction of data exchange mechanism and credit system.

Yang Ge gave a relatively common example to “Chinese and Foreign Management”: A didn’t know B before, but through “Tianyan Check”, “Qixinbao”, industrial and commercial information, etc., A can quickly find out how many years B has been in the past. things done. The same is true for the blockchain, including B’s breach of contract, credit level… When all these data are superimposed together, A can create a business portrait for the person or company B. These things cannot be tampered with at will. They are the “credentials” that B has recorded along the way for many years, and the process of recording is actually the process of “on-chain” information.

“At this stage, the blockchain can do this, but it has not yet reached the level of widespread promotion, and it will go through a 10-year cycle and process.” Yang Ge analyzed and pointed out.

This is the 2020s, which will definitely be an important background for the booming era of blockchain.

Value 3: Blockchain +, what can be added is the most important!

But Yang Ge also reminded: We can’t be too mythical about the blockchain. Why? Because of the partial value of the blockchain, it has been developed for many years in the form of “Internet + database”. In the mode of “Internet + database”, when the “+” reaches a certain level, it will reach the level of the private chain. Then each private chain is merged, and when the private chain has more commonality and exchangeability, it becomes a public chain.

“The biggest obstacle to the development of blockchain at present is that the data in each block is not unified. Many Internets are localized, and the internal and external networks do not communicate with each other.” Yang Ge believes that the process of “from private chain to public chain”, It is the process of breaking the local area network and establishing data standardization.

In addition, although the development of the blockchain is of great significance, Wang Yuehua also said: It is not that after the blockchain, the previous business has undergone earth-shaking changes. For “blockchain” to play a huge role, it depends on the token economy developed from blockchain technology.

What is “token economy”? Wang Yuehua gave an example: People used to think that the Internet was an earth-shaking change, but what really changed our lives was Didi Taxi, Taobao, and Meituan developed based on the Internet… These commercial applications based on the redevelopment of the Internet are the token economy. Only the token economy can reconstruct the business format.

“Blockchain is the same, it is the bottom layer, hidden behind the business, in the daily business form, you often don’t see its existence. And what you see is extended from the blockchain” Token economy’, that is, the implementation of blockchain in various business scenarios.” Wang Yuehua said.

In essence, the blockchain adds a protocol to the original information Internet. This protocol will bring many benefits to data processing: for example: processing data value transfer, asymmetric encryption, which will make the data become Open and transparent, and achieve collaboration in a distributed manner.

In January 2019, a report released by digital security firm Gemalto stated: “Nearly 91% of businesses not using blockchain are considering using the technology in the future.”

This shows that at present, blockchain has a lot of room for landing in the enterprise-level service market.

Responsible editor: ct

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