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Support CenterNewsInnovative Development of Blockchain
Innovative Development of Blockchain
2022/03/08 18:01:35

On October 24th, Di Gang, deputy director of the Digital Currency Research Institute of the People’s Bank of China, said at the forum on building a new blockchain engine to help the industry upgrade and the launch of the new book “Understanding the Blockchain” that blockchain is a digital financial technology. The core technology of the system should neither be deified nor generalized. It cannot be "blockchain for the sake of blockchain". Not all projects need blockchain, nor all data need to be chained. It should be viewed and promoted rationally and pragmatically. Innovation and development of blockchain technology.

In his keynote speech entitled "Development and Challenges of Digital Financial Technology", Di Gang stated that blockchain is to solve the problem of mutual distrust of multiple subjects, while breaking the central concept and emphasizing peer-to-peer interconnection. "Openness, ecology, and cooperation are the only way for blockchain to be credible. The way out for blockchain in the future must be open, and it must be toward ecological development. It must be toward cooperation and not islands."

Blockchain is currently a hot technology explored in the field of digital finance. Di Gang believes that it is necessary to understand the relationship between blockchain and the digital financial technology system. It is necessary to correctly evaluate the technical nature of the blockchain, choose the essence and avoid shortcomings. Due to the inherent technical defects of the blockchain, it remains to be seen whether it can be applied on a large scale. The realization of blockchain requires a variety of technological breakthroughs, and requires the joint efforts of all sectors of society to promote its development and application in the field of digital finance.

Di Gang talked about the pain points of actual scenarios under "blockchain + industry". Taking trade finance as an example, he pointed out: At the business level, there are problems of unreasonable financing, multiple financing problems, and capital flow monitoring; at the technical level, there are redundant construction, lack of network effects, system separation, lack of synergy, and external data access Difficulties: At the level of regulation, there is a lack of regulatory guidance and a lack of uniform standards.

Di Gang believes that the industry should actively play the role of technological improvement of the blockchain itself, and look for real economic applications that fit its technical characteristics and are significantly better than traditional technologies, so that blockchain technology can truly solve the industry's pain points. Relevant government departments achieve overall positive benefits at the system level by providing support for policy soft infrastructure.

Di Gang also pointed out that it is necessary to understand the future quantum computing challenges, launch innovative applications, and study the combination of quantum communication, quantum computing and other quantum information technologies with innovative applications of blockchain and financial technology. At the same time, pay attention to blockchain quantum security and accelerate Anti-quantum computing cryptographic algorithms, cryptographic protocols, application program design and chip-based implementation technology research and development, actively respond to the challenges of quantum computing to cryptography, and ensure the security of blockchain and financial technology in the quantum era.

The Digital Currency Research Institute of the People's Bank of China has 87 financial technology patents such as blockchain. On September 4, 2018, based on the underlying blockchain technology independently developed by the People's Bank of China Digital Currency Research Institute, the central bank's trade finance blockchain platform was launched in Shenzhen on a pilot basis. As of 2020 and mid-October 2020, the central bank's trade finance blockchain platform has accumulatively registered 50 banks, with a cumulative transaction value of 205.6 billion yuan.


Source: Economic Daily-China Economic Net

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