Director of the Institute of China ICT Institute of cloud computing and big data research Wei Kai: block chain actually let us in the digital economy, reduce the cost of building trust

 Director of the Institute of China ICT Institute of cloud computing and big data research Wei Kai: block chain actually let us in the digital economy, reduce the cost of building trust

In November 28th, the daily planet by Odaily combined with 36kr’s 2018 P.O.D New BlockTrend potential new blockchain summit held in Beijing.

The meeting, director of the Institute of China ICT, cloud computing and big data block chain plans to promote the research on trusted Secretary Wei Kai was to build a credible blockchain ecological “theme of the speech. He talked about the block chain advantage and needed to face the reality, and analyzes the block chain technology how to reduce effectively the cost of trust.

He talked about how to build a trusted chain block, transparency advocates four aspects: mathematics, engineering, management and application.

The following is the speech of Wei kai:

Thank you for inviting the daily planet, just the founder of the beginning word is indeed full of positive energy, in the past, when the autumn winter is very cold, to bring warmth. The first half of the year or since last year, the development of the industry too fast, in violation of the law of the development of technology evolution. Calm, pragmatic, and our values with the daily planet highly consistent.

My topic is “building block” credible ecological chain. Why block chain practitioners in the industry to join the stampede in? It is entrusted with a lot of people’s ideal, to block chain allows us to establish the cost of trust in the digital economy is greatly reduced, not only depends on the center of the organization, can also put great trust for us to mathematics and system. This ideal, supported by what? I am from four aspects.

The first block chain changed the way of accounting. For every company to double entry bookkeeping all remember all of the accounts, is a single point of entry. Block chain multiple units multiple accounts in a big books. Because without reconciliation, clearing these things in a book, namely accounting balance.

Second, the role of accounting has also had the very big change. The center of traditional institutions authorized accounting is not legal, is assigned, now who is qualified to do accounting, is by the algorithm to determine.

Third, the data from the operational point of view, the previous books characteristic can crud and block chain can only be added, not just to overthrow the existing history.

Fourth, in the contract before the contract, information flow and capital flow are separated, and now can do information flow and capital flow, greatly reduce transaction costs. It is because of the above four characteristics, let us have confidence in the block chain.

The development of the Internet before 40 years, has made great achievements, to share information instantly spread to every corner of the world. However, the internet transfer value and trust, it is difficult to. Because the value of information and have a very big difference. We have such a trust chain block machine, so that when we arrived, the digital economy builds trust, trust and value transfer on the Internet becomes much easier.

 Director of the Institute of China ICT Institute of cloud computing and big data research Wei Kai: block chain actually let us in the digital economy, reduce the cost of building trust

Now, we can see now like landing case of trade finance and supply chain, electronic evidence, invoices, and other aspects of the product traceability has been a lot, the future will also have a growing number of cases emerged, it is worth looking forward to.

However, the development of the blockchain, but also down-to-earth, face reality. First, block chain is not a ready-made panacea, the use cost is very high, use it carefully to identify, to play the blockchain irreplaceable advantages. Second, block chain itself is worthy of trust, we trust the trust to the machine, to the algorithm, but whether this system itself is worth believing, also need to keep their eyes open. The three problem, chain and chain to anchor? We want to put the digital world and the real world together, this is very difficult. We do business in the digital world, the data is on the chain chain. And when we should linked with the real economy, half in the physical world, half in the digital world. The blockchain itself has no way to do this, but also a lot of external mechanism to guarantee, including the center of traditional authentication mechanism, as well as government supervision and so on.

In section four, how to effectively block chain governance? The chain is facing governance from the beginning of the quagmire, may go to the center of the ideal line. Chain alliance also involves a lot of multi subject participation, how to reach consistent rules, in fact governance is a big problem.

Fifth, block chain to the existing world rules fit? At present, in various countries on how to regulate the blockchain not reach consensus, regulation is not clear, the enterprise is a very troublesome thing. At the same time, the personal information protection and sharing the blockchain contradictions and conflicts between the books is still fermenting and can not be deleted and other characteristics, etc.. The blockchain ideal is full, but face the reality, but also a solid step to solve the problem, go forward.

 Director of the Institute of China ICT Institute of cloud computing and big data research Wei Kai: block chain actually let us in the digital economy, reduce the cost of building trust

In order to promote the rational and healthy development of the whole industry, we advocate “because so transparent, credible” principle. Here the credible, contains four levels: mathematics, engineering management, credible credible credible and trusted application. Only the interlocking trust mechanism, in order to dispel all doubts.

We are actively promoting the development of the industry self-regulation. We advocate you true and complete disclosure of information, and carry out the test, the future will be to promote the online monitoring and open source code. Through these measures, to guide the entire industry to enhance transparency and also social from all walks of life to block chain technology more confidence, more and more doers can devote themselves to the cause of.

In order to do this thing, we in April this year launched a credible blockchain propulsion program sponsored by the time of 159 units, now has nearly 300 members. All the enterprises to actively respond to the head. We focus on the concept of trusted block chain, focus on promoting the three things: one is the development of technical standards, make more and more solid block chain technology. The second is to organize the study together industry pain points difficult to build trust chain. The third thing is to carry out the research on the blockchain policy and regulatory aspects, to provide policy recommendations for government departments, play a bridge between industry and regulatory.

 Director of the Institute of China ICT Institute of cloud computing and big data research Wei Kai: block chain actually let us in the digital economy, reduce the cost of building trust

In June this year to September, in accordance with our trusted blockchain concepts and standards, organization of the first batch of trusted chain block test. 40 registration, finally 20 company’s products passed the test. In the aspect of function, we determine the number of required 40 test items, these can be considered a qualified block chain. Based on this, we have more than 50 options for the test.

The function test, we also organized the world’s first performance test for the commercial block chain products. The performance test results about the highest 50000TPS, the middle is about 3000TPS. In order to facilitate the users and the blockchain technology provider for their own testing, we also open the benchmark testing tool, TrustedBench, also welcomed the block chain company involved in the development and maintenance of testing tools.

China is still deeply involved in international blockchain ICT Institute standards. I am in the International Telecommunication Union – United Nations agencies (ITU) distributed books under the standard focus group vice chairman, our team and domestic enterprises together, actively participate in the formulation of international standards, LED structure, evaluation of the ITU-T proposal, to contribute to the international standard China wisdom.

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