Community Observation: 2019.10.25
China’s President Xi Acknowledged Blockchain As a Breakthrough Technology
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By 明鉴居士
Today, I was honored to be invited to participate in the “2019 Training for Judical Authenticators” training course hosted by the Department of Justice of Zhejiang Province and and Zhejiang Judicial Authentication Association.
One of the keynoters, Leo Yu, shared the first case in China that used blockchain for judicial authentication.
Leo is the founding board member of SimpleChain Foundation. He studied finance in England and came back to China after and joined the blockchain industry. His understanding of the industry seems to be a lot more practical than some so-called industry leaders. He believed that the industry should focus on advancing the technology and making applications that are as straightforward and easy to use as Wechat or AliPay (China’s two biggest apps, each with over 800 million users), applications that will not confront users with complicated concepts, technology or codes.
Good things come in pairs. After attending this great training session, news came out that President Xi said in the 18th collective study of the Political Bureau of the Central Committee that China must take blockchain as an important breakthrough for independent innovation of core technologies, and accelerate the development of blockchain and industrial innovation. This undoubtedly puts a lot of confidence in China’s blockchain industry and also points the direction for its further development.
Key points in President Xi’s speech:
It is necessary to seize the opportunities of blockchain technology integration, function expansion and industry segmentation, and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency and building credible systems.
It is necessary to promote the deep integration of blockchain and the real economy, and solve problems such as the difficulty in financing loans to small and medium-sized enterprises, the difficulty in controlling bank risks, and the difficulty in departmental supervision.
It is necessary to use blockchain technology to explore innovation in digital economic models, provide impetus for creating a convenient, efficient, fair, stable and transparent business environment, provide services for advancing supply-side structural reform, realize effective alignment between supply and demand in all industries, and provide support for accelerating the replacement of old and new driving forces and promoting high-quality economic development.
It is necessary to explore the application of “blockchain +” in the field of people’s livelihood, actively promote the application of blockchain technology in education, employment, old-age care, targeted poverty alleviation, medical and health care, commodity anti-counterfeiting, food safety, public welfare, social assistance and other fields, and provide more intelligent, convenient and high-quality public services for the people.
It is necessary to combine blockchain services with the construction of new smart cities, explore the promotion and application of blockchain in the fields of information infrastructure, smart transportation, energy and power, and improve the level of intellectualization and precision of urban management.
It is necessary to use blockchain technology to promote greater inter-city connectivity in information, capital, talents, credit investigation and other aspects, so as to ensure orderly and efficient flow of production factors.
It is necessary to explore the use of blockchain data sharing model, realize the joint maintenance and utilization of government data across departments and regions, promote collaborative business handling, deepen the reform of “services done at one go”, and bring better government service experiences to the people.
About SimpleChain
The mission of SimpleChain is to simplify the blockchain for business.
SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to enable a variety of applications and use cases on blockchain. Sharding is also implemented to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.
Built on VeraxChain, SimpleChain’s first sub-chain, Baoquan.com provides record keeping services which serves to keep records of online data and authenticate electronic evidence. In June 2018, Hangzhou Internet Court of China judged a case of copyright dispute based on data stored on Baoquan.com. For the first time in China, the legal effect of the electronic data stored on blockchain is recognized in the judicial system. (News link: https://www.coindesk.com/blockchain-can-legally-authenticate-evidence-chinese-judge-rules)
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