On Oct. 23, 2020, the China Times 2020 Blockchain Summit was successfully held at the Beijing Kerry Hotel. The conference was hosted by The China Times, Shuipi Zatan, a financial commentator column and China Times Financial Research Institute, and it was co-hosted by Cointelegraph China.

With the theme of “Exploring Change and Serving the Industry,” the conference invited senior industry experts, scholars, regulators and business leaders to analyze the current development of the blockchain industry, while jointly studying and discussing the development of blockchain technology and the future of the industry. 

Industrial blockchain, risks and opportunities can coexist

At the beginning of the conference, China Times CEO and well-known financial commentator Shui Pi said in a speech that blockchain technology has a natural role in connecting with finance and that Bitcoin is currently the most successful application. He thinks, to a certain extent, blockchain has become a standard configuration of a “new infrastructure.”

Li Ming, director of the research office at the China Electronics Standardization Institute, believes, “Digital industrialization is the use of digital blockchain, big data, artificial intelligence, 5G and other new-generation technologies to complete industrial upgrading. The core element of digital industrialization is data.” He continued: 

“Through the combination of blockchain technology and privacy computing, it can promote the sharing and flow of data. Blockchain has many benefits, but there are also many problems, including supervision, security, business models and technical systems.”

Data is the core element of the digital economy, and blockchains are used as a data-processing tool. Amid this technological evolution, Zhu Youping, deputy director at the China Economic Network Management Center of the National Information Center, predicted the transition of the digital economy 1.0, which is based on the internet, to a new digital economy 2.0, which is based on blockchain technology. 

Standardizing and encouraging the development of the blockchain industry

Regarding how to better apply blockchain technology in the industry and how the industry adapts to policies, Sun Ke, director of the digital economy research department at the China Academy of Information and Communications Technology, said: 

“In the future, blockchain will mature and become an important part of the new infrastructure.”

Cointelegraph China, as the main co-host of the event, also invited Charles d’Haussy, the ConsenSys director for strategic initiatives and market lead for Hong Kong, to share his thoughts on blockchain’s application in finance. According to d’Haussy, central bank digital currencies would be an important area for Ethereum to build. ConsenSys is currently working on exploring a “programmable currency” and circulating it in a more efficient way. 

The next steps for CBDCs are to ensure the improvement of e-cash, bring some features that are still unavailable, improve the utilization rate of funds provided by the central bank, ensure that the value chain is more efficient, and meet the monetary needs of the economy. 

Charles d’Haussy continued that Libra is actually pushing  several central banks around the world to accelerate the launch of a CBDC within a few years. The infrastructure of CBDCs should be built as a private and public platform, and Ethereum is suitable for this feature.

The event ended with the annual award ceremony to blockchain enterprises and tech companies, such as  Amber Group, SlowMist Technology, Mathtech, Ant Group, Jiaxing Blockchain Research Institute, Xinji Technology and 360Power.