Li Lihui, former president of the Bank of China: The bottleneck of the large-scale application of blockchain has not yet been broken through (full speech attached)

On the afternoon of September 25th, the Bund Conference Blockchain Industry Summit opened in Shanghai. Li Lihui, the blockchain team leader of the Internet Finance Association of China and the former president of the Bank of China, shared the theme of "Building a Digital Society of Mutual Trust and Interconnection". He said that the application of blockchain technology has its obvious advantages, for example, it can build a financial service model in which large, medium and small financial institutions participate together; it can realize the link between public services and share services; it can aggregate in discrete structures and establish trust mechanisms, etc. . At the same time, Li Lihui pointed out that the bottleneck of large-scale and reliable application of blockchain technology has not yet been broken through, and it is still in the most important period of development and opportunity. For example, there are obvious shortcomings in the field of software development; the construction of standardization in the blockchain field has just started, and we need to pay close attention to the construction of security standards and financial standard paradigms in the blockchain field; legally, we should clarify the legal definition of digital assets. The validity of the contract, the responsible subject and its code of conduct under the distributed architecture, etc.; finally, it is necessary to establish a global competitive advantage in the field of digital economy. He also said that in the economic dimension, the blockchain can be understood as a trustworthy, interactive, encryptable, and shareable value chain. The blockchain can establish a trust mechanism for technical endorsement, express rules with algorithmic programs, and implement multi-party collaborative transactions and interactive business models through consensus protocols and programmable smart contracts. At the same time, legal rules and regulatory nodes can be introduced , to avoid the risk of unpredictable transactions. Li Lihui also said that at present, the application scope of digital trust is not extensive. In the future, it can be applied in five aspects: trustworthy data, trustworthy authorization, trustworthy property rights, trustworthy contracts, and trustworthy legal persons, so as to realize the integration of logistics and information flow. change. In addition, it is theoretically possible to build a space-time folded business architecture, which helps to protect privacy and data security in multi-party interactive scenarios. On the scene 丨 Zhou Yanli, former vice chairman of China Insurance Regulatory Commission: The insurance industry should also be on the "chain": Jinse Finance live report, on the afternoon of September 25th, the Bund Conference Blockchain Industry Summit opened in Shanghai. Zhou Yanli, the former vice chairman of the China Insurance Regulatory Commission, shared the theme of "Technology "New Infrastructure"-Blockchain Technology Helps the High-Quality Development of the Insurance Industry". He said that at present, the development of my country's insurance technology has entered the third stage of deep technological empowerment, and the insurance industry also needs to be on the "chain". Blockchain technology is an important infrastructure and trust tool for the insurance industry. Its distributed ledger, asymmetric encryption, and smart contracts are indispensable elements of the insurance industry, providing value for insurance risk control and anti-fraud. In addition, the characteristics of decentralization and the consensus mechanism help the insurance business to reduce costs and increase efficiency. At present, the application of blockchain technology in the insurance industry is mainly concentrated in the fields of products, marketing, castles, claims and risk control. In addition, the application scenarios of blockchain in the insurance industry also include farming insurance. Zhou Yanli also suggested that it is necessary to establish an insurance anti-fraud alliance platform, put personal health data on the chain, and link blockchain technology to everyone. [2020/9/25] The following is the full text of Li Lihui's speech. Distinguished guests and friends, good afternoon! The Blockchain Industry Summit of the Bund Conference was held in Shanghai today, and I wish the summit a complete success in Beijing. Distinguished guests and experts, today we are gathering around the development of the blockchain industry, but I think at this moment, our gathering will still be restricted by physical conditions. For example, the size of the venue space will limit the number of us, and the distance between people will limit the communication between us. More importantly, the links between each other must rely on mutual trust, so how can we build a large-scale and reliable link? On-site | Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission: Blockchain technology boosts the transformation and upgrading of the insurance industry: Jinse Finance live report, On the afternoon of September 25, the Bund Conference Blockchain Industry Summit opened in Shanghai. Zhou Yanli, the former vice chairman of the China Insurance Regulatory Commission, shared the theme of "Technology "New Infrastructure"-Blockchain Technology Helps the High-Quality Development of the Insurance Industry". He said that each technology route has its own application scenarios, but the one that can really apply technology to industry scenarios is the blockchain. The Party Central Committee also attaches great importance to the technical application of blockchain. Among many applications, how to apply blockchain technology in the insurance industry is an important topic. In the application scenario, the blockchain empowers the underwriting link, and builds a reliable and efficient underwriting mechanism through the chain of insurance data; the use of blockchain technology can store and mine the data value of customer information, and can realize personalized and customized insurance . The blockchain empowers the field of risk control and realizes the interconnection and intercommunication of data in the industry under the premise of protecting data security. In addition, Zhou Yanli pointed out that the new infrastructure represented by 5G networks and data centers is accelerating, and the insurance industry must also actively embrace the digital economy, vigorously develop insurance technology, and make breakthroughs in multiple dimensions such as risk management and product research and development. Among them, the blockchain is indispensable. [2020/9/25] I think this is a problem that Ant Group has been working hard to solve, and it is also a key topic to be discussed at our summit. This is how we use digital technology to solve the trust in the Internet of Everything architecture Former Chairman of the Export-Import Bank of China: Digital currencies such as Libra may break the current international monetary system dominated by one currency: A few days ago, the former director of the Export-Import Bank of China Li Ruogu, director of the Peking University Financial Review, wrote an article in which he pointed out that the emergence of digital currencies such as Libra may change the current currency and banking system, impact the existing international financial system, and thus break the current international currency that is dominated by one currency. system. We must attach great importance to it, and cannot give up the right to speak and participate in the formation of the new system. At the same time, we have to think about the positive and negative impacts of breaking the system, and ask some questions: In a world dominated by nation-states, aside from recognized international financial institutions such as the IMF, a private institution issues a transnational , How feasible is a super-sovereign currency? If there is such a possibility, what basic work should we do to promote it? Asking more questions and thinking about them will be more beneficial to the development of our country. [2020/3/6] Question? In fact, what we are discussing is an industry such as blockchain. I personally think that blockchain technology has special advantages. It may become the best solution for mutual trust and interconnection of all things. It is understood as "a distributed shared ledger based on a peer-to-peer network, consensus mechanism, smart contracts, and encryption algorithms." One is a chained block architecture based on timestamps, so the data on the chain cannot be tampered with. The second is a real-time operating system based on consensus algorithms. The third is personalized rules based on smart contracts, and technical trust can be certified. The fourth is an end-to-end network based on encryption algorithms, and counterparties can be mutually selected. Voice | Former Vice Chairman of the China Insurance Regulatory Commission: Encourage banking and insurance institutions to actively use distributed accounts, especially new technologies such as blockchain: According to financial circles, today, the 2019 China Digital Inclusive Finance Conference was held in Beijing. Zhou Yanli, member of the National Committee of the Chinese People's Political Consultative Conference and former vice chairman of the China Insurance Regulatory Commission, said that to support financial services, efforts must be made in product innovation, and banking and insurance institutions are encouraged to actively use distributed accounts, especially blockchain technology, big data, cloud computing, artificial intelligence, etc. New technologies, innovative design of products, accurate provision of financial services, and unique business methods to create high-quality financial services to enable customers to have satisfactory financial availability. [2019/3/22] According to different technical architectures, people generally divide blockchains into public blockchains, private blockchains and consortium blockchains, so what is the difference between the three in my opinion? The difference between them lies in the degree of decentralization and the scale of read-write permission. However, all three architectures adopt a distributed, trustworthy, encryptable, and end-to-end technical architecture. Therefore, I think in the economic dimension, we can understand the blockchain as a "trusted, interactive, encrypted, and shareable value chain." From this point of view, I think the blockchain has two potential advantages beyond the traditional information technology architecture. 1. Digital trust. Looking back on the history of the past few years, we can also see that, in fact, big data technology was first applied to establish digital trust. More and more technology companies and financial institutions use big data technology to promote their popularization. Benefit financial services. The key here is that we use digital technology to develop credit, tap credit, and tap the trust value of the general public to promote the popularization of trust. Blockchain is somewhat different from big data. It can establish a trust mechanism for technical endorsement, solve trust problems through mathematical methods, and express rules with algorithmic programs. As long as we trust common algorithmic programs, we can build trust and differentiate The block chain is a script that can be embedded in the corresponding programming through the consensus agreement and the programmed smart contract, so that it can be determined and executed interactively. This kind of business terms that are mutually recognized by all parties to the transaction, and we can introduce legal rules, and also Nodes for regulatory control can be introduced. In this way, we can ensure that our value exchange conforms to the principle of the contract, and also conforms to the legal norms, avoiding the risk of unpredictable transactions. Voice | Wang Yongli, former vice president of Bank of China: Digitization of legal currency is an inevitable direction, and Bitcoin is just a currency for business circles: According to PANews, Wang Yongli, former vice president of Bank of China and vice chairman of China International Futures Co., Ltd., believes that digitization of legal currency is the future development The inevitable direction of the legal currency digitization promoted by the central bank of my country is the digital currency and intelligence of the legal currency. Simply put, its goal is to replace M0; the network digital currency such as Bitcoin is finally positioned as a network community currency or a business. Ring coins. Its value depends on the coverage, penetration rate, and activity of this online community, as well as the value of the business district. The value of the currency is determined by the value of the business district, not the value of the business district determines the value of the currency. Wang Yongli suggested that current practitioners "think of all ways to apply your blockchain to the real world, which can really solve the problems of the real world, so that it has a wide range of applications, and only when it is active-zce can the currency be truly valuable. "[2019/1/7] What is the value of digital trust? I think there are mainly 2 aspects. 1) It can form a trustworthy bond in an environment where trust is unknown or weak, saving the time and cost required for trust formation, and boosting commercial credit to a certain extent to a certain extent. 2) A zero-time difference and zero-distance authentication tool can be established in a wide-area, high-speed network to improve the actual efficiency of the Internet of Things and improve its operational reliability. Further analysis shows that the main advantages of digital trust are high efficiency and low-cost inclusiveness. At present, the application scope of digital trust is not too large, but with further development, I think digital trust can achieve five trustworthiness in the future. 1) The data is credible. 2) Credible property rights. 3) Authorization is credible. 4) The contract is credible. 5) The legal person is credible. This will reconstruct our industrial model and realize the integration of value chain, supply chain and chain of command. This will also reconstruct the financial model and realize the integration of information flow, logistics and capital flow. 2. Three-dimensional interaction. The distributed end-to-end architecture of the block chain is conducive to the parallel transmission of information, the realization of information sharing, and the parallel crossover of management and control. It is a business structure that can build space-time folding and three-dimensional interaction, and improve the efficiency of cooperation and operation. The chained block data architecture, consensus mechanism, time stamp and key technologies adopted by the blockchain help to prevent tampering of original data, control the risk of data leakage, and protect Privacy and security. The architecture of information technology that we are all familiar with is centered and closed. The commercial society we are familiar with is that the market subjects are independent and interactive, and the traditional trust mechanism we are familiar with is self-contained and divided. But if we apply blockchain technology to establish a digital trust and three-dimensional interactive architecture, this will reshape our current traditional business model, thereby improving the efficiency of resource allocation. We have seen that the experimental nature of blockchain technology over the years Some initial results have been obtained. 1) Construct a distributed ledger system in which large, medium and small financial institutions participate together, realize information sharing, product sharing, and service sharing, and provide financial services with higher efficiency and lower cost for the real economy. For example: in a scenario such as supply chain finance, the blockchain can establish a multi-party collaborative architecture, which can transfer the credit of the core enterprise to more levels, and it can incorporate commercial contracts into smart contracts to prevent funds from being embezzled , also prevents malicious breach of contract. Also, in some scenarios such as cross-border payment and cross-border settlement, it can realize the synchronization of information sharing and monitoring in the process of implementing anti-money laundering and compliance, thereby optimizing the process to improve efficiency and reduce the cost of capital occupation. 2) Realize the seamless connection between public services and financial services. For example, the international trade "blockchain +" single window platform launched by Shanghai last year has 10 functional sections of supervision and services and more than 50 practical applications, covering international The main link and main process of trade can provide enterprises with public services related to international trade, and can also provide derivative services such as digital financial insurance, supply chain finance, etc. 3) Establish a trust mechanism in a discrete architecture. For example: AntChain began to deploy in commodity transactions, financial transactions, copyright transactions, and public welfare undertakings in 2015. In such scenarios, it provides services such as product traceability, asset rights confirmation, bill authentication, and fund tracking to solve trust problems. By 2020, it is understood that the daily number (transaction volume) of AntChain has exceeded 100 million, initially forming an inclusive value chain. At present, although we have seen that the technical application of the blockchain has achieved initial success, the underlying technology of the blockchain is not so mature, so the bottleneck of large-scale and reliable application has not yet been broken through, so we can say that we are now in the regional The most important period of opportunity for blockchain technology innovation and industrial development. I have some points of view to discuss with you here. 1. The equality of digital technology is the cornerstone of equal competition in the digital economy. In the field of digital technology, our country can be said to be a big country in the digital market. However, in terms of underlying technologies such as blockchain consensus mechanisms and smart contracts, our country currently lacks autonomy. Furthermore, in the field of operating system, core technology and other software development, we still have obvious shortcomings. Only by making up for these shortcomings can we truly establish an equal and mutually beneficial relationship with Western countries. To this end, we should implement the national strategy of the digital economy, master independent and controllable intellectual property rights in key areas of digital technology, and establish global competitive advantages in key areas of the digital economy. Practice has proved that in the process of technological innovation, private The team is very dynamic, so I think our country should encourage more private teams, focusing on creating a fairer and more relaxed business environment for private companies. At the same time, we should really motivate the national team and support state-owned enterprises to establish Economical and incentive mechanism in line with the law of science and technology.

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