Yao Qian: High-quality development of blockchain and data governance.

Text/China Securities Regulatory Commission Science and Technology Supervision Bureau Yao Qian How to develop the blockchain well is a key proposition that needs to be answered urgently. This paper believes that it is a pragmatic strategy to start with data storage and sharing. Considering that the technological frontier is in the public chain, we should support the research of the public chain. In order to prevent risks, the public chain must be transformed. Based on the real environment, alliance chain may be a better choice for application landing. The application and innovative development of domestic cryptographic algorithms should be strengthened to ensure the security and controllability of my country's blockchain. The most important thing at present is that we should promote the high-quality development of the blockchain. To this end, it is necessary to strengthen data governance (Data Governance) on and off the chain, and establish an effective blockchain digital governance system. General Secretary Xi Jinping's speech at the 18th collective study of the Political Bureau of the CPC Central Committee is rich in connotation and profound in thought. He keenly grasped the frontier hotspots of the development of modern information technology, emphasized the need to accelerate the development of blockchain technology and industrial innovation, and put forward a blueprint for the development of blockchain technology in my country from a high-level plan, guiding us in the direction. At the same time, he asked to view the "double-edged sword" effect of innovative technology objectively and dialectically, emphasizing the need to strengthen the guidance and regulation of blockchain technology, strengthen risk research and analysis, strengthen industry self-discipline, implement safety responsibilities, rule the chain according to law, and promote Blockchain develops safely and orderly. It should be said that there is no dispute about whether to develop the blockchain, and how to develop it is the key proposition that needs to be answered urgently. This article believes that it is a pragmatic strategy to start with data storage and sharing. Considering that the technological frontier is in the public chain, we should support the research of the public chain. Based on the real environment, the alliance chain may be a better choice for application. Cryptography is an important cornerstone of blockchain technology, and the application and innovative development of domestic cryptographic algorithms should be strengthened to ensure the security and controllability of my country's blockchain. The most important thing at present is that we should promote the high-quality development of the blockchain. To this end, it is necessary to strengthen data governance (Data Governance) on and off the chain, and establish an effective blockchain digital governance system. It is a pragmatic landing strategy to start with data storage and sharing, and gradually develop into a value network. Judging from the current stage of technological maturity, blockchain still has performance disputes in terms of value transfer, but it itself is a peer-to-peer network. Data sharing network, so there are less differences in its applicability in data storage and sharing. In the important speech of the general secretary, promoting data sharing is one of the five major blockchain functions he pointed out, and it is also the key application direction of blockchain he emphasized. Utilizing the trusted advantages of blockchain data, an innovative model of data storage and sharing can be established, which can realize cross-departmental and cross-regional joint maintenance and utilization of government data, and promote larger-scale urban areas in terms of information, capital, talents, and integrity. Interconnection ensures the orderly and efficient flow of production factors in the region, and improves the intelligent and precise level of urban management. Yao Qian: Levying digital taxes on multinational platform companies helps to maintain the tax jurisdiction of the source: Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, said that the 2020 "OECD/G20 "Two Pillars" Pathway to Realize an Inclusive Digital Tax Framework The "User Participation" program proposed in the "Statement" believes that user data is the basis for creating value in digital economic formats such as social media, search-zce engines, and e-commerce. Whether the platform has a physical presence in the country. At the same time, the collection of digital taxes on multinational platform companies also helps to maintain the tax jurisdiction of the source. (Keike Finance) [2020/12/16 15:22:26] However, blockchain technology itself requires highly redundant data, which objectively increases computing and storage costs; in addition, blockchain technology’s limitations in data transparency It must be combined with privacy protection technologies such as secure multi-party computation, homomorphic encryption, and zero-knowledge proof to be widely used under the premise of independent control by all parties, and the efficiency of privacy protection technology itself is still in the process of improvement. Therefore, the current reasonable implementation method is the Hash fingerprint storage and information disclosure of shared data on the chain. The real data follows the three principles of "data does not go out, data does not land, and data is available and invisible", relying on security and privacy protection technology in the off-chain Shared use according to authorization. In the future, with the advancement of infrastructure and security technology, the system and protected real data will be migrated to the blockchain in a planned way, and then developed into a value network. Technology research is in the public chain, and scenarios are applied in the alliance chain. From private chains to alliance chains and public chains, the degree of community trust is gradually decreasing, and the corresponding technical problems (such as consensus mechanism, performance issues, privacy protection, etc.) are gradually increasing. The private chain is similar to the traditional information system. The alliance chain is the interconnection between mutually trusted institutions, between decentralization and centralization. According to the requirements of business scenarios, it is not necessary to only use POS or POW, but PBFT, etc. The traditional consensus mechanism can also adopt a hybrid consensus mechanism combining multiple consensus protocols. Libra is the alliance chain. The public chain has the lowest degree of mutual trust, and the technical level required for security and performance challenges under a high degree of openness and fault tolerance is the highest. Yao Qian: On-chain government information is conducive to building a government ruled by law: Jinse Finance reported that on August 6, the first episode of the interview series "Looking for Blockchain Power" co-planned by AntChain, Luohantang, and Sina Finance was officially launched. China Securities Regulatory Commission Yao Qian, director of the China Science and Technology Supervision Bureau, and Jing Xiandong, chairman of Ant Group, talked about how blockchain can empower trust. Yao Qian pointed out that at first glance, blockchain technology seems to be a bright spring, which is not very relevant to our lives, but blockchain technology is definitely a credible technology for managing digital certificates, and it will be closely related to the lives of each of us in the future. The data on the blockchain is a credible certificate, and the use of blockchain technology can solve the problem of frequently issuing certificates, so that the data will travel less, and the common people will run less errands. Once the government affairs information is uploaded to the chain, it becomes an open and credible certificate, which cannot be tampered with and can be traced back, which fully guarantees the people's right to know and is conducive to building a government ruled by law. [2020/8/6] The cutting-edge technology breakthrough of the public chain will provide new solutions to the existing technical problems of the alliance chain and the private chain. Therefore, as far as academics are concerned, the key points of technological innovation of the blockchain are more on the public chain. Supporting the research of public chains and promoting the application of alliance chains is the proper meaning of my country's blockchain development strategy. Responding to financial technology with regulatory technology is the way to deal with blockchain governance. It can be said that the decentralization of blockchain poses new propositions and challenges to financial supervision. A completely open and free public chain has compliance risks. Fintech applications must improve. The way to deal with it may be to use regulatory technology to deal with financial technology. The alliance chain is a licensed chain, which can not only carry out cross-institutional applications, but also provide services for industry self-discipline and supervision. In view of this, on the premise of not compromising the technical advantages of the blockchain, it can be considered to add supervisory nodes to the public chain to ensure the legal compliance of the public chain, or to adopt a multi-chain strategy, that is, to adopt the "two "Meta-mode", the alliance chain is registered with the relevant regulatory authorities to carry out on-chain supervision, and the decentralized application uses the public chain to carry out decentralized commercial activities. If necessary, regulators can also penetrate from the alliance chain to the public chain to control the overall situation. Based on the actual requirements of legal compliance, the alliance chain may be a better choice for application implementation. Yao Qian: The digital dollar wallet acts as a "helicopter" for "sprinkling money". It has a huge impact on the entire economy and society, with enterprises and families bearing the brunt. At a critical moment, the Fed's rescue needs to be directed to the real sector. The digital dollar wallet acts as a "helicopter" for "sprinkling money", which can be said to be at the right time. Why the digital dollar was not implemented in the economic stimulus plan in the end, we don't know. It may be because the requirements put forward by the bill are too hasty, and the system research and development of the Federal Reserve Bank and commercial banks cannot bear the heavy responsibility in a short period of time. According to the latest information, one possible technical solution is that the digital dollar will run on Ethereum. Technology will expand human capabilities and make the world a better place. The innovative development of the central bank's digital currency, due to the occasional and stunning appearance of the digital dollar, has a brighter future. [2020/4/22] The application and innovative development of domestic cryptographic algorithms are the basis for the security and controllability of my country's blockchain. In essence, blockchain is a distributed shared storage and computing system based on the principles of cryptography. The abandonment of institutionalization and reliance on cryptography marks a shift in control of a new paradigm. From this perspective, the application and innovative development of domestic cryptographic algorithms are of great significance. For blockchain applications in key areas, cryptography technology must comply with national cryptography standards. At present, China's self-developed national commercial cryptographic algorithms announced by the State Cryptography Administration include SSF33, SM1 (SCB2), SM2, SM3, SM4, SM7, SM9, Zu Chongzhi Cryptographic Algorithm (ZUC), etc. Among them, SSF33, SM1, SM4, SM7, and ZUC are symmetric algorithms; SM2, SM9 are asymmetric algorithms; SM3 is a hash algorithm. The National Secret Algorithm has advantages, but there are also areas that need to be improved. Taking SM2 as an example, compared with the traditional elliptic curve signature algorithm ECDSA, the core steps of signature and verification are similar. The SM2 signature verification algorithm adds more error detection functions, which improves the data integrity of the signature verification system. System reliability and security; Compared with the widely used RSA digital signature algorithm, SM2 requires fewer key bits under the same security strength, and the key pair generation speed and signature speed are both better than the RSA digital signature algorithm. However, SM2 also has its disadvantages. For example, the signature verification speed is obviously inferior to RSA and needs to be improved. Voice | Central Bank Yao Qian: Decentralized asset trading does not conflict with centralized exchanges: Yao Qian, director of the Digital Currency Research Institute, believes that decentralized asset trading has the advantages of low cost, quasi-real-time, and robust systems, but in terms of performance Improvement, security enhancement, privacy protection, regulatory access, and scenario mining still need further research and exploration. In particular, how to provide an "access port" for supervision should be an "indispensible" element of various decentralized asset trading technology solutions. It should be noted that decentralized asset trading does not conflict with traditional centralized exchanges, and the relationship between the two is not a complete replacement. Traditional centralized exchanges can also adopt decentralized asset trading technology to give full play to the block The energy of chain technology can better improve the price discovery function and capital allocation efficiency of the financial market, and better serve the development of the real economy. [2018/7/13] At present, the national secret algorithm has not covered homomorphic encryption, zero-knowledge proof, multi-party secure computing, etc., and it is urgent to expand the corresponding national secret algorithm library and achieve standardization. As my country's blockchain applications go abroad, the national secret algorithm should also go to the world and become an international standard. All of these put forward higher requirements for my country's national secret algorithm. Although the application of blockchain is decentralized, the cryptographic standard system of blockchain is formulated by specific institutions. In a sense, whoever masters the encryption standard system will have the right to speak in the development of the blockchain. Strengthening on-chain and off-chain data governance is the key to promoting the high-quality development of blockchain at this stage. As mentioned above, data interconnection should be the key application direction of blockchain technology at this stage, and alliance chain may be its main form. However, we should advocate the high-quality development of the blockchain, and be wary of the disorderly and low-quality development of "doing a lot and rushing to the top". What needs to be emphasized is that the data on the blockchain should be data with high value that can be made public and should not be modified. This is its characteristic, but also its advantage and quality. If you needlessly put valueless and freely changeable data on the chain, it is actually an abuse of blockchain technology, and it is impossible to build applications that meet actual business needs. To this end, we need to establish an effective blockchain data governance system to ensure the quality and quality of blockchain applications. Yao Qian: The four advantages of the blockchain are worthy of attention: At the Blockchain Application and Investment Forum of Tsinghua University, Yao Qian, director of the Digital Currency Research Institute of the People's Bank of China, delivered a speech. He pointed out: For the application of blockchain, China The Digital Currency Research Institute of the People's Bank of China has been conducting research and tracking. We believe that the four advantages of the blockchain are worthy of attention: 1. Data tamper-proof and traceable security; Execution and mandatory performance mechanism; 4. The multi-party cooperation mechanism is more transparent, without the need to transfer power to a third party, improving efficiency and reducing costs. However, this application also has significant shortcomings, mainly reflected in the contradiction between throughput and storage bandwidth, as well as the lack of legal control over data privacy, making it difficult to correspond to specific individuals in the real world, resulting in the inability to carry more real business at present. [2018/4/26] Generally speaking, data governance refers to all business, technical and management activities carried out to improve data quality, including organizational structure, policy system, technical tools, data standards, process specifications, supervision and assessment, etc. The Data Management Association’s (DAMA) Guide to the Data Management Body of Knowledge (DMBOK) defines the data governance framework as data control, data architecture management, data development, data operation management, data security management, data quality management, reference data and 10 aspects including master data management, data warehouse and business intelligence management, file and content-zce management, and metadata management. According to the characteristics of blockchain technology, it may be possible to start from the following aspects to build a blockchain data governance system: First, strengthen the evaluation and supervision of off-chain data governance to prevent short board effects. Blockchain technology can solve on-chain problems. To ensure the authenticity, accuracy and consistency of the data on the chain, but for the data off the chain, the blockchain is "out of reach" and cannot guarantee its quality. If the off-chain source data is "polluted", the data circulating on the blockchain will become "garbage", which is the so-called "garbage in, garbage out" ("Garbage in, Garbage out"). Therefore, high-quality off-chain data is a prerequisite for high-quality blockchain. To achieve this premise, it is necessary to rely on the off-chain data governance of each node. Although the off-chain data governance of each node seems to be their own business, the lack of data governance at a certain node will often limit the overall quality and value of the blockchain, forming a short board effect. Therefore, each node should adopt effective technical tools, management methods, and organizational systems to identify, measure, monitor, and warn of quality problems that may exist in the entire life cycle of data planning, acquisition, storage, sharing, maintenance, application, and extinction. and improvements. In order to avoid the short board effect, consider setting up a consortium chain joint working group to evaluate the maturity of each node's off-chain data governance, urge all parties to improve the data quality on the chain, and set the entry threshold for data governance maturity if necessary.

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