In yesterday’s meeting of The Chinese Blockchain Technology and Industrial Development Forum, the Ministry of Industry and Information Technology and Software Services Secretary, Xie Shaofeng, said the Blockchain has brought new opportunities and challenges in the future to the software and information technology industries, according to Chinese media reports.
At the same time, a new paper was officially released called the “China Blockchain technology development and application of the White Paper” (2016 edition).
The Whitepaper has been in editing since early August. Multiple companies and institutions who have been committed to the development of the Blockchain Technology took part in the forum, including the Chinese Digital Technology Standardization Research Institution, Alibaba’s Ant Finance, Wanxiang Group, WeBank, Ping’an Insurance (also in R3), Wanda Finance, Onchain Solution and many others.
The Whitepaper highlights the status quo and future trend of the technology, analyzing finance, supply-chain, entertainment, smart manufacturing, social welfare, education and employment and many other application scenarios. It points out that the core path and standardization direction in the future.
Bitkan in China reports in more detail:
Finance is the Hot Spot
Financial sector is defined as the first application for Blockchain Technologies, including detailed scenarios like payment, asset management, securities, clearing & settlement and user ID.
Payment sector sees the greatest number of pain points. Cross-border inter-institutional netting, clearing and settlement always carry a tremendous amount of cost and manual interference. User-end and back-office payment expenditure remains high and causes trouble for small-amount payment services.
Once the blockchain technology is introduced, inter-institutional netting and conflict-settlement costs will be minimized and the efficiency improved. Moreover, lower costs and improved efficiency will force financial players to realize small-amount cross-border payment.
Multiple custodians dominate the asset management sector by overseeing stock equities, bonds, vouchers and so on. The sector is haunted by high cost and falsification risks. The Whitepaper points out that these assets can be integrated onchain, hence causing a disintermediation processs to allow asset holders directly transact with each other. Industrial infrastructure will function as the custodians, ensuring asset authenticity and compliance and as the bridge between custodian repositories and distributed ledgers. Distributed ledger platforms may access repository’s trusted assets securely.
For the security sector, the Whitepaper defines financial asset transactions as a contract among parties based on set rules. The blockchain is capable of fully expressing these business logics with CODES, such as fixed-income instruments, repos, swaps and syndicated loans. An automatic contract implementation can be guaranteed and visible only to counterparites involved.
Clearing & Settlement is the perfect breakthrough point for Blockchain Technology. Currently, different infrastructure frameworks, business processes and manual netting processes are all causing high costs and failure chances. The core character of the Blockchain Technology is that it simultaneously realizes value transfer without a trusted third party.
The Whitepaper considers two important aspects of financial transactions: payment and securities. Via blockchain and the creation of a digitized fiat currency / some sort of settlement instrument, the aforementioned onchain asset pairings can be cleared and settled in real time in a P2P fashion, significantly reducing the cost of value transfers and resulting in much shorter time for clearing and settlement.
Moreover, supply chain logistics and retro-anticounterfeiting, IP protection in the entertainment sector, information integration and interoperability in the smart manufacturing sector, transparency and publication in the charity sector…are all considered major pain points that are waiting for the Blockchain Technology to save the day.
The Path towards Technology Standardization
Though the development of blockchain technology is bourgeoning, a proper standardization is missing. Standardization is a must for all technologies for it reduces cost and improves efficiency for corporate commercialization, and enhances the security. More importantly, it is a crucial base for the government to make policies and implement regulation.
The international standardization of the Blockchain Technology is at its preliminary stage. Whether or not China can play an important role in the process and increase her influence will be largely dependent on early planning and swift responses.
The Whitepaper hence emphasizes on the standardization, and points the path towards it. It identifies the standard into 5 categories: the Basics, the Process and the Methodology, the Trust and Operability, the Business and Application, the Information Security. The implementation solution will set the system building at its core, and comprises of 4 steps: System Pre-Research, Standard Research, Trial and Promotion and System Improvement. Based on the timetable, the last step will commence no later than Oct. 2017.
The Whitepaper further argued for future preferential policy making for the blockchain technology. The relevant policies will support the major technological research, exemplary projects, entrepreneurship & innovation platform building, system solution R&D and public service platform building.
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017
- Jaxx Allows First Crowdsale Participation with STORM Token - October 16, 2017
- Hyperledger Knits New Project – Hyperledger Quilt - October 16, 2017
- Legolas Exchange Partners With BanQix to Protect Institutional Investors - October 16, 2017
- MARK.SPACE Announces Launch Of Blockchain-powered VR-platform With Upcoming Token Crowdsale - October 16, 2017
- IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion - October 16, 2017
- Golden Alliance Coin Announces ICO – For Mining Gold - October 16, 2017
- Media Aggregator Esports Gold Announces $5 Million Ethereum Token Sale - October 16, 2017