(2020 Service Trade Fair) Service Trade Fair Observation: Why can blockchain become a “booster” for global trade?
China News Service, Beijing, September 7 (Reporter Xia Bin) Blockchain is becoming a natural "booster" for global trade.
At the 2020 China International Trade in Services Fair held here, how to use blockchain technology to enable international trading partners to better eliminate barriers and build trust has become a hot topic of discussion.
Ma Xiaofeng, Dean of the Blockchain Research Institute of Tongji University, said that blockchain technology will promote the activity of global trade, because the blockchain is inherently a global network, and its non-tamperable characteristics can also solve institutions and enterprises in different countries. The issue of trust in China will reduce the communication cost and friction caused by the issue of trust, and promote the vigorous development of trade.
“Blockchain can solve many trade'pain points'.” Huang Tianwei, chairman of Shenzhen Times Blockchain Technology, said. For example, in terms of anti-counterfeiting and traceability of counterfeit goods, blockchain technology can reduce the difficulty of cross-country counterfeiting; in trade finance, regional The supply chain finance blessed by block chain technology can establish a better risk control model, innovate factoring business, small loan business, etc., making services and transactions more convenient and smooth.
Take the cross-border financial blockchain service platform launched by the State Administration of Foreign Exchange as an example. It uses the non-tamperable and unique characteristics of blockchain technology to integrate logistics, information flow, and capital flow to effectively solve traditional trade financing business processes Issues such as the authenticity review of China's trade background, information asymmetry, and poor information availability have improved review efficiency and provided enterprises with trade investment and financing facilitation services.
Da Hongfei, CEO of Shanghai Distribution Information Technology, pointed out that service trade faces greater challenges in global cross-border payments, and transactions are often scattered. The low-cost global cross-border payment system created by blockchain technology can therefore come in handy.
Today, Chinese blockchain companies have gone abroad and have established technological confidence in overseas markets.
According to incomplete statistics, only in the second half of 2019, Chinese companies have cooperated with 6 countries and organizations to promote the application of blockchain technology in various countries and internationally.
This is inseparable from the "comparative advantage" of Chinese blockchain companies on a global scale.
The "Global Enterprise Blockchain Invention Patent Ranking for the First Half of 2020" shows that among the top 10 companies, there are 7 Chinese companies; among the top 100 companies, nearly half are Chinese companies, accounting for 46%, while the United States Enterprises accounted for 25%.
The huge market is fertile ground for cultivating the rapid growth of Chinese blockchain companies.
Zhang Chao, vice president of Ouke Cloud Chain, believes that China’s blockchain technology and applications are “running in small steps” and constantly trial and error in the huge Chinese market. “For overseas companies, it’s not that they don’t want to do it, but They want to do it but there is no market to do it."
"Different from the development of the Internet, China's involvement in blockchain technology is no later than abroad, and foreign blockchain technology is mainly developed in the financial field, and their industry breadth is not as strong as that of China." Xiao Wei, general manager of Baidu blockchain, pointed out, China's blockchain application has not only made achievements in the financial field, but also matured in government governance, copyright protection, agricultural traceability, and medical insurance verification.
However, Ma Xiaofeng also reminded that Chinese blockchain companies must pay attention to overseas policies, regulations, and cultural factors in the process of "going out to sea", such as the scope of data use, user authorization standards, and the focus of financial supervision.
"Blockchain is not just technology. It is a digital ecology built by technology. This ecology must reach consensus among multiple parties and promote cooperation under this basic framework." (End)