On September 12, Dr. Xiao Feng, Vice Chairman of China Wanxiang Holdings, Chairman and CEO of Wanxiang Blockchain, delivered a closing speech at the 4th Blockchain Global Summit. He believes that the premise for large-scale commercial applications is mature blockchain technology, and the development of blockchain requires the support of stable digital currency and centralized legal supervision.
In addition, Xiao Feng also focused on a new issue - data privacy protection. He believes that blockchain and encryption algorithms provide a good solution for privacy protection, which can ensure everyone's data sovereignty. Data privacy protection will become a new trend in the development of blockchain.
Prediction: Large-scale commercial applications based on blockchain may be implemented next year
Xiao Feng mentioned in his speech that large-scale commercial applications based on blockchain need to meet three conditions, namely mature blockchain technology, stable digital currency support, and centralized legal supervision. "We can imagine how great changes the entire industry will face when the above three basic conditions become clearer and more mature in 2019."
At the 4th Blockchain Global Summit, many guests shared their technical exploration of blockchain 3.0, involving new side chains, sub-chains, cross-chains, stratification, sharding, partitioning and other technologies, which can improve the performance of blockchain, improve usability, operability and scalability. "According to my observation, most of these technologies will mature in 2019 and the main network will be launched ." If it is as Xiao Feng predicted, then the improvement of the underlying technology construction can provide a lot of imagination and development space for the generation of upper-level commercial applications. In 2019, we may start to look forward to the landing of large-scale commercial applications of blockchain.
However, Xiao Feng also believes that the maturity of technology alone is far from enough. The emergence of large-scale commercial applications must also have digital currencies that can be truly used as payment tools, exchange media, value scales, and value storage. The good news is that the technology for stable digital currencies is developing rapidly in the near future and in the next year. For example, the financial management department of New York State in the United States has approved two companies in the state to issue stable digital currencies with US dollars as collateral. However, if you want to fundamentally solve this problem, issuing digital currencies endorsed by the state is the best choice.
However, there are still many legal risks in the development of digital currency, which in turn hinder the development of digital currency and even blockchain technology. Xiao Feng believes that " the digital economy on the blockchain must be legally protected and must comply with regulations. In this regard, there can be no decentralization. " The latest progress in the United States in legal supervision is to regard digital currency as securities. On the morning of the closing day, a judge in a local court in the United States wrote a sentence when reviewing a company's issuance of tokens: "All tokens are securities." This means that the United States has brought digital currency under the jurisdiction of mature securities regulations. In this way, "this industry will undergo many changes - from issuance to trading, everything needs to be standardized and legal."
Focus: Data privacy protection is a new trend in the development of blockchain
This year's Blockchain Global Summit has an important topic that is different from previous ones, which is data privacy protection. Many guests, including Vitalik, have mentioned it. Xiao Feng believes that this new topic has emerged because blockchain and encryption algorithms provide a good solution for data privacy protection.
The development of AI technology has raised the value of data to a new level, but the problem is that the general public who generate data do not own the data sovereignty, nor do they share the benefits of the data value. This problem originates from AI, but cannot be solved by AI. "Only cryptographic encryption algorithms such as zero-knowledge proof, homomorphic encryption, secure multi-party computing, and verifiable computing built on the blockchain" is the best way to solve the problem of data privacy.
Xiao Feng also predicts that "in the future, more and more cryptographers will join the blockchain industry and invest more resources to study encryption algorithms that are not yet mature enough." More and more entrepreneurs will join the industry and use practice to continuously test theoretical research and promote the development of the entire industry.
