The Next Foundation
Blockchain technology can be the new underpinning of data economy By Yang Dong & Lin Yuqi
The blockchain, a kind of digital ledger of economic transactions, is characterized by decentralization, a timestamped series of immutable records of data and collective maintenance.
In promoting new technology innovation, the blockchain technology can be an important breakthrough for China's independent innovation of core technologies. It is particularly suitable for promoting the modernization of the country's governance system and capacity.
Using the technology, government agencies and other public departments can advance coordination based on data sharing. This will benefit the public while reducing operating costs. Initial results have been achieved by introducing the blockchain technology to share administrative data and innovate in legal affairs.
The Loudi example
The local government in Loudi, a small city in Hunan Province in central China, is an example of how governments can utilize the blockchain technology. It has set up a blockchain property registration e-government platform. The platform connects the property registration system in the land and resources department, the record system on new and second-hand homes in the housing administration department, and the registration systems of the taxation department.
在进行资产评估时，SME评估标准要求首先由评估师和委托方根据评估工作的任务和工作的地区确认工作的范围，标准中对矿产资源资产评估的工作范围并没有固定的规定。其次工作范围是可以随矿产资源资产、评估目的、价值类型、评估基准日和评估的预期用途等变化而变化。
But to widely use the blockchain technology, regulation must be strengthened. Supervision must adapt to the real conditions in different stages and be adjusted accordingly. Before the blockchain industry becomes mature, forecasting and controlling possible risks is necessary to ensure sound development of the industry. With regtech, the management of regulatory processes within the fi nancial industry through technology, effi cient supervision will be realized.
她买许多胭脂，收集色彩，热衷化妆。若无爱，情感和肉身停滞困顿，这是令人害怕的事情。害怕变老，代谢机能退化，或者压抑让身体陷入一种沉睡。化妆品柜台里的胭脂，是为身体陷入沉睡的女子所准备。那原本是自身能产生的颜色，如果要借用外物，只能说是确实的内部的匮乏。与不同的人做爱之后，她发现自己变得特别美。眼睛闪闪发亮，整个人脱胎换骨，仿佛被唤醒。
静下来。我们当老师的，有时也要像一首歌唱的那样：“感觉累了，就放空自己……”当消极情绪压得自己喘不过气来时，不妨借一小段时间，什么都不要去想，闭上自己的双眼，放空自己的心灵，就那样静静地坐着，让自己烦恼的心静下来。这样，不难发现，你所气恼的事情即使发生了，又能怎么样？你还是必须面对这些问题，再多的伤感也是没有意义的。所以我们不如忽略那些来自外界的干扰，忘掉它们的存在。
Eric Jing, Chairman and CEO of Ant Financial, presents the company's blockchain platform during the World Internet Conference in Wuzhen, Zhejiang Province, on November 7, 2018
非洲猪瘟的病毒为非洲猪瘟病毒，也是非洲猪瘟病毒科的唯一成员，是一种二十面体对称、带囊膜的双股DNA病毒，至少有28种结构蛋白，超过100种的病毒诱导蛋白。该病毒的特点是：第一，耐低温但对高温敏感，因此，温度较高时可将其灭活。第二，该病毒的耐酸耐碱性较好，在pH值3.9～11.5都能存活。第三，因为血清可提高病毒的抵抗力，因此，要将其灭活可放在无血清介质中。第四，该病毒对乙醚和氯仿比较敏感，通常在8‰的氢氧化钠中只可存活0.5 h，在含有2.3%有效氯的次氯酸盐中可存活0.5 h。同时，该病毒可在血液、粪便以及鲜肉、腌制干肉中存活较长时间[1]。
In November 2018, this platform issued the first property e-certificate in China, and probably in the whole world. The use of the blockchain technology helps reduce the time taken to receive a property certificate from several days to a couple of minutes. Obstacles among different departments and different levels of governments are overcome, conforming to the policy of one-stop services and improving the business environment.
Since China raised the concept of Internet Plus, various local governments have been upgrading their administration patterns. Smart governmental services are providing people-oriented services in an all-round way based on personal information. It will become a general trend to improve government services by using the blockchain technology, as proved by the e-certifi cate case.
The blockchain technology serves as the foundation for big data and artificial intelligence technologies to utilize data. In the financial sector, the technology, thanks to its decentralization and disintermediation feature, can solve the problem of excessive centralization in fi nance. Due to information asymmetry caused by centralization, the fi nancial market has long been facing problems such as low transaction effi ciency and liquidity. Through the model created by the blockchain technology, which is tamperingresistant and traceable, the low market effi ciency caused by these problems can be alleviated.
The concept of regchain means supervising the blockchain industry by the use of technology, ultimately boosting sound development of the industry.
The technology is also of far-reaching significance in facilitating innovation in the work of law enforcement departments. With this technology, an open mechanism can be set up for storage and sharing of information, which makes it possible to share judicial data. Information in the public security system are not fully shared because of its large volume and the low safety of information systems. Now the blockchain technology can ensure authenticity and accuracy of theshared information.
少数民族大学生创新创业离不开文化因素、社会因素、个人因素三个方面，三者互相贯通共同影响。因此，我们综合三种因素对少数民族同学创业提出以下发展战略：
Past cases show traditional supervision models are unable to control chaos in this industry, resulting in malpractices in overseas markets, making supervision even more diffi cult. In contrast, the regchain model will be effective in the supervision of the blockchain industry. The establishment of a science and technology-based supervision system and a credit system through regtech will help change static and passive record-based supervision to one that is dynamic and active.
The concept of regchain means supervising the blockchain industry by the use of technology, ultimately boosting sound development of the industry
Guidance from theory
The blockchain technology in China faces special problems since traditional Western concepts are not suitable to China's current conditions, while the fast-growing domestic blockchain industry urgently requires the guidance of theories. The essence of digital economy is the data economy, which can be realized via “Coken.” The term “coken” combines “co” from common, and token, a ticket for payment, circulation and distribution.
Supervision of the blockchain industry has achieved some results. The Chinese Government issued administrative regulations on blockchain information services earlier this year, the first official guideline in this fi eld. It is an important act especially when different countries have yet to reach consensus on blockchain supervision.
Coken economics is of great signifi cance to data. In the era of the data economy, data has a similar role to that of capital during the industrial revolution, and data collection is similar to the concentration of capital. Coken economics believes that the value of data not only lies in the openness of information, but also in sharing it. The biggest difference between digital civilization and industrial civilization is that the value of data may be higher than the value of oil, coal and capital in the digital revolution era.
Take China as an example. The country's growing data economy can become a latecomer advantage which will help maximize China's advantages in population and market size.
To address the issue of data ownership, Coken economics proposes that people should focus beyond ownership because the issue of data ownership is diffi cult to solve now. A probable solution is to realize the benefits of data value-sharing fi rst.
Therefore, based on a system such as blockchain, it is possible to construct the underlying foundation of the digital economy, enabling big data transactions. Blockchain enables all parties to get returns on certain benefi ts in the process of data value realization. This mechanism is similar to credit, but is more advanced. The digital economy needs a new organizational structure and a new benefi t distribution mechanism that can collect data and maximize its value, and the blockchain technology can provide that.
Ideal blockchain Coken should have clear logic and practical application scenarios, and contribute to the real economy. The most important point is that the distribution of resources and rights can be better accomplished in the virtual environment of digital ecology. Only in this way can the joint stock system be replaced in a sense by Coken and blockchain, and a new model based on blockchain emerge that is more effi cient and with lower costs, bringing about an ultimate change in production.
Yang Dong is a research fellow with the National Academy of Development and Strategy, Renmin University of China； and Lin Yuqi is an assistant research fellow with the academy
Copyedited by Sudeshna Sarkar
Comments to yanwei@bjreview.com
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