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2020 China blockchain Development Report From Ali Research Institute & ant Research Institute

The following is the 2020 China blockchain Development Report From Ali Research Institute & ant Research Institute recommended by And this article belongs to the classification: Blockchain, research report, Ali Research Institute.

The underlying technology of China’s blockchain industry is independent and controllable, and the application practice and scenario are world-leading. With the continuous increase of policy support, the blockchain industry is developing rapidly throughout the country. Blockchain technology is highly integrated with various industries, so that there is no trust problem in the era of digital economy.

According to the report, as the blockchain has gradually entered the industrial application stage, new progress has been made in key technologies such as distributed storage, consensus mechanism, smart contract and encryption algorithm, and the research depth of cross chain, fragmentation and other technologies has further sunk. Blockchain will become a new engine for building a trust economy. Multiple scenarios will be gradually activated, the physical world, digital world and financial system will be highly connected, and data and assets will flow reliably to stimulate the endogenous driving force of economic growth.

Focusing on the keywords of “data, trust, platform, application and governance”, the report gives seven predictions for the future development of blockchain:

First, blockchain makes trust economy possible. Based on the foundation of data credibility, blockchain establishes the credibility of things, which makes assets credible, and asset credibility realizes people’s credibility. In the next three years, it will achieve comprehensive explosive growth in the fields of Finance and government affairs.

Second, fusion applications will become the main battlefield of future applications. The report believes that large-scale industrial applications have been seen in the past year and will be further upgraded in the future. The blockchain application market will maintain a compound growth rate of about 30 ~ 50%, and the two characteristics of certificate storage and traceability will become the main application support.

Third, ten thousand chain interconnection has become a new trend. Cross border technology solves the problem of data island that may be caused by a single alliance chain, and promotes multi alliance chain links, data circulation and multi center ecological value integration. In the future, the application will develop from small incision and single scene to large-scale and cross industry. The organic combination, matching and unification of industrial and regional blockchain application networks and different blockchain application networks on the same value chain will be gradually accelerated.

Fourth, technology drives the transformation and upgrading of the new trust mechanism. Under the escort of blockchain technology, the physical world, digital world and capital system will be highly connected, and data and assets will flow reliably to stimulate the endogenous driving force of economic growth. One of the core propositions of future economic competition is how to promote the role of trusted data, a new production factor, and reshape the trust economy through blockchain.

Fifth, security and privacy protection have been further addressed. “Sovereignty, security, controllability and interconnection” will become an important principle for the development of blockchain technology and industry. Major breakthroughs will be made in independent and controllable security and privacy protection algorithms and solidified hardware chips, and the problems of security and privacy protection will be further solved.

Sixth, application promotion is the core in the development of blockchain. The core of the future development of blockchain lies in the expansion of application scenarios, promoting the deep integration of blockchain and real economy, creating a number of verifiable, replicable and replicable typical cases in the fields of agriculture, finance, government affairs, social governance and people’s livelihood, and large-scale promotion in combination with the characteristics and needs of all provinces.

Seventh, the development of blockchain needs new governance. In the era of digital economy, the connection between people extends to the interconnection between people and things, things and things. The blockchain improves the efficiency of social governance and reduces the cost of social trust. Similarly, blockchain also needs to strengthen governance, clarify the rights and obligations of data generation, use, circulation, storage and other links and subjects, realize the balance between data openness, privacy protection and data security, and then promote the deep integration of science and technology and social governance.

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