What did the experts think about digital economy at the Boao Forum?

On the topic of digital economy, this group of experts shared the following during the Boao Forum.

The degree of attention to the digital economy has been beyond imagination. One can even say that the topic is being intensely discussed globally. As a high-profile platform on the world stage, the Boao Forum for Asia provided the opportunity for such an important topic to be discussed.

The sub-forum titled “The Value of Wisdom”, which was focused on digital economy and sponsored by China Net+, was held in the afternoon of April 9. Many renowned Chinese and foreign experts from the business circle, academic circle and industry circle had gathered to hold discussions on digital economy from their respective perspectives. Due to the differences in their perspectives, the guests had presented different focal points and highlights. Therefore, in order to retain the original viewpoints of the guests, we have tried our best to include quotations from the guests below.

The Era of Digital Economy To Change or Not to Change

Bennett Pozil, executive vice president of East West Bank: Changeability is the theme of the times. The movie “Money Ball” has a classic line: Either adapt or die. This sentence applies to every area, including the banking industry. Alipay, WeChat Pay, Apple Pay and the likes have changed the way cash circulates. At the same time, East West Bank is also actively seeking change, and one of the most important changes is that it is no longer merely a lending platform but assumes the role of an investor. For example, East West Bank has invested in many films in the entertainment industry.

John D. Maatta, CEO of Wizard World: In the era of digital economy, a lot has yet to change. I still listen to a song from the 70’s. While playback equipment has changed dramatically during this time, my emotion towards the tune has never changed. However, there is no denying that in the era of digital economy, people will becoming increasingly alienated from each other. People will only use their cellphones to communicate over the Internet. This may appear to be a connection, but it is actually a very weak one. Therefore, the importance of offline activities is becoming increasingly pronounced.

Bennett Pozil & John D. Maatta at the Boao Forum

The Issue of Data Sovereignty is a Headache.

Jeffrey Wernick, independent investor focused on the digital economy and sharing economy: Data sovereignty is very important. In the digital economy era, I am most concerned about the sovereignty of data. On the issue of sovereignty, it used to be easy to determine what was mine, but now it has become a question of who is the owner of personal information uploaded to the Internet? At present, there are still a lot of questions that need to be answered in this area.

Ge Qi, Managing Partner of Diligence Capital: There are many particularities in the digital economy era. My face, for example, has a public nature in a sense. Yet, it cannot be said that other people are not entitled to look at my face because they have no ownership of my face. Similarly, once we have shared data on the Internet platform, then strictly speaking, I cannot say it belongs to me personally. From this point of view, data cannot be completely equated to physical property. But I agree that if you do not have the sovereignty of the data, you cannot use it for realization.

Jeffrey Wernick & Ge Qi at the Boao Forum

Blockchain, I am counting on you

Harry Kloor, expert in the field of robotics and artificial intelligence: Blockchain might probably be able to solve the issue of data sovereignty. In the blockchain system, we are free to do what we wish to. Although all activities are recorded in this process, our personal information will not be tracked and our privacy will remained protected. And in the aspects of management and application of data, blockchain is also a good tool.

Gao Dongliang, President of Beijing Yunchuang Angel Technology Limited: Go with the times. Having gone through the agricultural era and industrial age, we are stepping into the digital economy era today. Digital economy is the economic system with digital assets at the core. The core of the digital age is that digital assets assume the role of the carrier, we use blockchain technology as the core to record authentication, accounting and experience of human’s wisdom, construct a new production relationship under the digital economic system, and drive the continual development of mankind. The digital economy system is divided into four layers: Consensus layer, intelligence layer, perception layer and execution layer. These layers successively resolve the problems such as what we do, how we do it and how the robot does it.

Harry Kloor & Gao Dongliang at the Boao Forum

Liu Dahong, founder of Beijing Lingzhu Technology Limited: A “fair, sunny, trustworthy” era of community collaboration will be initiated. Technological progress has brought about changes in organizational forms and the community has become the mainstream digital way of collaboration among young people. A new trading model has been established in numerous community collaborations: Community to Business. It differs from the C2B defined in the past in that C is community, not an individual consumer, and this is where blockchain technology has solved two core problems: the collaborative relationship within the community and the issue of efficiency and trust in the external transaction of the community.

Wu Peng, CEO of Yuanben Blockchain Limited: Using blockchain technology to make credibility into a basic protocol. Since the birth of the Internet, all the underlying protocols have been directed at the resolution of the issue of data sustainability. When you open all the news recommendation engines, you can find the information you desire but there is an absence of a basic protocol and tool which can guarantee that such information is credible. Blockchain technology serves as the underlying protocol of distributed and trusted content, whereby the original data related to information is registered on the chain by tamper-proof blockchain technology and all data has its own identity, no matter where the data is spread, one can know its source and provenance.

Liu Dahong & Wu Peng at the Boao Forum

Listen to the Users

Lin Ning, founder & CEO of Beijing Weiying Technology Co., Ltd.; Hopefully technology will change the current situation of IP applicationIP is being controlled by major companies, while the actual value held by the creator of IP is very low. I hope that there will be technology to transform the way content is disseminated in the future so that IP can be used by more people. For example, when a writer has created a novel, he would wish that it can be used for film, television and even animation, so that he, as the original creator, may also share more value in it.

Miao Bulin, CEO of Beijing CNLive Culture Media Inc: I hope to use blockchain technology to build a new and equal global trade service platform. Blockchain has its own unique advantages, that is, firstly, it is a distributed account book that cannot be modified. Secondly, it has a smart contract, equivalent to a consensus reached by everyone. Based on such two characteristics, it is very helpful to resolve the problem of synergy and trust in global trade.

Lin Ning & Miao Bulin at the Boao Forum

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