Drive towards Innovation Highlighted at BFA’s Lively Sub-forum on the Digital Economy: “Blockchain” Again a Keyword

With the BFA’s Sub-forum on the Digital Economy wrapping up recently, foreign and domestic experts, scholars and business representatives knowledgeable about the digital economy passionately discussed the current development trends of the digital economy. Those attending the conference unanimously agreed that new industries, based on computer technology and represented by digital technology, have leapt into the development process, and that, along with the substantial increase in the value of data and continuous technological innovation, the original national economy industry has already gradually been combining these various new industries. But the new economic era is displaying new characteristics and a new trend unlike that of any era before.

 

New technology becomes the force for innovation

According to the definition given by the G20 Summit, the digital economy is a set of economic transformations that takes digitized knowledge and information as the necessary fuel of production, the modern information network as the major vehicle, and the effective use of information and communication technology (ICT) as the important impetus for increasing efficiency and optimizing economic structure.

It goes to show that the digital economy overall emphasizes the paradigm of the new economy, focusing on the development of the industry of new technologies and the promotion of the integrative development of the industry, which requires a view of digital transformation not only from a technical perspective, but also from an economic and social perspective, as well as the application of effective, clairvoyant measures to quickly seize opportunities and respond to challenges, so as to construct a favorable environment for the development of digital economy.

This was also the focus of the lively discussion at the sub-forum.

“It is predicted that, around 2025, the virtual worlds created by new technologies will merge with the real world.” Kevin Kelly, the founder and editor of the magazine WIRED, believes that new technologies, represented by artificial intelligence, are creating new economic models and new industries, and since human beings care most about personal experience, large-scale collaboration with machines will become a reality: there will be even more interaction and integration between humans and machines; after big data can be traced and used, human beings will solve more problems, and will rebuild the relationship with their city and environment on the basis of new technologies.

Ge Qi, Managing Partner at Diligence Capital; Jeffrey Wernick, an independent investor focused on the digital economy and sharing economy; John D. Maatta, CEO of Wizard World, Harry Kloor, an expert in the fields of robotics and artificial intelligence; Bennett Pozil, Executive Vice President of East West Bank; and experts and scholars in the field of technology discussed the promotion of the digital economy from the perspective of technological innovation.

Demonstration of block chain’s value

Surprisingly, “block chain” became quite the hot word for many guests during this inquiry into the digital economy.

According to the definition in the White Paper published by the Ministry of Industry and Information Technology, block chain technology is a new distributed infrastructure and computing paradigm used to validate and store data with block-chain data structure, generate and update data with a distributed-node consensus algorithm, guarantee data transmission and secure access with cryptography, and program and operate data with an intelligence protocol made up of an automated script.

“Block chain has its own unique advantages. First, it is a distributed account book which is unalterable. And secondly, it has an intelligence protocol, equivalent to a common consensus reached by everyone. Based on these two characteristics, it is very useful when solving the problem of cooperation and trust in global trade.” Miao Bulin, CEO of BEIJING CNLIVE CULTURE MEDIA INC, believes, “during the process of the rapid development of global trade, using block chain allows us to inspire even more innovation.”

Similarly, Wu Peng, founder of Yuanben Blockchain Limited , also believed that block chain technology can be used to turn trust into a basic protocol: “Using the block chain technology, that is, the underlying protocol of distributed and trusted content, the original data related to some information is registered on the chain by tamper-proof block chain technology, so that all data has its own identity. No matter where the data is propagated, you can know its source and where it comes from. ”

Liu Dahong, founder of Beijing Lingzhu Technology Limited; Lin Ning, founder & CEO of Beijing Weiying Technology Co., Ltd.; Gao Dongliang, president of Beijing Yunchuang Angel Technology Limited; and other experts also gave their opinions about block chain, digital rights and reliability, IP and the like.

Acceleration of industry integration and innovation

In recent years, China has attached great importance to the development of the digital economy, vigorously implementing the network powerful nation strategy, national information development strategy, national big data strategy, “Internet+” action plan, e-commerce series policy and measures and other major strategies and actions; in order to strongly promote the further innovation and development of the digital economy. As a result, the digital economy is presenting a positive development trend. The information infrastructure is increasing In popularity day by day; the size of the ICT industry is ranked first in the world; the internet economy is booming and a number of international leading enterprises have emerged.

Those attending the conference agree that the IT-based digital economy is breaking the traditional supply-and-demand pattern and the already accepted economic conclusion, giving birth to an economic pattern that is more beneficial to the public and is open source. This economic pattern includes mobile payment, a sharing economy, artificial intelligence, and the like, which have one after the other provided a powerful steady stream for the development of the digital economy.

For example, ICT, media (digital content providers and publishers) and finance (e.g., customer relationship management solutions) are among the most digitized fields in China and keep pace with many other developed countries. In terms of assets, application and labor, ICT and the sectors of media and finance are the most digitized areas, with relatively low levels of digitization found in areas such as agriculture, local services and construction.

Thus, it can be seen that the digital economy has become the fastest-growing, most innovative and most radiant economic transformation, and is becoming an important impetus for global economic recovery and growth, which is of extreme significance for expanding the new economic development space, promoting reform and escalation of traditional industries, facilitating the sustainable development of the economy, elevating standards of social management and service, and driving innovation.

The convening of this sub-forum has assembled the world’s smartest brains, diagnosing and discussing the development of the digital economy for the destiny of humanity as a community, to go another step in facilitating the integration of technologies and industries, expanding the space for economic development. From this point of view, this forum on digital economy has undoubtedly made a contribution to the “value of wisdom.” 

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