Vice President of ZB Group speaks on new fintech economy at Hainan’s IFIC

On May 24 and 25, Sanya, Hainan hosted the annual two-day International Fintech Innovation Conference (IFIC). The People’s Daily, Sanya Bureau of Commerce, and FINWEX co-hosted this event which gathers together over 1000 leaders hailing from cutting edge industries like blockchain, machine learning, 5G, and more. ZB Group Vice President, Aurora Wong, attended with a message about this new age’s opportunities and challenges.

“In 2019, people working with blockchain should dedicate their energies toward integration in the real economy,” stated Ms. Wong. The Vice President outlined three main areas where we can see blockchain technology innovation taking place. First, is at the national level. She cited the IBM Blockchain Development Report stating that “90% of the world’s governments are planning blockchain investments.” She also notes as a good sign, that China has acknowledged blockchain technology in the State Council’s 13th and most recent five year plan. The second area of blockchain influence is happening in the real economy where manufacturing processes, supply chain, and Internet of Things projects are tapping into the benefits of the new tech.

Ms. Wong concluded by focusing on the area of overlap between the real economy and the digital economy. She alluded to the judicial challenges the digital econony still faces, specifically, how electronic evidence remains relatively weak in the eyes of the law. “The problem of determining the rights of digital resources has not been completely solved… the blockchain however will greatly accelerate the process of determining the rights of digital resources, thereby giving all digital resources further value.”  Her message was well received by a diverse audience that none-the-less see’s more and more integration of blockchain technology across their respective fields.

The International Fintech Innovation Conference took place May 24-25, 2019 in Sanya, Hainan. The theme of this year’s gathering was, “Unlocking the New Economy.”

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