Bitpush Weekly APCA Overview:The blockchain credit system should be the infrastructure of society

Hebei, China released Food Safety Work Arrangements of 2019, the blockchain is one of technologies  used  to explore new regulatory models

Recently, the General Office of the People’s Government of Hebei, China, issued the key works arrangement for food safety of  2019. The document pointed out it is necessary to strengthen supervision capacity and use new technologies such as big data, artificial intelligence and blockchain to explore a new mode of smart supervision.

The Accountant Executive of  One Connect: The blockchain will enter the commercial application with a blowout in the future

According to China Financial Information Network, Fei Yuming, the chief officer of One Connect, said the blockchain will enter the commercial application blowout period in the future. Fei Yuming said, he believes the blockchain needs to solve the encryption and decryption issue to enter the commercial application scenario. The blockchain is a distributed ledger technology that involves zero-knowledge verification techniques. One Connect introduced a zero-knowledge full homomorphic verification technology base on that. The underlying zero-knowledge verification allows a verification of encrypted information without decryption. What One Connect does is to perform millisecond-level calculation of the encrypted information.

Yunnan, China encourages exploration of the  blockchain technology in the application of drug traceability and commercial insurance claims

According to the Yunnan Economic Daily, the Planning on the Development of Internet + Medical Health issued by the General Office of Yunnan Provincial Government mentioned the encouragement to explore the application of the blockchain in anti-counterfeiting traceability and commercial insurance claims. It helps to build a medical data credibility system. With the development trend of industrial Internet innovation, it improves the level of digital and intelligent medical health equipment manufacturing. 

Zhou Xiaochuan, the President of the China Finance Association: Advancement of blockchain have brought new developments to the financial industry.

According to MBA China Network, Zhou Xiaochuan, president of the China Finance Association and honorary dean of the Wudaokou Finance College of Tsinghua University, said current information technology is developing rapidly. The blockchain, big data,cloud computing, network infrastructure and mobile Internet have brought new developments and research topics to the financial industry. On the other hand, it has raised new challenges and new requirements for the formulation and implementation of public policies, especially financial policies. It  has also led to many new changes in this area.

Xu Mingxing: The blockchain credit system should be the infrastructure of society

According to China.org.cn, Xu Mingxing, the founder of Okcoin, said that the blockchain-based credit system should be jointly initiated by the government and regulatory agencies. Everyone stores the data on the blockchain. However, this blockchain is not owned by a certain institution. It is a social infrastructure. When using credit data, users can spend money or spend points. The premise is that the blockchain credit information system is a social infrastructure, not owned by a certain giant. This is an open system, and it is also a huge blockchain technology that can provide for potential development of small and medium  enterprises

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