China Blockchain News Weekly

The Professor From Beijing Technology and Business University: It’s worth to study how the blockchain industry forms relate to the Public Prosecution Law Division

According to Xinhua News, the associate professor at the Law School of Beijing Technology and Business University, Yan Su said that the blockchain industry practitioners apply their own blockchain technology to help the public security department anti-fraud in the industry. It is worth to study how the blockchain industry relates to the Public Prosecution and Law Division 

Based on blockchain technology to encourage private enterprises to repair credit

According to Sina Finance News, the founder of the All-China Federation of Industry and Commerce,  Qi Lidong said that private enterprises can repair their credit by using blockchain technology, big data, and cloud computing, focusing on the basis of blockchain technology. It would help enterprises to do a better job in credit repair, and solve the problem of financing difficulties.

China Academy of Industrial Internet: Distributed Database System will be the faster technology development of the Industrial Internet

According to Xinhua Finance, China Academy of Industrial Internet proposed that a distributed database system based on signature encryption algorithms has the most potential development technology. It is the data access technology consisting of the database management system and the database represented by the blockchain technology, which is logically unified and physically separated. 

The Chairman of the National Finance and Development Laboratory: The blockchain provides a credit system to enable trust by using technology

According to the China Business Network, the chairman of the National Financial and Development Laboratory, Li Yang said that several technologies are currently being used in the financial sector. The blockchain provides a credit system, using technology to enable trust. Artificial intelligence is the second one. Thirdly, technology provides a new set of security standards and security systems. He also pointed out most financial risks is the risk of infrastructure, so it is necessary to use financial technology to strengthen security construction and build a financial service system in which consumer rights can be guaranteed.

Xu Mingxing: blockchain technology can solve the cross-border payment issue

According to Xincai.com, Xu Mingxing said that the traditional payment system cannot achieve decentralization. In the traditional payment system, a third-party organization provides guarantees, and the transaction credits of both parties are guaranteed. It is the optimal solution for now, but the existence of cross-border payment intermediate banks is another reason for the high cost and low efficiency of a cross-border payment. Blockchain technology could solve cross-border payments issue by eliminating the third-party between transaction. It reduces transaction costs and the payment can be completed very quickly.

Huawei Ren Zhengfei: China can issue its own “Libra”

According to JRJ.com, Ren Zhengfei, the CEO of Huwei said in an interview with Corriere Della Sera that China could issue its own “Libra”. Ren said, “China can also issue such currency by itself. Why wait for others to issue it? The power of a country is always stronger than that of an Internet company.” China central bank has been reportedly starting to develop the Central Bank’s digital currency,  and it is officially approved by the China State Council.

Author: Yihan Xia

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