The 2020 blockchain "digitalgold" financial summit and the first annual meeting of the Community ofthe Polymerization V19 Alliance, with the theme of "wisdom to the world,freedom on the chain", was opened on August 10 at Haitang Luhu ResortHotel, Sanya, China. Dr. James P. Wang, chairman of Rothschild FamilyInvestment Management Co., Ltd., executive vice chairman of the Economic andTrade Investment Promotion Association of the Dominican Republic and the Presidentof the National Investment Holding Group of the Republic of Dominica, deliveredan opening and a speech entitled "The Development Status of InternationalBlockchain and Supporting Policies of Various Countries". James P. Wangbelieves that blockchain, as a disruptive technology, is leading a new round ofglobal technological and industrial changes, and is expected to become the"source" of global technological innovation and model innovation.
The conference was jointly hosted bythe Freemasonry International Duke Association and the Community of thePolymerization V19 Alliance, co-organized by Singapore Liberty Cash Foundation,Hongmen Business Association, Kate International Celebrities Association, ChinaFilm and Television Culture Investment Association, Rothschild Club, VimyInternational Model Association and Bi Bull Trading Platform.
The following is the full text ofJames P. Wang’s speech:
Ladies and gentlemen:
Hello! I'm James Wang. I'm very gladto have this opportunity to exchange and share with you at this professionalindustry summit. We all know that in recent years, a new round of scientificand technological revolution and industrial transformation has swept the world,and new technologies such as big data, cloud computing, Internet of things,artificial intelligence and blockchain are constantly emerging. The digitaleconomy is profoundly changing the way of human production and life andbecoming a new driving force for economic growth. As a disruptive technology,blockchain is leading a new round of global technological and industrialchanges, and is expected to become the "source" of globaltechnological innovation and model innovation. What is the development processof blockchain? What is the attitude of countries around the world towardsblockchain? Today I will share it with you.
First, let's take a look at what theblockchain is. In 2008, a scholar named Satoshi Nakamoto published afoundational paper entitled Bitcoin: a peer-to-peer e-cash system, which led tothe birth of blockchain technology.
In a narrow sense, blockchain is akind of chain data structure that combines data blocks in a sequential manneraccording to the time sequence, and ensures that it can not be tampered with orforged by cryptography.
In a broad sense, blockchaintechnology is a new distributed infrastructure and computing paradigm that usesblock chain data structure to verify and store data, uses distributed nodeconsensus algorithm to generate and update data, uses cryptography to ensurethe security of data transmission and access, and uses intelligent contractscomposed of automated script code to program and operate data.
In fact, blockchain technology hasexperienced three stages of development, technology origin, blockchain 1.0,blockchain 2.0 and blockchain 3.0. In the technology origin stage, let's firsttalk about P2P network. P2P network technology is the networking technology ofblockchain system connecting all peer-to-peer nodes. It is translated intopeer-to-peer network in academia, and it is called "peer-to-peer" or"end-to-end" network in most media, which is a kind of connectionnetwork constructed on the Internet. Database technology, which involves mostof the development of computer technology, is the basic technology and thecornerstone of software industry. Blockchain 1.0 is from 2009 to 2014, thedigital currency bitcoin was born, bitcoin system was officially released, andblockchain technology was officially launched; Blockchain 2.0 was the stagefrom 2014 to 2017, in which open source blockchain projects such as Ethereumand super ledger were successively released, smart contracts appeared, and theblockchain protocol layer and framework layer were gradually optimized. In thisstage, digital technology based on blockchain technology was developed Money isbooming. Digital money, also known as e-cash or e-money, is regarded as asimulation of real money, involving users, businesses and centralized banks orthird-party payment institutions. Since 2017, that is, blockchain 3.0 stage,blockchain commercial application projects have exploded, blockchainapplications have been implemented in different industries, decentralizationhas gradually entered the public view, and blockchain + has become the globalmainstream. There is no doubt that the next decade will be the decade ofblockchain. Blockchain will revolutionize the world in the fourth technologicalrevolution in the history of human civilization.
After understanding the origin ofblockchain, let's take a look at the current development status ofinternational and domestic blockchain.
In recent years, governments ofvarious countries hold different attitudes towards the development ofblockchain industry. Most countries attach importance to the application ofblockchain technology in the real economy, a few countries hold an "activeembrace" attitude towards blockchain and cryptocurrency, and somecountries have made clear their regulatory policies on cryptocurrency.Australia, South Korea, Germany, the Netherlands and other countries activelydevelop the blockchain industry and formulate the overall development strategyof the industry; the United States, China, South Korea, Japan, Singapore, theUnited Kingdom, Australia and the European Union attach importance to theresearch and application of blockchain technology; the United Arab Emirates,Australia, France, Switzerland, Finland, Lichtenstein, China and Japan haveformulated blockchain regulators To clarify the regulatory requirements in thefinancial field and Internet information field requirement.
In 2019, blockchain technology isincreasingly concerned by international organizations and governments, and morethan 14 countries and regions have formulated relevant policies and measures.In November 2019, the European Commission announced an investment plan forstart-ups including blockchain technology, which plans to provide 100 millioneuro to support companies in the industry in 2020. It is expected that the fundwill further attract private investment of 300 million euro to create a dynamicinnovation ecosystem throughout the EU; in October, the UAE issued a draftregulation on crypto assets; and in September, the Federal Republic of GermanyThe government officially released the blockchain strategy of the federalgovernment of Germany; In July, the U.S. Department of Defense issued the"digital modernization strategy", which proposed the use ofblockchain technology for data security transmission test; in May, Japanrevised the payment services act and the financial instruments and TransactionsAct to define "encrypted assets"; in March, Australia issued thenational blockchain roadmap, emphasizing on supervision, technical capacity,innovation, investment and international Competitiveness and internationalcooperation promote the development of Australian blockchain industry.
Among the various policies, the policymeasures of Germany and South Korea deserve attention. In September 2019, theGerman federal government officially released the "German federalgovernment blockchain strategy", which defines the action measures of Germanblockchain industry in five major fields, including several key initiatives.The South Korean government has always attached great importance to theapplication of blockchain technology in vertical industries. In June 2018, theMinistry of science and ICT of South Korea released the development strategy ofblockchain, in which six pillar projects were identified: traceability oflivestock products, personal liquidation, real estate transaction, onlinevoting, international electronic document management and ship logistics. InApril 2019, the Korea Internet and Security Agency (KISA) cooperated with theMinistry of science and ICT of South Korea to expand the demonstration projectsto 12, covering digital identity, government archives, health care, logistics,energy and other fields.
Europe is one of the most importantfinancial hot spots in the world. The regulatory environment in Europe isperfect, and the emerging technologies have strong academic and politicalsupport. In addition, the European Union is also interested in blockchain. TheEuropean Commission, the executive body of the European Union, is activelyexploring how to implement this technology. In April 2018, the European Unionlaunched the European blockchain partnership, which operates at the politicallevel of all Member States of the European economic area. The countries thatsigned the declaration are working to implement blockchain solutions that areconducive to their civil, social and economic development. The Europeanblockchain partnership plans to deploy a distributed network of blockchainnodes throughout Europe. The European Commission is also working to ensurepublic-private partnerships in the field of blockchain, and established theinternational trusted blockchain Application Association in April 2019. Dragovof IDC said that some industries in Europe, from manufacturing to banking, areactively promoting investment in blockchain, and it is expected that thefinancial industry will continue to attract the most blockchain investment.
In September 2019, the joint researchcenter under the European Commission released the blockchain Research Report"blockchain: now and tomorrow - multi dimensional assessment of the impactof Distributed Accounting Technology", pointing out that blockchain hashad and will continue to have a wide range of impacts on industry, economy andsociety. According to the report, although blockchain has been hyped andexaggerated for a period of time after 2014, the influence of the technology onvarious industries has begun to show gradually, and it will become one of thetechnologies that will have a profound impact in the next 10 to 15 years. Thereport analyzes the application potential of blockchain technology in financialindustry, trade and supply chain, intelligent manufacturing, energy, digitalcontent, health and biopharmaceutical, government and public services. Theblockchain technology has three advantages: first, reducing the transactionintermediate cost and improving the transaction efficiency and security;second, improving the transparency and security of data to achieve datatraceability Thirdly, smart contract ensures the automatic execution oftransaction process.
In the Middle East, according to anIDC report in February, governments in the Middle East and Africa will witnessa 400% surge in blockchain based investment over the next four years. Thereport found that multilateral environmental agreement countries will increasespending from $21 million in 2019 to $105 million in 2023, with a compoundannual growth rate of about 50%. The report points out that multilateralenvironmental agreement authorities are keen to explore block chain solutionsto solve fraud, security and public management problems.
Israel also has many blockchain-related activities, mainly focusing on digital assets. Other use cases inIsrael extend to DNA storage, diamond registration, network security andinternational shipping. A noteworthy trend in Israel's block chain environmentis the change of government behavior from a regulatory role to a user role. Thereport found that the Israel securities authority has begun to use blockchainin its information system. Hagai zachor, strategy manager and head ofblockchain at Deloitte in Israel, said it was not surprising that Israel becamea regional leader in blockchain based projects: Despite the challenges faced bygovernments in multilateral environmental agreements, Kifle believes thatblockchain projects in these regions are increasing with the support ofgovernments in the Middle East and North Africa.
Let's talk about the blockchain policyof the United States. The United States has the most developed blockchainregulatory environment, strong academic support and a long history ofsupporting technology development, which is the fertile ground for any emergingtechnology. Therefore, it is not surprising that the United States has takenthe benchmark position in most blockchain investments. Jeff Barroga, CEO andfounder of Paxful, the exchange, said North America not only dominates theapplication of blockchain, but the trend is likely to intensify as moregovernment officials turn to support the technology.
As the executive vice chairman of theTrade and Investment Promotion Association of the Dominican Republic andPresident of the National Investment Holding Group, I am responsible for theplanning and construction of the free trade zone in the Dominican Republic. Iam preparing a digital bank, the Rothschild Family Bank, with a reserve of US$30 billion. The Rothschild family is ready to approve a leverage of 15 times,reaching US $450 billion. President Tony Sun and I can provide you with aplatform and circle for Freemasonry and the Rothschild family, including theworld's top 500 and the international financial system, especially theinternational banking system. Do a good job in financial services within thelaw of the host country.
Elian Hesca, head of Decred's LatinAmerica Operations said the diversity of financial and technology use cases inthe region is driving the proliferation of cryptocurrency and blockchainprojects: "an important reason for this is the diversity of use cases ofcryptocurrency remittances, investments and savings, making it an alternativechoice for people to fight hyperinflation."
According to IDC data, it is estimatedthat by 2022, blockchain investment in the Asia Pacific region (excludingJapan) will reach $2.4 billion. The report predicts that the amount ofinvestment in blockchain will soar, which is expected to reach about $528.8million in 2019, an increase of 83.9% compared with that of $284.8 million in2018. IDC expects a 5-year CAGR of 77.5% between 2018 and 2022. According tothe relevant report data, the Asia Pacific region (excluding Japan) accountedfor about 18.4% of the total global blockchain technology expenditure in 2019,second only to Western Europe (23.7%) and the United States (37.7%). China'sspending in the region is dominant, at about 70%.
In addition, international technologygiants, financial giants and traditional industry giants have accelerated thelayout of the blockchain field. In June 2019, Facebook released the white paperon Libra, a global digital cryptocurrency project. Libra will serve as asimple, borderless monetary and financial infrastructure to provide billions ofpeople with borderless, low-cost and inclusive financial services. Onceannounced, the Libra project has attracted the attention and discussion fromall walks of life around the world, highlighting the great potential ofblockchain technology in reshaping the global financial infrastructure.
Blockchain technology is graduallyentering various fields of people, so what is the future development trend ofblockchain in various countries? We can make a bold prediction and analysis:
Up to September 2019, there are 3078blockchain enterprises in the world. In 2019, the number of new enterprises andthe amount of investment and financing in the global blockchain industry willdrop significantly compared with that in 2018. The number of new blockchain enterprisespeaked in 2017 and began to decline from 2018. In the first three quarters of2019, the number of newly established blockchain enterprises was less than 100.The United States, China and the United Kingdom are the three countries withthe largest number of blockchain enterprises in the world. Singapore, Canada,Switzerland, Germany, South Korea, Japan, France and other blockchainindustries are also in the lead, with the number of enterprises ranking 4-10.0bits.
In terms of financing, from 2009 tothe third quarter of 2019, the cumulative investment amount of global venturecapital in the blockchain field exceeded 11.46 billion US dollars, highlightingthe capital's pursuit of this emerging technology. In the first three quartersof 2019, there were 303 venture capital financing in the global blockchainindustry, totaling US $2.721 billion, which was lower than 384 and US $3.240billion in the same period of 2018. In terms of financing rounds, seed roundand A round still account for a large proportion. These data show that venturecapital has become cautious in investing in emerging blockchain enterprises.The United States, China, South Korea, Switzerland and the United Kingdom arethe five countries with the largest amount of venture capital in the globalblockchain industry; Beijing, San Francisco, London, New York and Singapore arethe cities with the most concentrated blockchain enterprises. On the one hand,due to the active venture capital in these countries, local technologyenterprises continue to innovate; on the other hand, local governmentsencourage innovation and create an appropriate regulatory environment.
In recent years, various industries inChina actively embrace blockchain technology. After the "1024meeting", China recently released the "opinions on grasping the keywork in the field of" agriculture, rural areas and farmers "to ensurethe realization of a well-off society in an all-round way as scheduled. Thearticle puts the blockchain in the forefront of artificial intelligence and 5G,which further confirms that the blockchain technology has risen to the nationalstrategy.
The state cyber information office hasreleased two batches of block chain information service filing lists, involving422 institutions and 506 blockchain service platforms. Finance, supply chainand Internet are the most concentrated fields. Huawei, Baidu, Alibaba, Tencentand Jingdong released baas platforms; ICBC, Ping An Bank, Bank of Jiangsu andSuning bank released financial block platforms; Midea and aerospace informationreleased electronic voucher blockchain platforms.
Blockchain is a trust machineestablished in the absence of trust or lack of trust relationship, soblockchain is of great significance for developing countries, especially forcountries with low trust. On the one hand, in terms of social development,blockchain technology can help developing countries to accelerate their entryinto trust society and improve social governance and trust environment; on theother hand, for industry development, blockchain technology has subversiveeffect on industries with low trust degree, or industries with discontinuoustrust relationship and high trust cost. In recent years, with thepolicy-oriented support of blockchain in various countries, we believe that thenext decade must be the decade of blockchain, and the application of blockchaintechnology and the future prospects of digital currency will be very broad.
Finally, thank you for your listening.This is the end of my sharing today.
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