In the current technology iteration, there is often a certain time difference between industry development and standard formulation. The same is true for the blockchain industry.

“Currently, the blockchain standard is a state of everyone’s own cooking, and when connectivity is blocked, the commercial layout of blockchain is delayed.” Zhang Xiaojun, director of Huawei’s blockchain project and head of industrial development in the financial industry, said.

PW441-10  Endorsing manufacturing from financial intermediation is still in the “experiment”

“Blockchain is a cutting-edge technology, and the industrial scene makes it realize its value, and there will be important application space in the industrial manufacturing field.” Rong Chunming, an academician of the Norwegian Academy of Engineering, said in an interview with China Industry News that blockchain can effectively solve problems such as manufacturing data sharing, equipment management, multi-party trust and cooperation, and security.

“Blockchain makes product lifecycle management more transparent, providing real-time visibility and reliable paths for quality control, including transaction capital flow, logistics and other information, thus further reducing product manufacturing and service costs.” Chu Jiahai, a member of the blockchain strategic plan of the University of Oxford’s Said Business School, co-founder of the China-Australia Blockchain Association and chief operating officer of the Australian Superior Chain Company, told reporters.

PW441-10  In his view, the transfer of funds no longer requires a financial intermediary to act as a trust endorsement, but relies on smart contracts to be constrained. Point-to-point self-service financial exchange is initiated and completed directly on the business scenario platform, which not only improves the efficiency of capital operation in the entire supply chain, but also reduces the cost of financing and increases the efficiency.

“It should be noted that some enterprises have begun to explore the application of blockchain in the manufacturing supply chain, but it is still in the experimental stage.” Huang Mingjun, academician of the Singapore Academy of Sciences, reminded.

China’s manufacturing industry ranks first in the world with a complete range of sectors and a complete system, and plays an important role in supporting China’s economic and social development. In the “2018 China Blockchain Industry White Paper” issued by the Ministry of Industry and Information Technology, the state highly emphasized the combination of blockchain and industry 4.0, pointing out that blockchain technology is expected to become one of the underlying technologies of the fourth industrial revolution, and the organic integration of industrial blockchain and industrial cloud will greatly improve the operational efficiency of the real economy and promote the transformation and upgrading of the manufacturing industry.

New technologies are urgently needed to support physical computers or be eliminated

PW441-10  The application and development of blockchain urgently needs the support of a new generation of information technology. The integration with new generation information technologies such as artificial intelligence, cloud computing, big data, and the Internet of Things will also accelerate the application of the blockchain industry.

“Blockchain is the glue that connects various technologies. The computing power of artificial intelligence combined with big data can simplify the computing power requirements of the blockchain, and the blockchain can guarantee the reliability of data transmission. Blockchain will help AI get the order, AI will help blockchain to ensure security issues, traceability through blockchain.” Zhang Xiaojun said.

“The traceable nature of blockchain, using iot devices to let consumers see the real data behind the goods, can solve the problem of fake products.” Chu Jiahai added.

PW441-10  In the view of Jing Bo, technical director of Baidu’s blockchain system department, the decentralized nature of blockchain can also prevent the abuse of artificial intelligence and enhance the trust relationship between entities. When new technologies rush forward “stepping on the accelerator”, it is easy to emerge from the situation of control, and the blockchain has the role of “braking” in time.

Yung Chunming predicts that the combination of blockchain and cloud computing may replace physical computer devices in the future. “When the network is my computer, my resources can be stored and calculated online, and this operation can be managed very well through the blockchain.”

The industry standard of blockchain companies’ stoves is still missing

The real landing of blockchain is inseparable from a perfect standard system. The development of a unified blockchain technology standard will help the industry, the general public and relevant regulatory authorities to accurately identify and eliminate the fake, reduce industry chaos, and protect the legitimate rights and interests of investors.

When interviewed, a number of industry experts told China Industry News that interconnection has become the fundamental demand of blockchain. The lack of consensus in the industry, and the limited research and development force can not be effectively concentrated, will not be able to meet the needs of the blockchain application development market.

“It is gratifying that industry enterprises are actively participating in the work of the China Blockchain Standard Committee. The formulation of the standard will better support the country’s independent innovation in blockchain technology and accelerate the interconnection of the blockchain industry.” According to Zhang Xiaojun,

“It is necessary to speed up the establishment of a national standardization committee for blockchain and distributed ledger technology, promote the development and application of key urgently needed standards, and actively connect with international standards organizations such as ISO and ITU.” Ministry of Industry and Information Technology chief engineer Zhang Feng suggested.