区块链与数字经济的问题及对策,区块链与数字经济时代

Ⅰ What is digital currency, digital finance and why blockchain digital currency is so important

From a financial perspective, blockchain and digital currency are actually a new generation digital financial system. The digital financial system is built on the financial infrastructure of blockchain digital currency.

From the perspective of an enterprise, how do we understand the digital economy?

We know that the driver of the industrial economy is fossil fuels, and the driver of the digital economy is data. So how does data drive a business? I summarize it as computer modeling of data, using algorithms to organize the data, and at the same time computer programming of the enterprise's business processes, turning the data into algorithm models, and then stringing together the algorithm models to turn the business processes into computer programs. Or become a smart contract, which is digital technology. This digital economy is not the digital economy from an economist’s perspective.

How to integrate these things requires a series of digital technologies. A series of digital technologies such as the Internet, Internet of Things, cloud computing, artificial intelligence and blockchain constitute the digital economy, or digital business.

Digital technology has three characteristics. The first is that it spans time and space, because data naturally has the ability to penetrate. For example, cross-border and cross-organization data flow cannot be blocked by national borders, so it crosses time and space. At the same time, data is penetrable. It can penetrate the market vertically, eliminating all intermediaries and hierarchies in the middle, and then Let transactions become peer-to-peer, and buyers and sellers no longer need intermediaries. It can penetrate the market vertically and shorten the industrial chain horizontally. Peer-to-peer, there is no middleman to guarantee the transaction settlement.

The core of digital finance is point-to-point payment settlement and non-guaranteed transaction settlement. Nowadays, using bank cards to buy things in shopping malls is not a point-to-point transaction. It takes time for the merchant to receive the money, and the bank guarantees that the transaction can be settled completely. But if these intermediaries disappear, how can transactions be cleared and settled in real time? At present, blockchain and digital currency are the best technical solutions to solve these problems, and no other better solution has been found yet.

From a business perspective, blockchain technology has its own characteristics, that is, it is sufficiently digital, it is cross-border, cross-time and space, and cross-organization. The flow of data has no boundaries, so the blockchain is distributed at the same time, it is self-organized and decentralized.

So the origin of blockchain and the application of any new disruptive technology have always had two routes, or two methods. One way is to regard it as a tool and use it to improve the traditional business model and obtain an improvement in marginal benefits. The other is to treat it as a system to reconstruct the underlying logic of business.

There is a good example of these two application methods in the past few years. When Internet companies areWhen promoting "Internet+", we also see many traditional business organizations saying that it is not "Internet+", but "+Internet". So where are those people who shout "+Internet" now? Some people think that the Internet is just a technology used to improve it. Some Internet technologies can be added to traditional things. For example, if you use the Internet as email, you build an email system and think it is the Internet. But some people treat the Internet as a system and reconstruct the business from the bottom up. In the end, you will find that you are unemployed.

The second is decentralization. Why go to the center? Regional center technology in business has brought about business decentralization, which is an inevitable trend in history. Where is this trend? I think there are two points. One is economic globalization and entering version 2.0. Now through the Internet, it is no longer the company that is globalizing, nor the company turning itself into a multinational company, but the Internet is empowering any individual, so that it can sell its products through the Internet in a small county in China. worldwide. When economic globalization develops to personal globalization, solving point-to-point transactions and point-to-point services becomes a prominent issue. Then the real-time clearing and settlement and point-to-point transaction settlement brought by blockchain technology can just help the globalization of personal business activities.

The third is the digitalization of the economy. When data is collected to a certain extent, its circulation is basically across time and space. The demand for financial payments from commercial activities is carried with them anytime and anywhere, but it is impossible to provide scenario-based and virtualized payment settlement anytime, anywhere and on demand. Services will eventually be eliminated by technology and the market.

Why is digital currency so important?

First, the issuance of digital currency broadens the scope of original monetary policy options. If all physical currency can be converted into digital currency, this will make it possible for the central bank to break through the zero lower bound of interest rates and reduce nominal interest rates to negative.

In addition, digital currency also provides a new quantitative easing tool. The central bank issues an equal amount of digital currency to every citizen in the form of free payment, which can directly bypass the inefficiency during the crisis. Financial markets, improve citizens’ ability to consume and repay debt, making it easier to achieve the central bank’s monetary policy goal of calming volatility.

Second, digital currency can make monetary policy more transparent. Economic theory generally believes that the implementation of monetary policy should be systematic and transparent, which can enhance the effectiveness of the monetary transmission mechanism, reduce internal noise, and strengthen the stability of the system.

Although, central banks in various countries have made significant progress in this regard by controlling inflation targets. The implementation of central bank digital currencies provides an opportunity to increase the transparency of central bank monetary policy frameworks. By adopting a central bank digital currency, like inflation targeting, the central bank can establish a fixed, specific price index toA stated price level target, thus providing a durable, credible and transparent nominal anchor to the economic system.

Third, the issuance of digital currency can solve the problem of reduced physical cash and bring some seigniorage to the central bank. With the rise of mobile payment methods and mobile payment applications, the importance of cash in society is gradually decreasing.

With the demise of paper money, the only form of money circulating in the economy will be residents' bank deposits, and central banks may lose the power to issue banknotes to the public. Additionally, under the current system, seigniorage can only be obtained through the issuance of physical cash. Therefore, when ordinary people are less willing to hold cash, providing a convenient central bank digital currency that can be connected to electronic payment systems can allow the central bank to regain part of the seigniorage.

Fourth, digital currency can increase the stability of the financial system. From a technical perspective, digital currencies allow residents, businesses and non-bank financial institutions to settle directly with central bank digital currencies. This can share part of the settlement functions of commercial banks and reduce the concentration of liquidity and credit risks in the payment system.

Of course, in specific policy practice, due to the need for policy stability, central bank digital currency can also be issued and operated relying on the commercial banking system.

In addition, digital currencies issued by central banks can provide a truly risk-free alternative to bank deposits. The shift of residents from holding bank deposits to holding digital cash reduces part of the need for government guarantees on deposits and weakens a source of moral hazard in the financial system.

II What is blockchain technology and how does it change business and financial models

What is blockchain technology and how does it change business and financial models? According to reports, since the end of March, the tour guide team led by Yang Feihu has been receiving inquiries from out-of-town individual tourists. “There are many families traveling to Wuhan from out of town. Several families come together by car or by high-speed rail,” Yang Feihu said. , Yellow Crane Tower, Hubei Provincial Museum, and East Lake Scenic Area are still places to check in. "It's hard to get a ticket for the Hubei Provincial Museum now, and all the seats for the May Day period have been reserved." He and a number of parents looking for relatives went to Shuidun Town, Zijin County, Heyuan City, Heyuan City. Because Zhang Weiping once confessed that this was the place where Aunt Mei lived, and it was also the place where 8 of the 9 abducted children in the "Aunt Mei Case" were sold.

III The relationship between digital currency and blockchain

1. Blockchain and digital currency complement each other and are inseparable. Blockchain is one of the means of digital currency circulation.
2. Blockchain is the theoretical basis of digital currency. Digital currency is established on the basis of blockchain technology. Blockchain has certain guarantees for the security of digital currency. At the same time, digital currency is a block chain. The most successful application of chain technology.
Extended information: 1. Digital currency is an unregulated, digital currency, usually issued and managed by developers, and accepted by members of specific virtual communities.accepted and used. The European Banking Authority defines virtual currency as: a digital representation of value that is not issued by a central bank or authority and is not linked to a legal tender, but which, because it is accepted by the public, can be used as a means of payment or can be transferred, stored or traded electronically. .
2. Digital currency can be considered as a virtual currency based on node network and digital encryption algorithm. The core characteristics of digital currency mainly reflect three aspects: ① Because it comes from certain open algorithms, digital currency has no issuing entity, so no person or institution can control its issuance; ② Since the number of algorithm solutions is determined, the digital currency The total amount of currency is fixed, which fundamentally eliminates the possibility of inflation caused by excessive issuance of virtual currency; ③ Since the transaction process requires the approval of each node in the network, the transaction process of digital currency is safe enough.
3. The blockchain shared value system was first imitated by many cryptocurrencies, and improvements were made in proof of work and algorithms, such as the use of proof of equity and SCrypt algorithms. Subsequently, the blockchain ecosystem continued to evolve around the world, with the emergence of initial coin offerings (ICO); the smart contract blockchain Ethereum; the asset tokenization sharing economy with “light ownership, heavy usage rights”; and blockchain countries. People are using this shared value system to develop decentralized computer programs in all walks of life and build decentralized autonomous organizations and decentralized autonomous communities around the world.

IV Economic Functional Defects of Blockchain Digital Currency

Issuing digital currency based on blockchain is also called decentralized currency issuance. The chain circle generally recognizes that this can counteract Inflation caused by centralized money issuance. Including Satoshi Nakamoto also expressed his distrust of centralized money printing in the Bitcoin genesis block.

During the global financial crisis in 2008, Satoshi Nakamoto announced Bitcoin to the world. When introducing his innovation, he said: "The most fundamental problem with traditional currency is trust. The central bank must make people trust it. It will not devalue the currency, but this credibility has never existed in history. Banks must be trusted to manage money and circulate this wealth in the form of electronic currency, but banks use currency to create credit bubbles, making Private wealth has shrunk."

On January 3, 2009, Satoshi Nakamoto released the first version of the open source Bitcoin client, announcing the birth of Bitcoin. Satoshi Nakamoto wrote in the genesis block: “On January 3, 2009, the Chancellor was on the verge of implementing a second round of bank bailouts.”

Judging from the operating practices of Bitcoin and Ethereum, digital currencies based on blockchain technology can indeed resist inflation, because each incremental coin of the digital currency is generated through mining (PoW, The emergence of proof of work corresponds to undifferentiated human (machine) labor. There is no centralized organization that can bypass mining labor and issue currencies on a large scale.

However, this decentralized currency issuance mechanism has a natural economic shortcoming.Trap: It cannot dynamically adjust the amount of currency issuance based on the growth of wealth on the blockchain. When wealth grows faster than currency issuance, a deflationary situation will form, that is, there are not enough new digital currencies to match the blockchain. wealth growth.

We illustrate the shortcomings of the decentralized blockchain currency issuance mechanism by comparing it with the traditional centralized currency issuance mechanism.

In RMB, under the centralized currency issuance mechanism, there are three main ways to add new currency issuance:

1. Earning foreign exchange through exports leads to the investment of foreign exchange reserves. Buy domestically produced goods abroad to obtain U.S. dollars, and then settle the U.S. dollars to obtain RMB for circulation into the market. The country uses U.S. dollars to purchase bulk commodities overseas. In this process, the newly added wealth is commodities, and the corresponding RMB is invested in the foreign exchange account.

2. Bank loan. The developer built the house, the individual bought the house with a mortgage loan from the bank, and worked hard to repay the loan. In this process, the newly added wealth is a house, and the corresponding RMB investment is a loan. In the end, individuals realize wealth through labor and repay the loan.

3. Bank interest. Depositing money in the bank will earn interest, and the interest rate corresponds to the economic growth rate. In this process, economic growth means wealth growth, and the corresponding RMB investment is deposit interest.

In the above three methods, the newly increased wealth is matched by the new currency, so there is a sufficient amount of currency in the market chasing a sufficient amount of wealth, and the currency value is stable.

Let’s look at the currency issuance of blockchain.

Obtain incremental digital currency through the labor of mining and accounting. In this process, wealth growth is due to the mining of blocks and decentralized ledger maintenance, corresponding to the issuance of new digital currencies. However, the generation of wealth on the blockchain is not limited to mining, but also business cooperation through smart contracts, as well as the creation of native digital artworks NFT, etc. These newly generated wealth do not have corresponding digital currency issuance.

We use NFT to illustrate. An artist creates an art work in the metaverse where the blockchain is located. If this work is auctioned off-chain, it can reach 1 million US dollars. After this work is put on the blockchain, the wealth on the entire blockchain increases. 1 million US dollars, but no corresponding digital currency was generated. If this occurs under a centralized currency issuance mechanism, the corresponding currency delivery can be obtained through the above methods 1 and 2. Assume that 100 NFT works are produced within a year, and these works are valued at 100 million US dollars off the chain, but there is no digital currency corresponding to this 100 million US dollars of wealth on the chain.

Since NFT can only be traded through digital currency on the chain, the price of digital currency has increased. When there is more and more NFT wealth on the blockchain, and the growth rate exceeds the currency release speed of mining, then the price of the digital currency corresponding to NFT will be getting lower and lower, while the off-chain dollar price corresponding to the digital currency will be getting higher and higher. In this way, deflation occurs on the blockchain. If it continues to develop, the digital currency generated by mining may eventually be able to buy an NFT with an off-chain valuation of US$1 million.

So, is mining valuable or digital art creation valuable? Bitcoin has already seen this strange phenomenon. One Bitcoin obtained from a high-carbon, uncreative mining job can be equivalent to a year's salary income of an ordinary white-collar worker in China.

The economic ecology of the Metaverse is based on blockchain technology, so what kind of economic crisis will this flaw bring to the Metaverse?

To be continued...

IV Blockchain and Digital Economy

Top ten mainstream predictions on the development trend of the digital economy after the epidemic, details See picture.

Jeff briefly talks about his views:

1. The general trend of national and global economic development is the digital economy. This direction is undoubtedly certain!

2. Blockchain is not enough to be compared with the digital economy, Internet economy, and industrial economy, and the concept is wrong. Blockchain is a technology that can be discussed together with information technologies such as the Internet, cloud computing, 5G communications, and the Internet of Things, and should also be used in combination!

3. The product of the coupling of blockchain technology with tokens, token economy, and community governance may not necessarily be the current currency circle in the eyes of currency people. All the above mentioned must empower the real economy in order to exert its positive energy and generate new value.

4. There is a natural fit between the digital economy and blockchain technology. Therefore, it is recommended that blockchain practitioners de-monetize tokens and apply them to multiple applications to truly take advantage of the distributed advantages of blockchain.

Blockchain technology is finally easy to use!

VI Blockchain innovative application scenarios continue to expand in the digital economy era

In the digital economy era, blockchain, as a new driving force for economic growth, is leading a new round of global technological revolution and Industrial changes. At present, blockchain is developing rapidly and penetrating into all areas of our country's economy, which not only strengthens the resource allocation capabilities of the digital economy, but is also of great significance for promoting high-quality economic development and improving the modernization of the national governance system and governance capabilities.

Blockchain is the new engine driving digital development

As the role of blockchain in the digital economy grows, its innovative applications continue to expand. According to the "China Mobile Internet Development Report (2021)", "There were nearly 2,000 blockchain projects across the country last year, and the blockchain market size exceeded 3.2 billion yuan."

China Academy of Information and Communications Technology Industrial Internet and Internet of Things ResearchLiu Yang, deputy chief engineer of the institute, once said that blockchain is a trust infrastructure necessary for the development of economic activities. It provides inclusive public services for finance, agriculture, industry, energy and other industries and the public. It is also a collaboration tool. Transforming production relations and integrating with the real economy will improve collaboration efficiency and reduce costs.

In fact, blockchain is called "the next generation of Internet-level technology" because of its disruptive innovation, and is considered the most revolutionary among strategic emerging technologies. In October 2019, blockchain was elevated to a national strategic level. In April 2020, blockchain was included in the new infrastructure and was listed as one of the seven "key digital economy industries" in the "14th Five-Year Plan". In the future, blockchain will usher in new opportunities for innovation and development.

However, Zhang Chao said that currently, data governance on the blockchain is still a huge challenge at a global level. First, data governance requires a clear regulatory subject, but in blockchains or distributed ledgers (or public chains) other than alliance chains, a relatively clear object may not be found as a regulatory subject; secondly, due to the The data on the chain cannot be easily tampered with, which means that during the data governance process, the rights of the data owner to modify and delete the data may not be fully protected.

Blockchain innovative application scenarios continue to expand

Driven by favorable policies and market demand, blockchain innovative application scenarios continue to expand. In recent years, in addition to the two major outbreak scenarios of finance and government affairs, there is even more promise in empowering the field of rule of law. On the one hand, the multi-faceted and multi-field application of "blockchain + rule of law" can effectively improve the efficiency of rule of law construction; on the other hand, blockchain technology can also help public prosecutors and law enforcement agencies crack new criminal cases.

Industry insiders believe that based on the analysis and tracking of massive on-chain data, blockchain technology provides governments, enterprises and users with on-chain data monitoring, transaction maps and on-chain address analysis. For suspected criminal activities such as virtual currency, the blockchain browser provides on-chain data tracking to combat virtual currency crimes, maintain national financial security, and provide "blockchain power" for the construction of Digital China.

Ⅶ The relationship between blockchain and digital currency What is the relationship between digital currency and blockchain

1. Digital currency and blockchain are organically combined and are closely related. Connected relationship, blockchain is the lowest technology and the most important technical means of digital currency. The most successful practice of blockchain is innovation in the field of currency. As one of the technologies of digital currency, the use of digital currency also includes mobile payment, trusted and controllable cloud computing, cryptographic algorithms, etc. The popularity of Bitcoin has made people Understand the technical framework and broad application prospects of blockchain.

2. Blockchain is actually an emerging digital accounting book. This kind of accounting book has powerful functions and is equivalent to a cloud storage function. Because every time a transaction is completed,After a certain period of trading, all transactions within that period are recorded, and complete copies are made at all settlement points. This is a "block". Therefore, there is almost no possibility of information being tampered with, unless there is a way to hack into almost all nodes. Blocks are connected end to end to form a blockchain.

3. The biggest feature of digital currency is that it is programmable. It is a computer program and a piece of code. Because it can be programmed, it is an intelligent currency. Because it is intelligent, settlement confirmation and clearing transactions are completed at the same time.

4. Everything has evolved from programmable currency to programmable finance, and from programmable finance to programmable economy.

5. To sum up, digital currency is a form of encrypted currency. It is precisely because this digital currency needs to be encrypted that it exists. Therefore, digital currency needs to be distinguished. Supported by blockchain technology, blockchain technology is also the most advanced technology in the world. Many well-known companies in the world are studying this technology. The development prospects of this technology are unlimited.