Experts discuss building blockchain and new social credit system

By Zhang Rui
0 Comment(s)Print E-mail, January 22, 2020
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A visitor tours a display center of the National Big Data Comprehensive Pilot Area in southwest China's Guizhou Province, May 22, 2019. [Photo/Xinhua]

In order to make good use of blockchain technology and build a new social credit system for all sectors of society, a seminar titled "Blockchain technology helps China's new social credit system" was held in Beijing on Jan. 14. 

More than 20 experts from universities, research institutes and enterprises at home and abroad attended the discussion. 

On Oct. 24, 2019, during a group study session of the Communist Party of China (CPC) Central Committee Political Bureau, blockchain was highlighted and stressed as an important breakthrough for independent innovation in core technologies. The session called for making clear the main direction for its future development, increasing investment, focusing on developing a number of key core technologies, and accelerating the development of blockchain technology and industrial innovation. 

Experts who attended the seminar explained the data structure of blockchain. Blockchain is a shared database and a growing list of records that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. It has characteristics such as being tamper-proof, traceable, open and transparent. 

Experts believed that blockchain and artificial intelligence are the core technologies of the new scientific and technological revolution and industrial transformation represented by Industry 4.0 -- the subset of the fourth industrial revolution that relates to industry. 

In order to seize this historic opportunity, China added a major new-generation artificial intelligence program to the main programs in its scientific and technological innovation 2030 project. In July 2017, the State Council issued the "New Generation Artificial Intelligence Development Plan", stating that it will give full play to the role of artificial intelligence technology in enhancing social interaction, promoting credible communication, facilitating the integration of blockchain technology and artificial intelligence, establishing a new social credit system, and minimizing the cost and risk of interpersonal communication

The experts reached the consensus that the driving force for the long-term development of the world economy is ultimately innovation. They added that when looking back in history, it's clear that the vitality and creativity released by the reform of institutional mechanisms, and the new industries and products created by technological advancement, are the fundamentals needed for the world economy to emerge and recover from major crises. 

The seminar was co-organized by the Yunhe (Zhejiang) Technology Group, the Yunhe New Social Credit System Joint Research Institute, the China Blockchain Enterprise Social Responsibility Research Institute, and the Beijing Huaxia Industrial Network Intelligent Technology Research Institute.

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