IMI-Hande Fintech Salon (No. 3): Block Chain-Dialectical Unity of Autonomy and Sharing

On March 2, the IMI-Hande Fintech Salon (No. 3) was held in Renmin University of China. Ms. Ji Feifei, manager and co-founder of Tai Cloud Corp., delivered a speech on the dialectical unity of autonomy and sharing in block chain technology. The salon was chaired by Prof. Su Zhi. Ms. Ji first introduced some basic concepts of block chain technology. It is a new application model featuring distributed storage and encryption algorithms. Decentralized distribution, tamper resistance, irreversibility and transparency are all its characteristics. Comparing to traditional internet transmission technology, block chain technology can realize the transfer of value on the basis of information transmission, and the procedure is transparent and safe. She believes that the core of this technology is the new-type trust mechanism. It can help solve the information asymmetry in market economy. With this technology, we can establish a new social co-construction mechanism. Then, Ms. Ji theoretically explained the drivers for the development of block chain technology. Now sharing economy is in its heyday. The block chain technology can meet the needs of sharing economy because its open and transparent characteristics can help establish a trust mechanism, improve the efficiency of interaction between systems and sub-systems, and reduce cost. Block chain technology can realize harmonious sharing and build an efficient exchange relationship. Finally, Ms. Ji described several scenes where the technology can be applied. It can help establish trust to solve the credit problem. As she says, “When people do not trust each other, we use machine to build trust.” Second, the technology can reduce transaction risk, thereby reducing transaction cost and advancing RMB internationalization. Moreover, it also provides a new-type financial supervision to make transactions open and transparent.

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