Macro-Finance Salon (No. 29) Blockchain: the Basic Framework of Value Internet

On March 5, Macro-Finance Salon (No. 29) was held at Renmin University of China. Wu Zhifeng, senior research fellow of IMI and director of International Strategy Department, Research Institute of China Development Bank, was invited as the guest speaker. He delivered a speech on “blockchain: the basic framework of value internet”. Wang Fang, research fellow of IMI and associate professor of the School of Finance of RUC, chaired the meeting. In his speech, Mr. Wu Zhifeng first introduced the definition of blockchain—a shared distributed public ledger technology that makes decentralized trust possible for the first time. He analyzed the role blockchain plays in the internet protocol stack and emphasized the three core features of blockchain—consensus, security and openness. He also introduced blockchain’s development trend, point-to-point value transaction and smart contract. As for how the blockchain works, Mr. Wu explored its decentralized mode, its logical structures in systems and businesses and the process of the new distributed public ledger. He pointed out that dynamic network, ledger structure and consensus mechanism is the three key technologies for blockchain to establish decentralized trust. He also gave examples of blockchain’s applications in currency and payment, record-keeping, security, smart contract, etc. In the Q&A session, audience raised questions and shared views on blockchain’s significance, development path, capital transaction scale, working mechanism, field of application, etc. Mr. Wu gave answers to all these questions.

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