Xuhui's "Digital Chain Space" Welcomes Second Batch of Enterprises: A "Spring Breeze" for China's Blockchain Industry Development

Xuhui's "Digital Chain Space" Welcomes Second Batch of Enterprises: A "Spring Breeze" for China's Blockchain Industry DevelopmentThe 7th CCF (China Computer Federation) China Blockchain Technology Conference and the 1st Global Blockchain Industry Summit, held on December 14th in Xuhui District, Shanghai, marked a new phase in the development of China's blockchain industry. The summit brought together experts, scholars, and industry leaders from both domestic and international blockchain fields to discuss the latest advancements, development trends, and application prospects of blockchain technology

Xuhui's "Digital Chain Space" Welcomes Second Batch of Enterprises: A "Spring Breeze" for China's Blockchain Industry Development

The 7th CCF (China Computer Federation) China Blockchain Technology Conference and the 1st Global Blockchain Industry Summit, held on December 14th in Xuhui District, Shanghai, marked a new phase in the development of China's blockchain industry. The summit brought together experts, scholars, and industry leaders from both domestic and international blockchain fields to discuss the latest advancements, development trends, and application prospects of blockchain technology. During the summit, Xuhui District signed cooperation agreements with the Ministry of Industry and Information Technology's Industrial Development Promotion Center, and Xuhui District Data Bureau partnered with Shanghai LingShu ZhongZhi Technology Co., Ltd. This resulted in the second batch of enterprises moving into Xuhui's "Digital Chain Space," further promoting the construction and development of the district's blockchain industry cluster.

The summit sent a strong signal: China's blockchain industry is experiencing a period of vigorous development, a "spring breeze" of growth. This positive momentum is inseparable from government policy support. The "14th Five-Year Plan" outlines blockchain as a key industry in the digital economy, providing crucial strategic guidance for its development. New enterprises, products, models, and applications are emerging in IT, finance, manufacturing, and other sectors, demonstrating the strong vitality of China's blockchain industry.

However, opportunities and challenges coexist. Experts at the summit pointed out that while blockchain technology possesses significant advantages such as decentralization, immutability, and transparency, driving technological innovation globally, it still faces numerous challenges at the technical level. These challenges primarily include:

First, the performance and scalability of blockchain are insufficient, limiting its application in larger-scale scenarios. High-throughput, low-latency blockchain networks are key to future development. Second, privacy protection remains a critical consideration in blockchain technology applications. Balancing the transparency of blockchain with user privacy protection is a key issue requiring in-depth research and solutions. Third, the maintainability and manageability of blockchain systems are inadequate, increasing the difficulty of application and maintenance. A stable, secure, and easy-to-manage blockchain system is fundamental to its long-term healthy development. Furthermore, insufficient cross-chain interoperability and compatibility are also important factors hindering the widespread application of blockchain technology. Interconnection between different blockchain systems is a crucial trend in the future development of blockchain technology.

Di Gang, Deputy Director of the People's Bank of China's Digital Currency Research Institute (PBoC DCRI), also addressed the challenges facing blockchain technology at the summit. He noted that insufficient performance and scalability, privacy protection issues, insufficient system maintainability and manageability, and inadequate cross-chain interoperability and compatibility are all technical challenges that must be addressed in the development of blockchain. However, he also emphasized that these issues are not only current bottlenecks but also potential drivers of technological progress and breakthroughs.

To address these challenges, the PBoC DCRI is innovating in several core areas of blockchain technology research. In privacy protection, the PBoC DCRI is conducting in-depth research on zero-knowledge proof (ZKP) technology and applying it to projects such as the multi-central bank digital currency bridge with the Bank for International Settlements Innovation Hub Hong Kong and collaborations with Thailand, the UAE, Hong Kong, and Saudi Arabia. In cross-chain technology, the PBoC DCRI has achieved cross-chain interoperability between different systems such as the monetary bridge chain, the shipping and trade chain, and the blockchain service platform chain. In consensus algorithms, the PBoC DCRI and Tsinghua University have jointly developed the DASHING (Decentralized Autonomous Secure High-performance Integration Network) consensus protocol, a world-leading solution addressing the four major challenges of consensus algorithms. In decentralized identity (DID), the digital renminbi app has launched a "digital identity" function to provide users with more secure and convenient digital identity management services.

The PBoC DCRI's efforts are not a solo endeavor. Currently, the PBoC DCRI is collaborating with Chang'an Chain to jointly build a national-level shipping and trade blockchain platform, providing on-chain digital renminbi payment functionality. In the future, the PBoC DCRI will continue to promote the innovative application of digital renminbi in financial markets, the digitalization of shipping and trade, cross-border payments, and contribute to Shanghai's development as a global financial internet hub.

This summit not only focused on the development of China's blockchain industry but also looked towards the future of global blockchain technology. On December 15th, the 1st Global Blockchain Industry Summit was held in Shanghai under the theme "Global Vision, Shared Development." The summit delved into discussions on cutting-edge blockchain innovations, development trends, and application implementation, hosting several sub-forums focusing on blockchain technology applications in various fields, including "Data Chain Linkage: New Qualitative Productivity Development Forum," "Trusted Knowledge Management Forum in the Age of Large Models," "Blockchain Infrastructure Technology Forum," and "Quantum-Resistant Blockchain: From Algorithm Migration to Transaction Migration Forum." These forums aimed to promote the deep integration of blockchain with the real economy and foster the common development of the global blockchain industry.

Since the advent of Bitcoin in 2008, blockchain technology has evolved from its initial application in digital currency to a transformative technology with far-reaching implications. Countries and regions such as the US and Europe have made significant progress in blockchain regulation, fintech, and supply chain optimization, particularly in areas such as Web3.0 and decentralized finance, with rapid technological innovation occurring globally. Blockchain, as a significant breakthrough in next-generation information technology, provides technical safeguards for data storage, transmission, and sharing, and has enormous development potential.

In conclusion, China's blockchain industry development is at a crucial juncture. With government policy support and continuous breakthroughs in technological research, China's blockchain industry is poised to enter a new era of vigorous development. This summit serves as an important milestone in the development of China's blockchain industry, showcasing the latest achievements and pointing the way for the future development of the global blockchain industry. Through sustained technological innovation and industry collaboration, China's blockchain industry will inject new vitality into the digital economy and contribute to building a better digital future. This summit and the flourishing development of Xuhui's "Digital Chain Space" signify that China's blockchain industry is progressing steadily, driven by favorable policies, towards a broader future.