Following the president of China’s decision to embrace blockchain technology, different federal agencies within China stepped forward to abide by the new order. Now, several industry experts held a seminar to create an elaborate digital system of governance.
The Gathering to Put China On Top
On Jan. 14, a seminar was held in Beijing dubbed “Blockchain technology helps China’s new social credit system.” The event intended to unite some of the most prominent experts in the blockchain industry to work together in building a new social credit system.
According to a report by China.org.cn, over 20 blockchain specialists participated in the seminar. These industry experts ranged from scholars to researchers and entrepreneurs who came from within China and abroad.
During the seminar, it was concluded that artificial intelligence as well as blockchain technology will play a big role in developing China’s social credit system.
The report reads “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.”
Curbing the Menace of Social Media
The event was organized by the Yunhe 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.
The Chinese state plans to launch a nationwide ranking system that will monitor the behavior of its enormous population. Over 1.4 billion Chinese citizens will be ranked based on their “social credit.”
The new “social credit system” was first announced in 2014. Its main purpose is to observe closely all aspects of life of Chinese nationals judging by their behavior and trustworthiness. According to the government’s document, Planning Outline for the Construction of a Social Credit System (2014-2020), “keeping trust is glorious and breaking trust is disgraceful.”
Back To The Future
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.
Emerging Technologies: Blockchain and A.I.
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 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.