A major blockchain summit, hosted by 36Kr under the theme “Driving the Future, Without Delay,” recently concluded in Shenzhen. The event brought together leading investors, technologists, legal experts, and researchers to discuss regulatory trends, technological advancements, and practical applications of blockchain technology.
Key Insights from Industry Researchers
Industry analysts offered valuable perspectives on the transformative potential of blockchain.
Li Ming, Director of the Blockchain Research Office at the Electronic Standardization Institute of the Ministry of Industry and Information Technology, highlighted how blockchain's immutability can enhance trust in digital collaborations. By replacing traditional contracts with algorithmic assurance, blockchain significantly reduces cooperation and communication costs between organizations. He also pointed out that one of the biggest challenges remains migrating real-world assets and processes into the digital realm.
Cao Yin, Chief Blockchain Expert at Daxin Securities, noted that blockchain technology is entering a critical phase of development, focused on both breakthroughs in core protocols and the real-world application of the technology in areas like payments, energy, logistics, and biopharmaceuticals. He emphasized that the ultimate goal of blockchain, like any other technology, is to liberate productivity.
Deng Di, Chairman of the International Digital Economy Alliance and CEO of Tai Cloud, presented a visionary outlook. He stated that distributed private keys empower individuals with unprecedented control over their own data, assets, and information. This decentralizes ownership away from large corporations and creates massive new market opportunities for individuals and small-to-medium enterprises. He suggested blockchain could be a cornerstone of the fourth industrial revolution.
Advice from Blockchain Entrepreneurs
Successful founders provided grounded advice on navigating the evolving landscape.
Da Hongfei, Founder of NEO, spoke about using digitalization to create an intelligent economy that conserves resources and improves societal efficiency. He predicted that decentralized exchanges will eventually disrupt their centralized counterparts by empowering individuals to托管 their own assets and manage their own financial risk.
Di Shuo, CTO of Beijing Aershan Financial Technology, discussed differing regulatory concerns globally. He observed that Chinese regulators are primarily focused on preventing illegal fundraising and fraud, whereas international bodies are more concerned with classification, taxation, and compliance frameworks.
Zhu Shaokang, Founder of Qipong Technology, offered crucial advice for the industry: actively embrace regulation. He argued that for blockchain technology to gain widespread adoption in the financial sector, developers and companies must proactively engage with regulators rather than waiting for ambiguous rulings.
Investment Trends for 2018
Leading venture capitalists shared where they are placing their bets in the blockchain space.
Yi Lihua, Founder of LD Capital, revealed a move toward a "refined" investment strategy, focusing either on established players in the blockchain space or on teams demonstrating exceptional technical capability.
Xu Chaoyi, Strategic Director of Fenbushi Capital, stated that their BKFund is concentrating on industry-specific public chains and vertical application platforms.
Jin Jianjiang, Partner at Viking Capital, said his firm is interested in foundational layer-1 technologies and projects that demonstrate tangible progress in real-world application scenarios.
Jack Westover, a seasoned blockchain investor, emphasized the importance of China developing its own core blockchain infrastructure. He also believes permissioned, or private, blockchains will see significant large-scale applications within organizations.
Professor Xu Hongbo, Chairman of Chuangda Capital, urged the community to focus on building substantive value. He expressed a hope that entrepreneurs would aim to create companies larger than the current tech giants combined, rather than discussing how to launch a token for quick profits.
The Convergence of Blockchain and AI in Enterprise
Representatives from large corporations explored the intersection of blockchain with other transformative technologies.
Cai Dong, Chief Data and Intelligence Officer at McDonald's China (Golden Arches), and Gao Jiankai, Investment Director at Alibaba Innovation Investment, both highlighted the synergistic potential of AI and blockchain.
Cai Dong argued that for blockchain to succeed, it must integrate with AI. Successful blockchain applications generate massive amounts of data, which require AI and machine learning to analyze for insights. Furthermore, blockchain's built-in encryption allows for data to be shared and analyzed while preserving privacy and breaking the monopolies of data oligopolies. He also pointed out that the computational power currently used for Proof-of-Work mining could be repurposed for AI processing nodes.
Gao Jiankai added that for this future to materialize, blockchain must continue to develop at a fundamental technical level. He also cautioned that smart contracts, in their current form, should not be blindly equated with security and trust, as they still possess vulnerabilities.
The Global Regulatory Landscape
Legal experts provided clarity on the complex and varied global regulatory environment.
Xiao Sa, Partner at Dentons Law Firm, clarified the legal status of cryptocurrencies in China. She stated that from a legal perspective, Bitcoin is considered a "specific virtual commodity," more akin to a collectible than a general equivalent. She reiterated that ICOs were identified as illegal fundraising activities in September 2017 and advised domestic investors to be cautious.
Tan Wenyan, Chairman of the North American Blockchain Foundation, contrasted regulatory approaches. He noted that entering the financial sector in China requires specific licenses, whereas in many overseas countries, the emphasis is primarily on compliance with existing laws and robust anti-money laundering (AML) procedures.
Cryptocurrencies and Systemic Financial Risk
The potential impact of cryptocurrencies on the broader financial system was a key topic of debate.
Li Tianjia, Chairman of the Hong Kong Digital Asset Investment Association, stressed that the cryptocurrency investment space urgently requires clear regulation to protect investors and legitimize the asset class within the global financial system.
He Yuhao, Chief Strategy and Business Officer at Amber AI, noted that while the most frenzied period of trading volume has passed, the overall market cap has still grown significantly since early 2017, demonstrating the resilient vitality of digital assets.
Wang Jianbo, CIO of CYBEX, offered a macro perspective, speculating that the next major bull run for digital assets could occur in the first quarter following the next global financial crisis.
Frequently Asked Questions
What was the main goal of the 36Kr Blockchain Summit?
The summit aimed to foster dialogue among key players in the blockchain ecosystem. It provided a platform for experts to share insights on technology development, investment trends, regulatory challenges, and the future potential of blockchain.
What are the key challenges for blockchain adoption mentioned at the event?
Experts highlighted several hurdles, including the technical difficulty of migrating physical assets to the digital world, the evolving and complex global regulatory landscape, and the need for fundamental improvements in the core technology's scalability and security.
How are AI and blockchain expected to interact?
Speakers from major enterprises predicted a powerful synergy. Blockchain can provide secure, trusted, and privacy-preserving data sources, which AI and machine learning algorithms can then analyze to generate valuable insights, creating a more equitable data economy. For a deeper look at how these technologies converge, you can explore advanced integration strategies.
What is the current legal status of cryptocurrencies in China?
According to legal experts at the summit, cryptocurrencies like Bitcoin are classified as a "specific virtual commodity." Initial Coin Offerings (ICOs) are considered illegal fundraising activities. The regulatory environment remains strict, focusing on preventing fraud and financial risks.
Where are investors focusing their attention in the blockchain space for 2018?
Venture capital firms are adopting more focused strategies. Key areas of interest include foundational infrastructure and core protocols, industry-specific vertical chains with clear use cases, and projects led by teams with proven technical expertise.
Why is engaging with regulators considered important for blockchain companies?
Proactive engagement helps build a clear and predictable regulatory framework. This approach fosters trust, encourages responsible innovation, and is seen as essential for the long-term mainstream adoption of blockchain technology, particularly in the financial sector. To understand how compliance shapes project development, get the latest regulatory insights.
The path forward for blockchain is being built on a foundation of serious technological development, thoughtful investment, and constructive regulatory dialogue. Events like the 36Kr summit are crucial for moving beyond hype and collectively charting a realistic and impactful future for distributed ledger technology.