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Blockchain technology to expedite high-quality economic development

Ding Yining
Blockchain and artificial intelligence technologies will be critical to industry upgrades, services and the data economy, officials say.
Ding Yining
Blockchain technology to expedite high-quality economic development
HelloRF

Blockchain and artificial intelligence technologies will be critical to industry upgrades, services and the data economy, officials and industry executives told forums at the World Artificial Intelligence Conference. 

Zheng Huiqiang, the director of the Shanghai Services Federation, said the city will push forward the utilization of blockchain technology in service industries. It will also be an important factor for Shanghai to expedite high-quality economic development. 

Shanghai is expanding a wide range of new service models and business formats with smart online interactive features, he added. It is also looking to extend the integrated development of blockchain with other smart data technologies. 

Shanghai Shibei Hi-Tech Co Ltd Chairman Luo Lan said the industry park aims to build up an open functional platform to boost the circulation and utilization of crucial data and enhance data security. 

The industry park in downtown Jing'an District is now home to 400-plus big data firms. It has seen a growing demand for data quality, privacy protection and more efficient data processing process. 

Blockchain technology is viewed as an important factor for an ecological system where smart data could become truly beneficial for everyday life and industry development. 

The head of the Shanghai branch of the United Nations Industrial Development Organization Investment and Technology Promotion Office, Zhao Xiaolei, said bridging the digital gap needs higher levels of international collaboration. Many small and medium enterprises face challenges in the digital transformation process.  

A joint initiative was unveiled by the Shanghai Communications Administration, the Shanghai University for the Elderly, Shanghai Public Security Bureau's branch in the Pudong New Area and Ant Group to host charity training sessions for the elderly to help them better adopt smartphone applications and digital services. 

Smart AI and data technologies are being utilized when senior citizens call  customer service hotlines regarding a wide range of functions including digital payment, hailing taxis and hospital registration.  

The merging of blockchain with a wide range of industries such as 5G, Internet of Things, privacy computing, would jointly push forward digitalization upgrades, said Vice President of Ant Group and head of its intelligent technology unit Jiang Guofei.  

"It has become a mainstream trend to start from real economy demand," he said. "No single technology could fully cater for needs and solve business challenges."

Last month, the Ministry of Industry and Information Technology and the Cyberspace Administration of China announced plans to establish industrial standards, tax incentives and intellectual property protections to support the blockchain industry.

It intends to cultivate three to five "backbone enterprises" that are internationally competitive.

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