Bai Shuo: 3 Possible Blockchain Scenarios In China
22 April, Fuzhou-Dr. Bai Shuo, Ph.D. supervisor and blockchain expert of the Chinese Academy of Sciences, said that blockchain could play a vital role in the trading of big data when he was interviewed by People’s network.
Bai Shuo believes that blockchain can be understood as infrastructure of trust. To achieve trust, we must first have a high level of security. If it involves large-scale operations and users, the system must have high performance.
“If the ecosystem develops to a certain degree, cross-chain communication will become necessary. This is similar to the Internet interconnection and interoperability in the past. But such interconnection is on a higher level, which presents high challenges.”
In the business application of blockchain technology, Bai Shuo points out that the blockchain applies to some areas where self-evidence is required.
“You have to prove to yourself that others have to verify your data. As the saying goes, there are book-keeper and book-reader. These two parties are indispensable. I am afraid that the blockchain is not applicable without such a scenario.”
He further stated that big data trading and blockchain could be integrated together.
“To realize the value of big data, we need to have a suitable trading mechanism, including the technical system that supports it, whereblockchain can play a very important role.”
With regard to how to launch practical blockchain applications, Bai Shuo proposes that there are three scenarios for application of blockchain at the enterprise level.
“The first scenario could be one leader with many followers. Leader is dominating the market with followers being participants in subsidiary ecosystems. In this case, we feel that we should focus on the leader to make it easier to launch practical applications. We must also expect that there might be fake market demands. If there are multiple leaders in the market, which makes it more necessary to cross-chain operation.s We can find such alliance in the international community. In China we also expect more of no-leader scenarios, which requires blockchain service provider. Some could build a blockchain infrastructure and offer BAAS. All three scenarios are possible in China.”