People's Daily Online Comments on "Analysis of Blockchain" Part 1: How to Implement Legal Governance

Editor: Zhai Qiaohong | Editor: Cai Jing

Source: People's Daily Online

Currently, the application of blockchain technology has extended to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, etc. Whether for the sake of maintaining public safety or for the healthy development of the industry, we must attach great importance to its management issues.

General Secretary Xi Jinping recently presided over the 18th collective study of the Political Bureau of the CPC Central Committee and stressed the need to strengthen the guidance and regulation of blockchain technology, strengthen the research and analysis of blockchain security risks, closely follow development trends, and actively explore development laws. We must explore the establishment of a security guarantee system that adapts to the blockchain technology mechanism, guide and promote blockchain developers and platform operators to strengthen industry self-discipline and implement security responsibilities. We must implement the rule of law in the management of the blockchain and promote the safe and orderly development of the blockchain.

The Internet is not a place outside the law, and the so-called "decentralized" blockchain cannot be a place outside the law. It must be used and managed well. The General Secretary's speech released three signals: First, blockchain is still a new thing, and its development must be observed and tracked; second, it emphasizes the need to establish a rule system to promote industry self-discipline; third, the Internet must be governed by law and developed in an orderly manner. Who will observe and track? Who will establish a rule system? Who will govern the Internet according to law? The answer is of course government departments at all levels, and the responsibility mainly lies with leaders at all levels.

Blockchain should be managed, and leaders at all levels must recognize the necessity of managing blockchain. Blockchain technology has brought huge development opportunities to the economies and societies of countries around the world, and major countries around the world are actively accelerating the layout of blockchain technology development. Although the concepts of "autonomy" and "self-discipline" are the core values ​​of blockchain, its technological development is in its early stages, its applications are still immature, and its operational security faces challenges, which may bring many risks to national political security, ideological security, sovereign security, and financial security. For example: blockchain may become a tool for storing and disseminating illegal and illegal information and carrying out cyber crimes; digital currencies based on blockchain may provide great convenience for transnational crimes and illegal transactions; the business system created by unofficial digital currencies may affect national economic and financial security, etc. It can be seen that government supervision is necessary, otherwise it will lead to many problems.

Blockchain can be managed, and leaders at all levels must have confidence in managing blockchain well. Blockchain is essentially a set of governance structures, the core of which is an incentive and constraint mechanism based on a combination of multiple technologies. It is currently in the 3.0 version stage. One of its next development priorities is to solve the convenience and low cost of supervision. Strengthening the regulation and governance of blockchain is not only conducive to the healthy development of blockchain, but also to improving the modernization level of the national governance system and governance capabilities. Party and government departments at all levels should not only become the makers of blockchain policies, but also become active users and scenario managers of blockchain. For leaders at all levels, managing blockchain well is a new task, but there is no need to have "fear of difficulty". We must firmly believe that blockchain can be regulated both technically and legally. We must deepen our understanding of economic efficiency and governance efficiency, and continuously improve our understanding of blockchain technology and enhance our confidence in managing blockchain well by organizing learning exchanges, investigations and research, and special research.

Blockchain also needs to be managed, and leaders at all levels should manage blockchain appropriately. Blockchain is still in its early stages of development, and government supervision needs to be inclusive, prudent, and effective. It should take appropriate measures, allow exploration, and allow trial and error. It cannot be "killed by one regulation" and stifle the development of new things. It is necessary to clarify the bottom line thinking and issue a negative list. It is necessary to make innovative breakthroughs in the structural design, fund operation, and investment management of the guidance fund to increase its ability to bear risks, support industries, and gather resources. It is necessary to fully study and utilize the positive factors of developed countries in terms of technical talents, markets, and policies, support excellent enterprises to go overseas, introduce high-quality overseas projects, and strive to seek win-win cooperation.

As General Secretary Xi Jinping pointed out, relevant departments and their responsible comrades should pay attention to the current status and trends of blockchain technology development and improve their ability to use and manage blockchain technology. For leading cadres, it is necessary to use and manage. Only by learning to manage in use and better using in management can blockchain technology play a greater role in building a cyber power, developing the digital economy, and promoting economic and social development.