SHANGHAI, Sept. 26, 2018 /PRNewswire/ -- In early September, for the first time, a conference dedicated to blockchain industry policy discussions was held at The Organization for Economic Cooperation and Development (OECD) Paris headquarters. World leaders from across the globe gathered at Chateau de la Muette to address the significant role the international community is playing in shaping policy and regulatory frameworks for the financial technologies of blockchain and distributed ledger technology (DLT). Some of the featured guests included OECD Secretary-General Angel Gurría, Prime Minister of Mauritius, Mr. Pravind Kumar Jugnauth, the Prime Minister of Serbia, Ms. Ana Brnabić, the Premier of Bermuda, Mr. E. David Burt and Slovenia's State Secretary, Mr.Tadej Slapnik. Around 400 senior decision-makers from the public and private sectors attended this event and discussed how blockchain can impact government activities and the world economy in various sectors such as finance, healthcare, energies, agriculture, cyber security, and corporate and social governance. As an honored guest speaker, Gingkoo's CEO Mr. William Zuo, was invited to give a keynote speech at this high-level forum.
Prime ministers and member states jointly and openly discussed the potentials for blockchain to support and benefit government activities and industry. In particular, Serbia's prime minister, Ms. Ana Brnabić, shared the story of how digitalization has transformed her country from a state suffering from financial insolvency to a nation of flourishing businesses, rapid economic growth, and a Balkan start-up hub.
In Mr. Zuo's speech starting the session on "Blockchain and the financial services", he talked about the blockchain technology industry's achievements in China and the Chinese government's regulatory actions and policy regarding crypto assets and the underlying DLT technology. As an industry leader in China's blockchain space, Gingkoo has designed and deployed various use cases of blockchain in the real world economy, applying permission chain solutions to cross-border payment solutions, Smart Tax, supply chain finance, blockchain-based ABS, Regtech in the financial business sector, etc. Gingkoo has also been a distinguished MIIT member, promoting innovation to support SME enterprises.
Mr. Zuo introduced blockchain in these financial sector business scenarios, establishing a track record for serving the real economy. In a country where food safety and the provenance of products are important issues, Gingkoo became the first company in China to successfully deploy a user case combining blockchain and IOT technologies for food traceability in rice production and distribution. Gingkoo's rice traceability solution is leading global efforts to create safer and more transparent supply chains. The company is also working with the local government of Zhejiang province to develop smart city solution for garbage classification.
During his speech, Mr. Zuo used the Gartner Hype Cycle approach to illustrate the life cycle of technology adoption. He believes blockchain technology is still at an early stage: Peak of Inflated Expectations. In order to survive and reach Plateau of Productivity, government agencies, enterprises and academic institutions will have to collaborate on creating a fair and orderly environment for new innovations to develop.
Gingkoo's vision is to establish a fast decentralized infrastructure for trustable value exchange that can expand the application of blockchain technology to serve the real economy. Mr. Zuo believes that blockchain can be disruptive and inclusive at the same time, and that we need to better leverage its feature of interoperability to be a connector for different businesses.
As a matter of fact, Mr. Angel Gurría OECD Secretary-General, has expressed the same opinion when talking about blockchain's role in the transformational digital economy. He cited global efforts to prove blockchain's capacity to improve transparency, accountability and efficiency in public services." Georgia, Honduras and Kenya are focusing on a blockchain-based registry to bring integrity to land registers, while Sweden is conducting trials which could help bring the time it takes to buy property from several months down to a few hours. At the same time, the City of Zug in Switzerland, is developing a blockchain-based identity management solution," said Mr. Gurría.
He encouraged the civil society, organized labor, international organizations, and entrepreneurs to keep pushing the technological boundaries, saying, "These efforts are all in their early stages, but the potential is clear. Blockchain is part of a wider digital economic transformation. Governments need to make sure they understand the technology and keep up to date with developments."
Among other prestigious speakers, Ms. Arunma Oteh, Head of Treasury at the World Bank, discussed their issuance of the world's first blockchain bonds of 110 million Australian dollars (about 68 million euros), on a digital platform supported by the Commonwealth Bank of Australia in August this year.
"At the World Bank, we are constantly looking for new ways to make markets more efficient and to take advantage, cautiously, of new technologies," said Oteh. "The blockchain has a lot of potential. It's up to us to make sure we use it to do good."
China is leading global efforts in high-tech innovation in finance, technology, communication and many other business fields. Chinese are delighted to see world leaders come together to recognize the potential of blockchain to increase global productivity, and bring about new ways of doing business across a range of sectors. As Gurria said, "The discussions, ideas and lessons learnt from this event will guide our efforts going forward, so that together we can continue to design, develop and deliver better policies for better lives."