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LONDON, November 24, 2020 / PRNewswire / – Active November 24, 2010, Yuan Yuming, CEO of Huobi China was invited to participate in the “2020 Global Blockchain Policy Forum” hosted by the OECD. In his speech at the forum “Trading Under Epidemic: Will Decentralized Ledger Technology Will Be the Answer to Risks and Inefficiencies in Global Supply Chains”, Yuan explained “Blockchain can provide good technical support to effectively solve global trade pain points “.
Yuan Yuming further added that a distributed ledger can share data between different participants, effectively reducing information asymmetry. Consent mechanisms and digital signatures can ensure that information is authentic, unalterable and traceable. Consequently, it is possible to create a transparent environment, reliable and shared, thereby reducing overall costs. If assets can be mapped into the chain, companies can quickly recoup funds, shorten the cash flow cycle, and so on.
The development of cross-border trade has been plagued by many bottlenecks and the global epidemic has led to great challenges. According to Yuan Yuming, “cross-border trade is complicated by asymmetric information between the parties.” “Cost on trust, communication and compliance,” long transaction process “and” high pressure on participants to raise funds “are three key pain points that severely limit the development of global trade.
The Global Blockchain Policy Forum 2020 brought together officials from the International Monetary Fund (IMF) and OECD, government ministers and senior policy makers, industry leaders, academics and others to engage in an in-depth exchange of key applications and important policy issues in matter. the blockchain ecosystem in 2020.
As a one-stop service platform for “blockchain + industry”, Huobi China has conducted an in-depth study in the field of “blockchain + cross-border trade”. Yuan Yuming introduced the comprehensive management platform “Blockchain + Cross-border Commerce” implemented by Huobi China, applying smart contracts for commodities as application cases. The platform can automatically check the credit and qualification of the trading partner, all trading mechanisms are presented as smart contracts, all participants will be verified by their electronic signatures, and all transaction information will be stored in the block on the chain.
Future political orientations
Parm Sangha, executive partner of IBM Global Business Services, shared the findings of the recent IBM study: “We are examining the evolution of blockchain in global commerce. Demonstrating the importance of sharing reliable data for most businesses requires an infrastructure reliable for the legitimate transmission of data, relating reality to the world of commerce. Furthermore, the industry now wants to see a standardized and globalized environment with rich industrial service functions, which needs the guidance of the government, regulators and support from academia.
Anette Dybdal, Head of Business and IT Development at the Danish Maritime Authority, also recalled that in the last two years, during the digitization of paper documents, it has been noted that the advantages of blockchain can ensure the security of data, but not all data. will be registered on the network and the blockchain will be used as a plug-in in the existing system, thus ensuring data validity and security at a lower cost.
It is reported that the Global Blockchain Policy Forum is the leading international event led by the OECD Blockchain Policy Center, focusing on the political implications of the technology and its applications, and the Global Blockchain Policy Forum 2020 will be the third forum. Founded in 1961, the OECD currently has 34 member countries and its main function is to study, analyze and forecast the world economy, coordinate relations between member countries and promote cooperation between them.
SOURCE Huobi China
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