Wanxiang Holdings Xiao Feng: Blockchain technology will help upgrade financial market infrastructure

Golden Finance reported that Xiao Feng, vice chairman of Wanxiang Holdings, said at the Board of Directors and Annual Meeting of the Financial Technology Branch of the Shanghai University of Finance and Economics Alumni Association held on April 27 that the emergence of blockchain technology is not only a technological innovation, but also a major upgrade of financial infrastructure, which will profoundly affect future financial markets and economic activities. Xiao Feng first defined several key concepts in blockchain technology, including public chain, alliance chain and private chain, and emphasized the core role of public chain in the global public ledger. He said that blockchain technology is not just a distributed database, but a new accounting paradigm. When discussing digital currency, Xiao Feng emphasized that digital currency has diversity. When talking about stablecoins, Xiao Feng believes that stablecoins play an important role in connecting the real world and the virtual world, private ledgers and public ledgers, centralized finance and decentralized finance, legal currency and digital currency, programmable currency and non-programmable currency. He emphasized that virtual assets have real value. As a hard asset in the digital economy, Bitcoin has the potential to surpass traditional gold. “The reserves, production and circulation of Bitcoin are all clearly traceable, and due to its immutability on the blockchain, Bitcoin has more characteristics as a hard asset than gold.”