On March 27, Noah Wang, the co-founder of TOP Network, and Claude Jiang, the general manager of Xiaomi Fintech, were invited by CoinVoice to discuss the opportunities brought by the New Infrastructure to the blockchain industry.

With the coronavirus finally under control in China and enterprises starting to resume work and production, the government has promptly proposed a new digital policy focusing on“new infrastructure.” It is believed that this new policy will bolster the currently weakened economy. Under this policy, technologies like 5G, AI, Industrial, and the blockchain will be pushed to the forefront.

So why did the Chinese government propose this new infrastructure?

According to Noah Wang, this move by the government indicates that China is going to focus on quality over quantity for its future economic growth. They are going to do this by paying more attention to the quality of development, 5G, data centers, industrial internet, blockchain technology, and other fields that are ahead of their time.

By focusing on these areas, it can potentially set off a wave of scientific and technological revolution within the country and inject strong digital vitality. This can also possibly push China to the forefront of the world economy. Plus, the new infrastructure may also bring in unprecedented innovation to the blockchain space. According to Jiang Yongqiang, general manager of Xiaomi Fintech, the new infrastructure focuses on highlighting the new direction of industrial transformation and upgrading, which reflects the general trend of accelerating the development of high-end industries. In this mega trend, the effective use of data in related directions such as the Industrial Internet and the Internet of Things is a problem that needs to be urgently solved.

This is where the blockchain technology can help out immensely. They can effectively solve the problem of data validity, data authenticity, and data trust. By using the blockchain alliance chain and other models, it can effectively provide a robust data infrastructure for the new infrastructure wave and help complete the overall industrial upgrade.

At present, finance is the most widely used and promising field of blockchain technology. Jiang Yongqiang also pointed out that blockchain is naturally one of the indispensable applications in the financial field since it solves the Thaksin problem. Using distributed ledgers, smart contracts, and other related technologies can help finance the data validity and consistency certification during the transfer of the assets.

Noah pointed out that in addition to the financial field, in the new infrastructure, blockchain technology can provide:

Data confirmation for big data technology.

Data protection for 5G technology.

Data analysis for AI technology.

Reliable data source for cloud computing technology.

Decentralized operation and maintenance for IoT technology.

Overcome performance bottlenecks.

Reduce operating costs.

As such, blockchain technology can play a pivotal role in new infrastructure and it can also promote the development of other technologies. In fact, it can even be said that blockchain technology is “infrastructure in new infrastructure.”

The status of blockchain development in Xiaomi

To conclude the discussion, Noah Wang and Jiang Yongqiang talked about the status of blockchain development in both TOP Network and Xiaomi Financial Technology. Jiang Yongqiang noted that optimizing the blockchain, increasing use cases, and mining business value — will inevitably increase commercial value in the future.