Blockchain Will Lead Digital Globalization Says Wanxiang Rep

Blockchain Will Lead Digital Globalization Says Wanxiang Rep

China Wanxiang Holdings Vice Chairman believes blockchain along with other high tech will lead a more globalized world.

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Dr. Xiao Feng, the Vice Chairman of investment company China Wanxiang Holdings, attended the 7th Global Investment and M&A Summit in Shanghai, according to local news on June 5.

Dr. Xiao’s keynote on digital economic reform revealed speculation that globalization will migrate from the physical to the digital world. He believes blockchain and other disruptive technologies will be the tools by which we realize this digital globalization. He explained that:

“Blockchain is a digital trust mechanism. Because of its characteristics of irrevocability, delectability and immutability, when we move these data to blockchain, these data can not be tampered with.”

Digital globalization is the real deal

Xiao believes that before the pandemic, globalization benefited many people, including China, Wall Street, and multinational companies. However, it also left behind victims such as the middle class and industrial workers in many developed nations. He explained that:

“Because the middle class and workers cannot be globalized, in economics it is called ‘non tradable goods’.”

However, he believes that post COVID-19, borderless digital globalization will benefit both developing countries and developed countries. He elucidated:

“With the help of digital technology, the labor force can be traded from now on, and employees do not need to move from the United States to China, although the industry moves to China. Then there is education. Internet English teaching has turned non tradable things into tradable things…”

Digital globalization trends

According to Dr. Xiao, digital globalization will impact many companies‘ organizational management systems, with more companies moving their operations online. The original ways in which companies measure their performance will become less important, and a new goal-setting framework may replace them as the most important managerial structure. He says such a framework will be called “Objectives and Key Results”, or OKR. Xiao says:

“Because we need to do one thing together in different time and space. We need to be transparent and align our goals, so we need OKR tools.”

He also claims that another impact of digitalization will see businesses undergoing complete overhauls in the way they conduct their practices. He says that the industrial revolution has reached the degree of diminishing marginal utility. In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as its available supply increases. Economic actors devote each successive unit of a good or service towards less and less valued ends.

As Cointelegraph reported previously, venture capital investor Tim Draper also believes digital financial innovations like Bitcoin, smart contracts, and artificial intelligence will lead a more globalized world.


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China Wanxiang Holdings Vice Chairman believes blockchain along with other high tech will lead a more globalized world.

Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Auto giant with multiple subsidiaries, Wanxiang, has partnered with PlatON to create blockchain solutions for future smart city in Hangzhou

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Automotive giant China Wanxiang Holding Co., Ltd has partnered with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, according to a report by CryptoNinjas on June 20.

According to the report, the smart city—dubbed “Innova City”—will be built with tech using PlatON’s blockchain infrastructure, for purposes like interfacing with city resident ID cards as well as monitoring driving behavior.

The report includes a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who goes into more detail on such applications, saying:

“Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos.”

As per the report, Chief Strategy Officer at PlatON Ada Xiao also commented on how PlatON’s privacy services will be used in the city, saying:

“With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger.”

Innova City is projected to contain 90,000 residents when launched in 2025. The city also plans to include an “International Research and Innovation Park” as well as Wanxiang automotive facilities with electric vehicles. As per the report, Wanxiang has committed $29 billion to support Innova City’s creation.

Wanxiang appears to have deep ties with PlatON.

According to PlatON’s website, PlatON partners with Wanxiang Blockchain on a consortium blockchain for enterprise applications. Additionally, Feng Xiao is listed as co-founder of PlatON, Chairman of Wanxiang Blockchain, and founder of Wanxiang Blockchain Labs.

According to Wanxiang Blockchain’s website, Wanxiang created Wanxiang Blockchain, which contains Wanxiang Blockchain Labs as one of its six groups.

As previously reported by Cointelegraph, the Chinese government announced in April that it would fund the development of a blockchain-based smart city in Malaysia. Project CEO KK Lim commented on the vision for the city, saying that they intended to use blockchain tech to transform Malaysia a “world-class tourist destination.”


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Auto giant with multiple subsidiaries, Wanxiang, has partnered with PlatON to create blockchain solutions for future smart city in Hangzhou