Behind the blockchain boom is the current state of coexistence of bubbles and values. How will the blockchain technology bring about a disruptive technological revolution? Is the value greater than the bubble, or the bubble is about to burst. Today's blockchain applications have many unrealistic propaganda and hype, and the blockchain is almost deified. It is not yet known how the blockchain application will be able to subvert the Internet. "At present, there are different degrees of bubble in the value of blockchain technology in the capital market." - Wu Shichun, founder of Meihua Angel Venture Capital At the beginning of the new year, the blockchain suddenly "fired." As the underlying technology of Bitcoin, ICO and various "tokens", the blockchain is on the scene. Why is the blockchain suddenly "fire" recently? Is blockchain technology a technological revolution that can have a disruptive impact, or is it a carnival with a “bubble� In which areas will the future blockchain take the lead? With the “hot†blockchain, what is the regulatory thinking? The reporter specially invited Yu Jianing, director of the Industrial Economic Research Institute of the Ministry of Industry and Information Technology, and Wu Shichun, founder of Meihua Angel Venture Capital, to conduct in-depth discussions on the above issues. Yu Jianing believes that the future regulation of the blockchain will not be as strict as ICO, and the regulatory rhythm will gradually release some promotion policies with the development of the industry. The focus of future regulation should be to avoid blockchains being speculated as ICOs, and to avoid blockchains as tools for direct fraud, illegal fundraising, and underground black markets. Wu Shichun believes that there are different levels of bubbles in the value of blockchain technology in the capital market. At present, the most hyped concept hype should be to return the blockchain to provide real value. Yu Jianing: It’s not unrelated to the skyrocketing price of tokens. The blockchain is "fired" and I think there are two reasons. On the one hand, the maturity of blockchain technology has further increased, and the integration with industry has become closer. In the past few years, the main application scenarios of blockchain technology are in the encryption of digital tokens, and the integration of the physical industry is not very close, but this round of blockchain concept stocks shows that the application of blockchain technology is concentrated in digital copyright transactions, Supply chain management, supply chain traceability and other areas that are closely integrated with the real economy. It can be said that the gradual landing of blockchain technology has given birth to important attention to the blockchain. On the other hand, the skyrocketing price of digital crypto tokens is an opportunity for everyone to pay attention to the blockchain. However, the application scenario of the blockchain is far more than the application in the field of issuing tokens. In the future, with the combination of industry and the role of promoting the real economy, the technical value of the blockchain will be gradually released. In addition, the performance of the blockchain concept stocks should be viewed dialectically. On the one hand, blockchain technology is a disruptive technology that enables smart contract transactions, efficient digital asset management, and organizational change. Therefore, in the conversion period of such a valuation system, value system, and economic system, the valuation of blockchain concept stocks is somewhat higher, which is understandable. On the other hand, the application of blockchain technology is still in an early stage. Can blockchain technology support such a high valuation and such a large increase? I think it may not be. Wu Shichun: Capital will give a higher premium to new technologies Recently, the “blockchain concept stocks†have been on fire, and Chinese and foreign technology companies have “hug†blockchains. This is because the capital market generally gives a relatively high premium to new technologies. For example, when Internet technology appeared around 2000, just drawing one would bring market recognition. This is because everyone is naturally embarrassed about new technologies and believes that new technologies can create tremendous value. But all the new technology in the capital market performance has a trial and error curve, that is, the first rise to the highest point, then the bubble fell, and then slowly recover. In this curve process, the new technology is slowly approaching its true value. What do we need to judge is now? Is it at the apex of the bubble, or is it climbing? I believe that blockchain is a great technology, but this technology can only become more valuable if it is applied to many real-world scenarios, can change human life and improve the efficiency of the industry. Technology companies have embraced blockchains, and it is important to keep open minds about new things. While embracing new technologies, it is crucial for listed companies to promote blockchain technology development and effective application in combination with their own business scenarios. "You can't deify and can't dwarf the blockchain." - Yu Jianing, director of the Institute of Industrial Economics, Ministry of Industry and Information Technology Yu Jianing: Some projects have unrealistic publicity hype Some blockchain applications have unrealistic propaganda and hype, making market valuations deviate from basic values ​​or being given too high expectations. In addition, there are still some projects that do not actually use the blockchain technology in essence, but only under the banner of the blockchain, obtain a valuation that is completely inconsistent with the actual value. Such a project with bubbles accounts for 95% of blockchain applications. The so-called innovation of many projects is divorced from the needs of the real economy and is entirely speculative. Bitcoin is not the best scene for blockchain technology. It is only the earliest practice of blockchain technology. It is only used in the simple token field and does not reflect the value of blockchain. But I don't agree with the similar idea that "blockchain is the biggest bubble of today", like beer and foam, all new technologies must be accompanied by the emergence of bubbles, and the blockchain application and ICO should be treated differently. Any financial innovation or technological innovation that is out of the real economy has no meaning. Only by promoting the development of the real economy can technology show its value. Therefore, if the blockchain technology only further deepens the financial idling, then such a technology has no meaning. In the future, as some enterprises apply the blockchain to real-life industrial scenarios, they can effectively serve the blockchain technology of the modern ecosystem of modern economic systems, in order to reflect higher market value. Wu Shichun: The bursting time of the blockchain bubble depends on supervision Technology itself is neutral and there is no bubble. In the ICO, 98% of tokens are worthless bubbles. At present, there are different degrees of bubbles in the value of blockchain technology in the capital market. But at the same time, we should realize that there are also many bubbles in the rise of Internet technology, but this has created great companies like Google, Tencent, and Alibaba. We can't think that all blockchain projects are bubbles. 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