The rapid rise of blockchain technology has sparked transformative conversations across industries, academia, and policy circles. On March 31, 2018, the eighth edition of the "Waitan Zhiben Salon" — hosted by the School of Economics at Fudan University — brought together leading experts to explore the present state and future trajectory of blockchain. Held at the Sishen Lecture Hall on the 30th floor of Guanghua Tower, the event gathered industry pioneers, scholars, and innovators to discuss one of the most disruptive technologies of our time.
Organized by the Fudan School of Economics Global Alumni Association, the Waitan Zhiben Salon serves as an interactive platform connecting capital markets with cross-disciplinary elites. Its mission is to foster information sharing, experience exchange, integration between academia and industry, and collaborative innovation through shared resources.
As Bitcoin gained global traction, blockchain emerged not just as a financial tool but as a foundational shift in how data, trust, and value are managed. Recognized as the fifth major wave in information technology—following mainframes, personal computers, the internet, and mobile/social networks—blockchain represents a decentralized architecture with vast implications for economics, governance, and digital transformation.
The Digital Migration: From Atoms to Bits
👉 Discover how blockchain is reshaping economic systems in the digital age.
The first speaker, Xiao Feng, Deputy Chairman and Executive Director of China Wanxiang Holding Co., Ltd., delivered a visionary talk titled “Digital Migration, Blockchain, and Cryptoeconomics.” He described digital migration as a historic transformation—comparable to humanity’s earlier shifts from agrarian to industrial societies.
This new era involves moving from physical spaces to digital realms, from atoms to bits, and from centralized hierarchies to distributed networks. In this context, blockchain acts as the enabling medium. Xiao explained that blockchain evolved through stages: from distributed networks to distributed ledgers, culminating in public blockchains. These systems integrate concepts from mechanism design in microeconomics, algorithmic game theory, and cryptography.
He outlined three evolutionary phases of blockchain:
- Blockchain 1.0: Characterized by cryptocurrencies like Bitcoin and basic shared ledgers.
- Blockchain 2.0: Marked by platforms such as Ethereum, smart contracts, and decentralized applications (dApps).
- Blockchain 3.0: Enabling cross-chain interoperability, scalability, and enterprise-grade commercial applications.
Xiao emphasized that digital currencies built on cryptographic account systems differ fundamentally from traditional bank-based electronic money. With features like anonymity, programmability, encryption, and autonomy, they enable a new form of economic organization—distributed business—which could function as a "third hand" alongside markets and governments in managing public goods or community-driven initiatives.
Addressing common critiques—such as high energy consumption and scalability issues—he argued that technological advances will gradually resolve these challenges.
Core Technical Attributes and Industry Ecosystems
Bai Shuo, Chairman of Shanghai Qianxun Information Technology and former Chief Engineer of the Shanghai Stock Exchange, took a technical deep dive into blockchain’s core properties. He identified four essential characteristics:
- Time irreversibility – Transactions are immutable once recorded.
- Value conservation – Digital assets maintain integrity across transfers.
- Programmable trust – Rules are encoded directly into protocols.
- Built-in business models – Economic incentives are native to the system.
Bai made a critical distinction between two ecosystems: "coin circles" (focused on cryptocurrencies and trading) and "chain circles" (centered on infrastructure and enterprise use). While coin circles revolve around tokens, communities, and mining rewards, chain circles focus on building robust platforms for real-world applications in supply chain finance, digital identity, and asset tokenization.
He categorized chain ecosystems into three types:
- One dominant player with multiple smaller participants
- Multiple strong players competing cooperatively
- Decentralized networks with many small actors
Despite progress, Bai noted ongoing challenges in computational performance, storage efficiency, cross-chain communication, privacy protection, and data sovereignty. He advocated for regulatory differentiation: stricter oversight for speculative coin activities while encouraging innovation in chain-based solutions.
Looking ahead, he predicted accelerated central bank digital currency (CBDC) development, broader adoption of blockchain in traditional finance, and tighter alignment between virtual asset regulation and capital market frameworks.
Regulatory Challenges and Policy Directions
Yang Dong, Professor and Director at Renmin University's Research Center for FinTech and Internet Security, addressed the legal and regulatory dimensions of blockchain and digital currencies. A pioneer of the “crowd finance” theory, Yang highlighted how blockchain disrupts traditional financial paradigms.
He outlined four key risks associated with virtual currencies:
- Monetary policy disruption: Undermining central banks’ control over money supply.
- Financial integrity threats: Facilitating money laundering and terrorist financing due to anonymity.
- Market instability: High volatility amplifying systemic risk.
- Security vulnerabilities: Ongoing concerns about protocol safety and smart contract flaws.
While some countries embrace digital currencies (e.g., Switzerland, Singapore), others—including China and Russia—adopt cautious or restrictive stances. Yang called for balanced regulation that combines supervision with guidance. He advocated for technology-driven, penetration-style regulation, where regulators use tools like AI and big data to monitor underlying activities rather than surface-level structures.
For initial coin offerings (ICOs), he recommended frameworks that protect investors without stifling innovation. In the long term, he urged governments to prepare for sovereign digital currencies, strengthen laws around virtual property rights, and integrate regulatory technology (RegTech) into oversight mechanisms.
From Theory to Practice: Real-World Blockchain Applications
👉 See how enterprises are leveraging blockchain for secure value transfer today.
Li Wei, Founder of Hangzhou Quchain Technology, shifted the conversation toward practical implementation. He defined blockchain’s technical essence as a fusion of distributed ledger systems, fully synchronized architectures, and collaboration platforms.
Its commercial value lies in solving a fundamental problem: information degrades as it moves across parties, while transaction costs rise. Blockchain restores fidelity and reduces friction.
Li proposed a three-stage evolution:
- Trusted collaboration platforms – Enhancing transparency among stakeholders.
- Standardized value transfer protocols – Enabling seamless digital asset exchange.
- Distributed commercial infrastructure – Powering next-generation economic systems.
Quchain applies this vision across sectors:
- Financial use cases: Digital bills, equity registration, bond trading, supply chain finance.
- Non-financial applications: Logistics tracking, medical records management, energy trading, smart governance.
He detailed two implementations:
- In supply chain finance, blockchain enables real-time verification of invoices and receivables, reducing fraud and improving liquidity.
- In interbank payment systems, it streamlines reconciliation and settlement processes through shared ledgers.
These examples illustrate how blockchain transitions from experimental tech to mission-critical infrastructure.
Frequently Asked Questions (FAQ)
Q: What is blockchain’s most significant impact beyond cryptocurrency?
A: Beyond digital money, blockchain enables trustless collaboration across organizations without relying on intermediaries—revolutionizing supply chains, healthcare data sharing, intellectual property management, and more.
Q: Can blockchain scale for mass adoption?
A: Yes—though early networks faced limitations, innovations like layer-2 solutions, sharding, and cross-chain bridges are dramatically improving throughput and efficiency.
Q: Is blockchain secure against hacking?
A: Public blockchains are highly secure due to cryptographic consensus mechanisms. However, vulnerabilities often exist in peripheral components like wallets or smart contracts—not the core protocol.
Q: How do governments view blockchain regulation?
A: Regulators increasingly distinguish between speculative crypto-assets and productive blockchain infrastructure. Many support enterprise blockchain while imposing strict rules on unregulated tokens.
Q: Will blockchain replace traditional banking systems?
A: Not entirely—but it will transform them. Banks are already adopting blockchain for settlements, trade finance, and identity verification to reduce costs and increase speed.
Q: What industries benefit most from blockchain today?
A: Finance leads adoption, but logistics, healthcare, energy, government services, and intellectual property are rapidly integrating blockchain for transparency and automation.
Final Thoughts: Toward a Decentralized Future
👉 Explore the next generation of decentralized financial infrastructure now.
The salon concluded with a vibrant panel discussion where attendees engaged deeply with the speakers. Collectively, the insights underscored that blockchain is far more than a technological trend—it’s a socio-economic shift with long-term implications.
As research advances and real-world deployments expand, the convergence of technology, regulation, and business innovation will define the next phase of growth. Universities like Fudan play a crucial role in fostering dialogue between theory and practice, preparing future leaders to navigate this complex landscape.
Whether viewed through the lens of cryptoeconomics, technical architecture, regulatory policy, or enterprise application, one truth remains clear: blockchain is laying the foundation for a more transparent, efficient, and inclusive digital economy.
Keywords: blockchain technology, digital currency, distributed ledger, smart contracts, cryptocurrency regulation, decentralized finance (DeFi), enterprise blockchain applications