China’s Wanxiang Holdings Vice Chairman Xiao Feng said that blockchain technology along with other high tech will lead the way in a more globalized world. Let’s find out more in the Blockchain latest news today.
Dr. Xiao Feng at Wanxiang Holdings attended the 7th Global Investment M&A Summit in Shanghai and noted the digital economic reform that revealed speculation of globalization and the possibilities to migrate from physical to the digital world. He also believes that blockchain and other disruptive technologies will be the main tools by which we will realize digital globalization:
“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.”
The Vice Chairman, Dr. Xiao believes that before the COVID-19 pandemic, globalization benefited a lot of people including China and Wall Street as well as multinational companies. It also left behind many victims such as the industrial workers and the middle class of many nations. However, he believes that past the Coronavirus pandemic, digital globalization will help the developing countries:
“Because the middle class and workers cannot be globalized, in economics it is called ‘non tradable goods’. 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.”
According to Dr. Xiao, digital globalization will heavily impact many companies and systems as companies move their operations online. The original ways in which the companies measure their performance will become less important and a new system could replace them as the most important structure. He says that such a framework will be called ‘’Objectives and Key Results’’:
“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 help businesses undergo complete changes in the way they conduct operations. The industrial revolution reached the degree of diminishing marginal utility and in economics, this law states that the marginal utility of a good or service declines as its available supply increases. Also, the venture capital Tim Draper believes that digital financial innovation such as Bitcoin, artificial intelligence, and smart contracts will only boost the globalized world.
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