意见领袖丨北大金融评论
Commentator Xiaobei's Big Financial Review
今年4月底，《中国数字经济发展研究报告（2023年）》正式发布，数据显示：2022年，我国数字经济规模达到 50.2 万亿元，同比名义增长10.3%，已连续11年显著高于同期GDP名义增速，数字经济占GDP比重相当于第二产业占国民经济的比重，达到41.5%。
中国国际经济关系学会金融安全研究中心副会长刘海林及合作者在《北大金融评论》撰文表示，区块链是数字经济的重要基础设施，区块链技术在数字货币领域的运用较为典型，因为区块链公平、开放、技术融合、安全可靠，未来只有基于区块链的基础设施才能构建可信的元宇宙环境。
2019 年 10 月 24 日，中央政治局第十八次集体学习时强调，把区块链作为核心技术自主创新重要突破口，加快推动区块链技术和产业创新发展。此后，中央多次发布政策引导，数字经济是我国经济发展的战略方向。数字经济的重要特征是：数据是新的生产力要素，并形成新的生产关系，区块链是数字经济的重要基础设施。但在具体实践中，对区块链的认识、它所能发挥的作用，以及它需要改进升级的进程等，还有很多探讨的空间与必要。
On October 24, 2019, the 18th collective study of the Central Political Office emphasized the importance of the block chain as an important entry point for core technological autonomy and for accelerating technological and industrial innovation. Since then, the Centre has issued policy guidance that the digital economy is the strategic direction for the country’s economic development. The important feature of the digital economy is that data is a new factor of productivity and a new productive relationship, and that the block chain is an important infrastructure for the digital economy.
区块链是一种新的生产关系
人类社会进步的发展，离不开生产力与生产关系的交替演化与推进。随着云计算、大数据、物联网、人工智能等前沿技术在各行业掀起产业技术革命，其他要素资源将不断向数字经济产业聚拢，促使数据密集型产业的总体规模效应递增，推动人类全面进入数字经济与产业时代。同时，生产力的革新带动生产关系的调整，数字经济时代下，需要一种新型的生产关系与之相适应。
As cutting-edge technologies, such as cloud computing, big data, material networking, and artificial intelligence, revolutionize industrial technology across industries, other factor resources will continue to converge towards the digital economy, leading to an increase in the overall scale effect of data-intensive industries, and to the full integration of human beings into the digital economy and the industrial age. At the same time, innovation in productivity leads to a restructuring of production relations, which in the digital economy requires a new kind of productive relationship.
区块链就是在数字经济新时代下针对新的生产力而产生的新型生产关系，本质上属于一种去中心化的分布式数据库，通过其存储、管理和组织等一整套技术功能，构造数字经济运行中的共识与信任机制，通过对生产关系的重新调整，以自身信用发行通证，人们基于通证（Token）产生一种全新的分工协作组织关系，构成新的生产关系，这种新型的生产关系彻底改变传统的公司型组织形态，是一种颠覆式的革命与创新。
The block chain is a new production relationship that emerges from new productivity in the new era of the digital economy. It is essentially a decentralized distributed database that constructs consensus and trust mechanisms in the functioning of the digital economy through a set of technical functions, such as storage, management and organization, through the restructuring of production relations and through the issuance of passes with its own credit. The new production relationship, based on the Token, creates a new collaborative relationship of division of labour and constitutes a new production relationship that radically transforms traditional corporate organizational patterns and is a subversive revolution and innovation.
区块链技术的不断革新迭代重构人类的生产力与生产关系，全球数字化时代成为不可逆转的必然趋势。
The global digital era has become an irreversible and inevitable trend in the re-establishment of human productivity and productive relationships by the ever-renewal of block-chain technologies.
区块链的底层技术优势
一是去中心化，这是区块链最核心的优势。目前广泛使用的支付方式，基本都需介入银行的扣款交易与管理环节，而区块链采取分布式核算和存储，任意节点都具有同等实现信息的自我验证、传递与管理功能。双方之间交易不需要中介与管理机构，可简化交易流程，降低交易风险。
The first is decentralization, which is the most central advantage of the block chain. The payment method now widely used is basically to intervene in bank withholding transactions and management, while the block chain is accounted for and stored in a distributed manner, with any node having the same self-certification, transmission and management function for information.
二是独立性与安全性。链中信息一旦通过验证并添加至区块，任何单方都无法肆意地篡改、操控网络数据与信息，一旦存在人为干预和篡改，通过区块链算法防护机验证，如果信息不对，其他人就不会随之更新自己的信息记录本，这个被篡改的信息在区块链上无效，保持了其他人的独立性。区块链采用密码学技术，系统内所有节点能自动安全地验证数据。基于其独立性与安全性，区块链具备建立互联网信任机制的技术条件。
The second is independence and security. Once information in the chain is authenticated and added to blocks, no unilateral manipulation of network data and information is possible, and once artificial interference and manipulation exists, it is verified through the block chain algorithm shield, and if the information is not correct, others will not then update their own information logbooks. This altered information is invalid on the block chain and preserves the independence of others. The block chain uses cryptology technology, and all points in the system automatically and safely validates data. Based on its independence and security, the block chain has the technical conditions for establishing an Internet trust mechanism.
三是不可逆与公开性。不可逆是区块链的另一个独特功能，在链上，数据时刻保持同步上传，发生的任何事情都是不可逆的，且公链中所有数据公开，除了交易各方的私有信息被加密外，任何人都可以通过公开接口查询数据和开发应用，保证了数据的公开性。
Third is irreversibility and openness. Irreversibility is another unique feature of the block chain, where data are always uploaded in a synchronized fashion, everything that happens is irreversible, and all data in the public chain is open, and anyone can access data and develop applications through open interfaces, except where private information from the parties to the transaction is encrypted.
四是隐匿性与可授权性。除非有法律规范要求，单从技术层面来讲，各区块节点的身份信息不需要公开或验证，可匿名传递。区块链也可通过应用非对称加密算法，实现两个秘钥进行加密解密，在授权范围内公开信息。
The chain of blocks can also be encrypted and decrypted by applying asymmetric encryption algorithms.
区块链赋能数字经济与数字货币
数字经济时代区块链的价值创造属性
Value Creation Properties for Block Chains in the Digital Economy Age
数字经济时代，区块链在形成新生产关系时，形成新的生产力——数据。链上所有数据都可以成为生产资料，区块链在大量的数据中提取内在关系，挖掘内在关系背后蕴藏的价值，再通过数据交换，产生新的价值。挖掘数据的准确性和真实性是数据交换产生价值的关键。区块链以其天然的底层技术优势满足数据的真实性与准确性。通过存储、管理与交换数据来创造价值是区块链的第一个属性，即价值创造属性。
In the digital economy, when new production relationships are formed, block chains generate new productivity-data. All data in the chain can be productive, and the chain extracts the intrinsic relationship in a large amount of data, extracts the value that lies behind it, and then generates new value through data exchange. Exploiting the accuracy and authenticity of data is the key to the value of data exchange. The chain meets the authenticity and accuracy of data with its natural bottom technological advantages. The first attribute of the chain, value creation, is the value creation attribute, through the storage, management and exchange of data.
数字金融中的区块链的价值交换与代币属性
区块链的另一个重要属性就是具备价值交换的数字代币属性。以比特币为代表的数字货币，通过互联网发行和流通、支付与结算，无需记录、对账、清算等中间环节，实现点对点交易。通证作为链上数字资产的价值体现与支付工具，以“点对点交易”功能和其自身的价值属性，将传统金融中隔离开的价格支付手段——货币，与支付系统——银行之间合二为一。目前，国内主流支付方式多需要先从账户扣款，再由银行确认交易，也就是支付手段与支付系统相分离。
Another important attribute of the block chain is the digital currency attributes of value exchange. Digital currency, represented by bitcoin, is issued and circulated over the Internet, paid and settled without the intermediary of record-keeping, reconciliation, liquidation, etc. Point-to-point transactions.
信用、合规与有效监管是金融稳定的核心要素。区块链底层技术的难以篡改、可授权等优势，恰好满足稳定性要求。区块链通过智能合约在代码上解决传统金融中的合规性问题，用户在信任交易协议的基础上，不用担心协议是否会执行，因为区块链本身会按照双方认可的智能合约来执行，省去监督检查流程，避免了合规风险。
Credit, compliance, and effective regulation are the core elements of financial stability. The advantages of block chain bottom technologies, which are difficult to manipulate, and can be authorized, meet stability requirements.
具备价值创造属性和价值交换属性的区块链技术完成了数字金融风控的三流合一，生成“去中心化、人财物一体、实业金融一体化”的数字金融体系，解决了信用问题。
Block chain technology with value creation attributes and value exchange attributes completes the triad of digital financial wind control, creating a digital financial system of “decentralization, integration of human possessions, integration of business finance” that solves credit problems.
当然，任何事物都不是绝对的，区块链的去中心化也是相对的。相对链上众多节点，各中心节点就拥有相对决策权，中心化是可以相对存在的。
Of course, nothing is absolute, and the decentralisation of the block chain is relative. Central nodes have relative decision-making power over many nodes in the relative chain, and centralization can be relative.
区块链赋能数字货币的其他独特属性
基于区块链开发的数字货币还有一些其他的独特属性，比如避免部分其他系统中常见的双重支付问题（目前，某信某宝需通过第三方确认与修改的方式避免双重支付）。部分其他系统难以避免数据的可复制性，可能导致同一笔数字资产可能被重复使用。区块链通过“分叉术”避免，当系统出现被两个不同的节点确认交易时，系统将发生分叉，只确认先接收到的第一笔交易，剩余的通过分叉避开再次确认交易。
Digital currencies developed on the basis of the block chain have other unique attributes, such as avoiding the problem of double payment, which is common in some other systems (at present, a particular treasure needs to be avoided through third-party identification and modification). Some other systems are difficult to avoid the replicability of data, which may lead to the reuse of the same digital asset. The block chain is avoided through the “several fork” and when a transaction is confirmed by two different nodes, the system will have a fork, only the first transaction received will be confirmed and the remaining transaction will be reconfirmed by avoiding the fork.
区块链技术发展现状
政策引导
Policy Guide
近几十年，美元占全球央行储备资产的一半以上，在国际交易结算中占据主导地位。美国毫无疑问将维护美元的霸权作为关注区块链技术和数字货币的根本目的之一。2022 年 3 月，拜登签署的《负责任地发展数字资产》行政命令提出 ：关注美国央行数字货币在全球金融系统的领导地位。今年 3 月，美国财政部副部长Nellie Liang 表示，正在研究发行美国央行数字货币是否有助于维护美元的全球角色。
In March of 2022, Biden signed the Executive Order of the Responsible Development of Digital Assets: Focusing on the leadership of the US Central Bank’s digital currency in the global financial system. In March of this year, the US Vice-Minister of Finance, Nellie Liang, said that he was studying whether the release of the US Central Bank’s digital currency would help preserve the global role of the dollar.
此外，欧盟、印度、巴西、俄罗斯等相继出台监管指引政策，且监管思路清晰，态度包容开放。各国央行积极探索法定数字货币，试图在数字货币方面取得先机，以提升在全球数字货币市场上的话语权。区块链技术具备去中心化的独特优势，为世界挣脱美元霸权、制衡美元和制造新的数字经济圈提供了可尝试的路径。
Central banks actively explore the legal digital currency and try to pre-empt digital money in order to raise the voice of the global digital currency market. Block-chain technology has the unique advantage of decentralizing, providing an experimental path for the world to break dollar hegemony, balance the dollar, and create a new digital economy.
我国以比特币为代表的区块链技术研究最早于 2008 年由民间发起。最早的政策可追溯至 2013 年，我国从刚开始对比特币采取严厉监管，逐步转变至 2017 年左右的积极应对，并于 2019 年开始在各行各业积极推动“区块链 +”模式，体现了区块链技术在我国逐渐被认可的过程。态度的转变源于数字经济发展是人类发展的必然趋势、全球金融界对以比特币为代表的数字货币的高度重视，以及诸多区块链技术优势缓解了安全顾虑意识。2023 年 2 月，国务院发布数字中国整体布局规划，提出数字经济是构筑国家竞争优势的有力支撑，要求各地各部门认真贯彻落实，成为我国在国家战略层面上全力推进数字经济的重要指引。
Our technical study of block chains, represented by bitcoin, was initiated by civil society as early as 2008. The earliest policy dates back to 2013, when the country began to adopt strict regulations in bitcoin, gradually shifting to a positive response around 2017, and began to actively promote the “block chain plus” model in all sectors in 2019, reflecting the process of growing recognition in the country. The shift in attitude stems from the fact that digital economic development is a necessary trend in human development, the high priority given by the global financial community to the digital currency as represented by bitcoin, and the technological advantages of many block chains.
推广运用
promotes the use of
区块链技术在数字货币领域的运用较为典型，根据普华永道统计，全球近九成央行数字货币都采用了区块链技术。截至 2022 年上半年，超 10 个国家和地区的央行数字货币已正式发布运营，牙买加、尼日利亚等小型经济体国家对法定数字货币的研发更激进，而发达国家和经济大国相对保守。
Block-chain technology is typically used in digital money, and according to PricewaterhouseCoopers, nearly 90% of the world’s central bank’s digital currency is based on block-chain technology. By the first half of 2022, over 10 countries and territories had officially released their central bank’s digital currency, while countries with small economies such as Jamaica and Nigeria were more aggressive in their research and development of the legal digital currency, while developed countries and large economies were relatively conservative.
全球数字经济的发展自 2020 年起显著提速。区块链技术与物联网、大数据、云计算、人工智能等前沿科技深度融合，催生出大量的新技术、新产品、新应用与新模式。以元宇宙为例，作为未来智能化数字空间，将带动人类信息化发展的更高阶形态。因为区块链的公平、开放、技术融合、安全可靠，以及数字货币特性符合监管要求，未来只有基于区块链的基础设施才能构建可信的元宇宙环境。《2022 年全球市场区块链总体规模、主要生产商、主要地区、产品和应用细分研究报告》中显示，我国是全球区块链第一大技术来源国，2021 年申请专利量达 1.34 万项，接近美国申请量的 8 倍。申请区域集中在广东省，截至 2021 年底，广东累计申请量高达 8500 项，其次为北京，累计申请量超过 6000 项，浙江、上海、江苏、山东的累计申请量破千。
In the case of the metaspace, as a future intelligent digital space, it will lead to higher levels of human information development. Because of equity, openness, technological convergence, security, and the conformity of digital monetary features with regulatory requirements, only infrastructure based on block chains will be able to build a credible meta-cosm environment in the future. In the 2022 study on the total size of the global market block chain, major producers, major areas, products and applications, the country is the world’s largest source of technology, with 1.34 million patents in 2021, close to 8 times the size of United States applications. The application area is concentrated in Guangdong Province, with a cumulative volume of 8,500 applications up to the end of 2021.
（*吴淳为电子科技大学立人教育基金会会长，雷滔为中国金谷国际信托有限责任公司高级经理，李钢为嘉谟证券有限公司投资董事）
(*U-Sun is the President of the Founding Education Foundation of the University of Electronic Technology, Lui is the Senior Manager of the China Golden Valley International Trust Limited and Li Gang is the Director of Investment of Jammud Securities Ltd.)
(本文作者介绍：由北京大学汇丰商学院创办，聚焦金融领域前沿研究，坚持“中国金融，全球价值”的办刊理念。)
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