Wanxiang Holdings Xiaofeng: Blockchain technology will help upgrade financial marekt infrastructure

Xiao Feng, vice chairperson of Wanxiang Holdings, said at the Council and Annual Meeting of the Fintech Branch of the Shanghai University of Finance and Economics Alumni Association held on April 27 that the emergence of blockchain technology is not only a technological innovation, but also a major upgrade of financial infrastructure, which will profoundly affect future financial marekts and economic activities. Xiao Feng first defined several key concepts in blockchain technology, including public chains, consortium chains and private chains, and emphasized the central role of public chains in the global public ledger. He said that blockchain technology is not just a distributed database, but a new accounting paradigm.
When discussing digital currencies, Xiao Feng emphasized the diversity of digital currencies. When talking about stablecoins, Xiao Feng believes that stablecoins play an important role in connecting the real world and the virtual world, private ledgers and public ledgers, centralized finance and decentralized finance, fiat currency and digital currency, programmable currency and non-programmable currency. He stressed that virtual assets have real value. As a hard asset in the digital economy, Bitcoin has the potential to surpass traditional gold. "Bitcoin's reserves, production and circulation are all clear, and because of its immutability on the blockchain, Bitcoin has more characteristics as a hard asset than gold."