Blockchain has become a key area for many countries.

Original article can be found here (source): Artificial Intelligence on Medium

Blockchain has become a key area for many countries. Accelerating the development of blockchain technology and industrial innovation has important strategic significance for the high-quality development of China’s economy and the enhancement of international competitive advantages.

Generally speaking, blockchain is a new type of integrated application of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism and encryption algorithms. It is an Internet database technology, which is essentially a distributed ledger, has the characteristics of decentralization, immutability, traceability and collective maintenance. These characteristics allow it to play an important role in many fields such as finance, smart manufacturing, the Internet of Things, supply chain management, digital asset trading, social governance, and people’s livelihood services. In the current increasingly complicated international and domestic situation, accelerating the development of blockchain technology and industry has important strategic significance.

The integrated application of blockchain technology will play an important role in improving the capability for data management. Decentralized mechanism and distributed ledger technology can enable participating nodes to share data without having to hand over the entire amount of data to the centralized system; identity verification mechanism and asymmetric encryption technology can effectively ensure data security and prevent leakage of private data. This aspect helps to break down data barriers between departments and promote business collaboration. On the other hand, it can promote data sharing between the government and enterprises, and provide strong support for risk prevention and control. The point-to-point mechanism enables it to play a huge role in systems such as traffic command, public security monitoring, and traffic police enforcement.

CyberVein has integrated AI technology with some characteristics of blockchain and its database to develop a data management platform for law enforcement departments in China’s Jiangsu Province. The technology focuses on accelerating the integration of relevant information platforms of government departments and eliminating information silos. The data collected from the day-to-day cases can be shared between the departments, where several algorithms can be produced by AI technology. The system included functions such as local team assignment, suspect characteristics validation, relevant crime cases determination, method of crime comparison, and ultimately, potential crime prediction. It has greatly improved the the law enforcement work, where management costs have be reduced, communication between departments has been increased and data analysis process became more efficient.

In areas such as international trade, cross-border payments, manufacturing and logistics, which involve long chains and many intermediate links, blockchain can allow parties involved to obtain real and effective data in real time, reducing the cost of communication in each link and improve the efficiency of collaboration between various subjects. Through the traceability of the blockchain, the entire process of product production and circulation can be recorded in real time, which is not only convenient for combating counterfeiting and inferiority, but also conducive to improving the intelligent management level of the manufacturing process. By integrating data and forming a complete record of transactions in the supply chain and the behavior of participants, it can confirm the authenticity of corporate transaction behavior and accounts receivable, and increase the value of the business.

CyberVein has used blockchain, big data and IoT to help a seafood market platform in China’s Ningbo province, which can accurately record, identify and track the seafood products caught by the fishermen. The various data collected in the process can be analysed to give the probability of catching a certain type of seafood at a given region at a given time of the year. This had brought critical values to the buyers and the fishermen exchanging on the company’s platform. By utilization the data collected through GPS, sensors and cameras, the buyers on the platform can see accurate information on the seafood that the fishermen had caught and make immediate purchase, preventing fraud, price disagreement and trust related issues.

In the medical and health field, the application of blockchain technology can realize the sharing of information between different medical institutions while protecting the privacy of individuals. This data sharing can help facilitating the analysis of larger data sets, building a better model to help with the medical work. CyberVein has a R&D center at Zhejiang University with researchers that are dedicated to the research of blockchain and AI technologies. They have made steady progress in the technology that is supporting CyberVein, and have also succeeded in using federated learning to achieve accurate keratitis diagnosis. The diagnosis of keratitis is a difficult task for the doctors, because the different causes (bacteria, virus, fungi) of keratitis can’t be clearly distinguished by the naked eye, which may result in the wrong treatment plan for the patient. Hospital and patients were also not ready to shared their personal health data with other institutions, resulting in many data silos. However, through federated learning, the researchers were able to use these data and achieved an accuracy of 80% for the diagnosis of the different types of keratitis, which was better than 96% of the doctors who participated in the experiment.

Although China has put a significant emphasis on the development of blockchain, but the industry is still maturing, and many blockchain applications are still being explored. CyberVein is constantly looking for new areas where blockchain can be efficiently and necessarily be applied along with the integration of other technologies such as AI, IoT and big data. China’s blockchain industry will continue to improve, and China may one day achieve its goal to become an authoritative entity in setting the standards for the international blockchain industry.