Blockchain technology is transitioning from "token narrative" to "credit narrative". Seizing the opportunity of track conversion is the key path for it to evolve from marginal experiments to the core infrastructure of the digital economy. This is not only about the survival of technology but also a strategic choice to unlock a trillion-level market space and address the pain points of the real economy.

1. The inevitable choice of technological evolution

  1. The natural evolution of blockchain development stages
    Blockchain technology has evolved from 1.0 (digital currency) to 2.0 (digital assets and smart contracts) and then to 3.0 (DAO, DAC). It is currently in a critical transformation period from "crypto circle" to "chain circle", where a business model solely relying on cryptocurrency is becoming unsustainable, whileFocusing on the pain points in the real economyhas become an inevitable direction for technological development.

  2. Breaking the Real Demand of the 'Impossible Triangle'
    Blockchain has long faced the dilemma of balancing decentralization, security, and scalability.

II. Paradigm Shift from 'Token Narrative' to 'Credit Narrative'

  1. Get rid of the speculation trap and return to the essence of value
    In the past decade, the main theme of blockchain has been almost entirely occupied by virtual currencies, with technology being used to issue coins, narratives centered around coin prices, and traffic concentrated in exchanges.

  2. Build a Trusted Digital Infrastructure
    The core value of blockchain lies in establishing trust mechanisms through technical means, rather than merely creating digital assets. For example, the Shenzhen-Hong Kong cross-border data verification platform uses years of operational data accumulated by mainland enterprises, verified through alliance chains and hashes,to transform into cross-border credit assets recognized by Hong Kong banks, ultimately landing as unsecured loans. This practice of converting 'data trust' into 'financial productivity' is more significant than countless surges in coin prices.

III. Opportunities Created by Technological Integration

  1. Collaborative Innovation with AI
    AI drives exponential growth in productivity, leading to an almost infinite supply of digital content, resulting in increased entropy and distortion in the digital information ecosystem.

  2. Deep Integration with 5G and the Internet of Things
    5G technology brings wider coverage and more stable frequency bands to the Internet of Things, while blockchain supports data protection in the 5G era. This integration allows blockchain to move from the laboratory to practical application scenarios like smart hardware and smart cities.

  3. Integration with Privacy Computing
    The integration of blockchain and privacy computing ensures the privacy and security of data throughout the entire circulation process, providing new pathways for realizing data value sharing. This combination addresses the dilemma of data holders who have 'the need for sharing but lack the willingness to share', while also meeting regulatory requirements, making blockchain applicable in sensitive data fields like healthcare and finance.

IV. Positive Changes in Policy and Regulatory Environment

  1. Global Regulatory Framework Gradually Perfected
    The legislation passed by the EU treats tokenized traditional assets 'equally' with traditional assets, without any additional conditions; the People's Bank of China clearly supports blockchain technology research and development but emphasizes that 'financial activities must be regulated'. Thisdifferentiated regulatory approachcreates space for blockchain to develop within a compliant framework.

  2. 'Sandbox regulatory' model's innovative application
    The Qianhai blockchain pilot zone in Shenzhen has launched a regulatory sandbox platform to provide risk warnings for scenarios like cross-border payments and supply chain finance. This 'parallel regulation and innovation' model allows blockchain enterprises to conduct innovative experiments within a limited scope, reducing compliance risks.

V. Urgent Need to Address Pain Points in the Real Economy

  1. Break the 'Data Island' and Restructure the Trust Mechanism
    The most troubling issue in today's digital society isthe lack of trust. As a 'shared ledger', blockchain achieves data transparency and immutability through a distributed architecture, solving the information asymmetry problem in traditional centralized systems. For example, a healthcare blockchain platform can achieve the return of patient data sovereignty, addressing the challenges of sharing medical data.

  2. Reduce transaction costs and improve efficiency
    The traditional cross-border payment settlement cycle has been shortened from 3-5 days to within 30 minutes, with costs reduced by over 90%; in supply chain finance, blockchain has improved the financing success rate of small and micro enterprises from 18% to 63%, validating the feasibility of technology empowering the real economy. The creation of this actual value is far more sustainable than the price fluctuations of virtual currencies.

VI. Future Outlook: From Technological Experiments to Digital Economy Infrastructure

Blockchain technology is shifting from 'niche experiments' to 'digital economy infrastructure'. In the next five years, the industry will present three major trends: technological integration fostering new formats like intelligent manufacturing and smart energy; ecological differentiation driving the distinct roles of alliance chains and public chains; regulatory normalization balancing innovation and risk. Only by seizing the historic opportunity of the current transition can blockchain truly become the 'cornerstone of trust' that injects new momentum into the global economy.

As Feng Donglei, a 'evangelist' of healthcare blockchain, said: 'Blockchain technology will become the DNA of the data factor market, bringing essential changes to the healthcare industry.' This is not only a prophecy for the healthcare field but also a reflection of the entire digital economy's development — the true value of blockchain lies not in creating virtual assets, but in reconstructing the trust foundation of the digital world, injecting new vitality into the real economy.