1) Academic: Blockchain Mathematical Science Conference - Scientific Thought, Cross-border Innovation
Author: Wei Ran, 8D Capital
The latest darkest moment in human history is the Second World War, but the light of science and the collision of ideas did not stop shining during the war. On April 6, 1941, the German army attacked the Balkan Peninsula, and the Japanese army attacked Pearl Harbor on December 7. The whole world was shrouded in the shadow of war. It was also in May of this year that a revolutionary scientific meeting took place. Held at the Macy Conference.
The initiator of the Macy conference, Frank Fremont-Smith, is a brain doctor who has also studied psychiatry and philosophy. After the war, he also pondered the control system of missiles. He is a typical Renaissance-style slash scientist.
Even during the war, the Macy conference did not "do its part" in dealing with pressing practical problems, such as how to deal with or develop artillery shells, germs, nuclear weapons and poisonous gases. It is precisely because of this pattern that transcends the limitations of the times and the boundaries of disciplines that Macy conferences have attracted mathematicians, physicists, sociologists, and semantic scientists from all over the world to gather together. Scientists from different disciplines explore identity, The phenomenon of purpose and autonomy, explaining how individuals (human or machine) make choices and how individuals behave in groups.
Plato believes that "knowledge" is the process of making truth manifest itself through dialogue, that is, epistemology. Through the dialogue, each "opinion" raised from different partial experiences manifests itself as a "logos" of order. As a specialized knowledge, a professional discipline pursues the natural science and certainty of the research paradigm on the one hand, which is its scientific side; Delineating the boundaries of research, in part, deliberately ignores other aspects of human life, which leads to its limitations. Therefore, we have reason to regard the existing disciplines and theories as a kind of "opinion", and gain insight into higher-level truths in the dialogue with various disciplines.
At the Macy Conference, an emancipatory and cross-border conference, Cybernetics - this covers existential theory, philosophy of science, physics, computer science, biology, engineering, sociology, political science, psychotherapy New disciplines such as economics and economics were born. It established the research framework of information theory, artificial intelligence, system theory and complex science, and played a mainstay role in the third scientific and technological revolution led by the information technology revolution.
There is no doubt that we are going through a period of turmoil and change. With the development of science and technology, new things, new concepts and new technologies are constantly emerging, and the "technological singularity" is approaching; at the same time, the economic situation is changing, and the dividends of reform are gradually fading , the phantom of the anti-globalization trend of thought reappears, and the conflicts between different values and civilizations are increasing day by day.
Some people think that the blockchain is just a last-minute madness that people maliciously hype during the economic downturn and financial deleveraging cycle, but in fact, the blockchain is not only a tool technology, but a kind of institutional innovation. Like the Internet, it is a trend of thought represented by technology.
In the long history of human development, we have relied on formal or informal, concrete or abstract tools such as blood and clan, religion and morality, market and law to regulate and constrain each other's behavior in order to build trust and reach cooperation and transactions. When the complexity of transactions increases and the scope of transactions becomes wider, tangible organizational forms such as banks and companies are born. Douglass North, the Nobel Laureate in Economics, as the founder of "New Institutional Economics", pointed out that formal rules such as laws and regulations or informal rules such as customs and ethics essentially reduce the risk of transactions and tools of uncertainty. In the Internet age, these tools have been moved online, and online platforms such as Amazon and Alibaba have become intermediaries to facilitate economic activities. Now, with the development of information technology, the disadvantages of third-party network platforms have emerged, such as the violation of personal privacy, the inability to confirm data rights, and the difficulty of centralized servers adapting to the magnitude and frequency of transactions in the Internet of Things era.
Due to the failure of trust based on "centralized" others in cyberspace and modern society, as the subject of interaction expands from human to human-machine, people try to transfer their trust in "others" to symbols or systems. Different from interpersonal trust, digital trust is not oriented to specific and rich others, but to abstract principles, symbols or procedures. Trust is no longer a delivery between people, but a rational choice made by people based on their recognition and consensus on the system. Individuals in the system can remain anonymous, do not need to know each other and establish character-based trust, but trust can be entrusted to the rational mechanism of the system.
In other words, trust becomes a spontaneous order generated by individual games, instrumental rationality and procedural identity are highlighted, and the functions of personality, virtue, and ethics in trust are weakened.
Blockchain technology was born in such an era. People hope to integrate game theory, cryptography and other technologies to construct a new technological governance mechanism and to achieve a kind of trust based on mathematics in cyberspace, that is, the recognition of certainty, identity and legitimacy.
From December 17th to 18th, 2018, a blockchain mathematical science conference aimed at learning from the Messi conference was held in Beijing. The conference focused on exploring the mathematical fields related to blockchain technology, combined mathematical tools that can be introduced into blockchain technology, and proposed "blockchain mathematical conjectures" through analogy, analysis, and induction.
Zhang Bo (Computational Scientist, Academician of Chinese Academy of Sciences) pointed out in his speech "Towards A Robust & Explainable AI", "Current artificial intelligence methods have limitations, and inexplicability and poor robustness are the two biggest shortcomings. Applicable in scenarios with sufficient knowledge or data, stability, complete information, static, domain-specific, and single-task. Therefore, the post-deep learning era combines knowledge-driven and data-driven to move towards true artificial intelligence."
Wang Feiyue (Director of the State Key Laboratory of Complex System Management and Control, Institute of Automation, Chinese Academy of Sciences) introduced the birth and evolution of artificial intelligence in his speech "The Generalized Godel Theorem and Blockchain Intelligence: In Math We Can't Trust". He proposed that Turing machines provide a way for the mechanization of computing, while data is the raw material for filling the gap, and parallel systems are the end-to-end bridge across the cognitive gap. The blockchain lays a credible, reliable, available and efficient foundation for parallel intelligence.
Einstein once said, "When mathematics deals with reality, they are uncertain; when mathematics is certain, they do not involve reality." Economist Professor Jiaming Zhu extended this and proposed "mathematics" and "reality" The concept of the world is similar to the "concrete" and "abstract" worlds: one is the material world, the physical world, the real economy, and the concrete world dominated by empirical science; the other is the conceptual world, the non-physical world, the virtual economy, pure science, and social science , The abstract world dominated by art.
The fundamental function of the blockchain is: First, it is the "infrastructure" of the non-material world and the non-physical world. Second, it is a "bridge" between the two worlds, the material world and the immaterial world.
2) Example: my country's first intellectual property securitization product was successfully approved in Shenzhen Stock Exchange
On December 14, 2018, my country's first intellectual property securitization standardized product "First Venture - Wenke Leasing Phase I Asset Support Special Plan" was successfully approved by the Shenzhen Stock Exchange. This product takes Beijing Cultural Science and Technology Financial Leasing Co., Ltd. as the original owner, and the underlying asset leasing objects are all intellectual property rights such as patents and copyrights, involving a total of 51 intellectual property rights such as invention patents, utility model patents, and copyrights, covering art Performance, film and television production and distribution, information technology, digital publishing and other subdivided industries in the cultural and creative fields. The total scale reached 733 million yuan.
The approval of this product has achieved a zero breakthrough in my country's intellectual property securitization. Intellectual property securitization refers to a financing method supported by the expected future income of intellectual property rights and through the issuance of market-tradable securities. Compared with traditional asset securitization, the underlying assets no longer need to be tangible assets, but can also be intangible assets, such as intellectual property rights. This will greatly speed up the transformation of intellectual property into capital value, marking a new stage in the operation of intellectual property in my country. The following is the 8-dimensional research institute based on Xinhua News Agency news:my country's first intellectual property securitization product successfully approved in Shenzhen Stock ExchangeCompiled English version for readers:
China’s Securitization of Intellectual Property Takes a New Step Forward
Translator: Zoe Qian
Editors: Kadeem Clarke, Brian Hough
The securitization of intellectual property refers to the issuance of market-traded securities, valued based on the expected future earnings of that intellectual property. Compared to the traditional process of securitization, the underlying assets are not tangible assets, but intangible intellectual property. The Chinese government is taking this process very seriously. Since 2017, the State Council has issued the “National Technology Transfer System Construction Plan” and proposed to pilot Intellectual Property Rights (IPR) securitization financing.
With the active promotion from the State Intellectual Property Office in recent years, the construction of China’s intellectual property rights system has continued to accelerate. The intellectual property asset-backed securities (ABS) and insurance businesses have developed steadily as a result.
What’s Being Securitized This Time?
The name of the IP ABS issued this time will be “The First Phase of the Liberal Arts ABS” (Art Phase 1 ABS). The underlying assets for this security are all intellectual property rights such as invention patents, utility model patents, copyrights, as well as other such property rights.
The underlying assets of the first phase of IP ABS are the “intellectual property financing lease” for businesses with patents and copyrights. There are in total 51 intellectual property rights, such as patents and copyrights, covering a number of sub-sectors in the fields of cultural and creative fields such as art performance, film and television production and distribution, information technology, and digital publishing.
The future operating cash flows of these intellectual property rights will be used to price its underlying assets. This not only meets the requirements of asset securitization for these assets, but also meets the need of the intellectual property rights owners. It has the unique advantages of diversified assets, mature risk control system, and high credit rating of issuing entities.
The Issuer — Cultural Technology Leasing
According to the release article, the main body of the issuance,the Cultural Technology Leasing, was established in 2014. It is a subsidiary of Beiwentou Investment Co.,Ltd. (Beiwentou), which provides comprehensive financing services such as financial leasing for enterprises.
In September 2015, the Cultural Technology Leasing pioneered and started the “IP financing lease” process in the country in order to solve the problems enterprises were facing. In the past, it was hard for enterprises to obtain bank financing through traditional means, such as real estate mortgages, since the properties are often light assets and smaller in scale. The IP financing lease fully revitalizes the intellectual property rights of enterprises and opens up a brand new intellectual property opportunity in addition to the banks’ Intangible Asset Mortgage.
Over the past three years, Cultural Technology Leasing has provided more than 8 billion Yuan of financing support to more than 400 cultural and technological enterprises through intellectual property financing leasing. This business accounted for nearly 40% of the company’s investment, much higher than the current commercial banks. However, these loans account for less than 0.1% of those issued by banks, of which Small and Medium Enterprise (SME) projects account for more than 75%, and private enterprises account for 92%.
Implement an Effective Assessment of Intellectual Property Values and Strict Risk Control
To deal with the problem of value assessment and risk control in IP securitization, Cultural Technology Leasing has established an expert team of 120 people to explore a relatively mature IPR assessment method and risk control system in years of business practice. The intellectual property rights of ABS have undergone strict risk review. The value of each right has been professionally evaluated and strictly demonstrated by independent third-party asset appraisal agencies.
The Promiser of the Differential Payment: State-Owned Sole Proprietorship Company: Beiwentou
The first phase of the liberal arts ABS had Beiwentou as the promiser. Beiwentou is a state-owned sole proprietorship company in Beijing. It is an important investment and financing platform for the development of IP ABS. It has now formed six major businesses of finance, with a total value of more than 44 billion yuan in assets, which are the first investment enterprises in the country to receive the AAA credit rating.
The Future:
Since 2008, intellectual property protection has risen to a national level. With the continuous strengthening of China’s intellectual property protection and the gradual improvement of the intellectual property operation system, various types of intellectual property rights have developed rapidly, showing an increasing trend year-by-year.
Taking patent rights as an example, as of October 2018, China’s 2018 patent applications has led to more than 3.51 million listings, and the number of valid patent applications has exceeded 11.5 million. The demand for intellectual property conversion of small and medium-sized enterprises has been increasing as well. Intellectual property financing is becoming an important financing means for SMEs, and intellectual property financing leasing potential is quite large.
Reference：
Zhu Jiaming: "Technological Singularity" is approaching, constructing the mathematical foundation of blockchain by Babbitt
Blockchain origin and trust mechanism reconstruction by Wei Ran
my country's first intellectual property securitization product successfully approved in Shenzhen Stock Exchangeby Xinhua News Agency
