Vincent Y. Wang, Executive President of Wanxiang Blockchain Invited to Give a Lecture to CSC LPSP
Nov.17, 2021, Vincent Y. Wang, Executive President of Wanxiang Blockchain was invited to give a virtual lecture to senior officers of the Leaders in Public Service Programme (LPSP) organized by the Singapore Civil Service College (CSC).
The Leaders in Public Service Programme includes a virtual segment where participants are given the opportunity to interact with government officials and business leaders in China. This serves to give participants insights into developments in China and reaffirm the strong ties between Singapore and China.
In this lecture, Vincent Y. Wang put Metaverse in the context of digital cities, offering a new perspective to analyze and understand this much hyped topic and shared his thoughts on Metaverse, how it is related to digital cities, the challenges facing digital cities and how Wanxiang Blockchain rises to those challenges.
From his point of view, Vincent Y. Wang described Metaverse as a persistent, live digital universe that affords individuals a sense of agency, social presence, and shared spatial awareness, along with the ability to participate in an extensive virtual economy with profound societal impact. Digital avatar is the anchor to that sense of agency and interactivity, cognition, safety, presence spontaneity, identity and justice are all import aspects in Metaverse.
Smart cities now are facing intractable challenges, including cadence mismatch between urban development and technological evolution, the poor adaptability caused by top-down architecture designs, data silos, lack of communal organization and sustainable business models, etc. Converging cities with the development of Metaverse might be the solutions to those challenges.
Blockchain, Privacy Computing, IoT and Knowledge Graph are proposed to be the technology pillars that play significant roles in the convergence of cities with Metaverse and serve to transfer smart cities to digital cities. Firstly, blockchain provides the trusted data fabric and data exchange network so as to secure and circulate the data in a responsible manner and break down the data silos. Secondly, privacy computing is the answer to data sovereignty, ensuring privacy and maximizing the value mining of data. Thirdly, IoT devices are the link between physical infrastructure and data infrastructure. Fourthly, when you have sufficient data from individuals, enterprises, governments and research institutions, knowledge graph helps to analyze the data and detect the patterns that can be used to solve relevant issues in the digital cities.
As avatars in Metaverse hold so much data, how to protect data security and privacy is of great concerns. That is where the value of blockchain and adjacent technologies lies. Based on the combination of blockchain, IoT, privacy computing and other technologies, Secured and Trusted Avatar (STA) is the solution Wanxiang Blockchain put forward to the two challenges, namely the protection of individual privacy and anti-monopoly.
Besides, to build Metaverse as an open ecosystem, Wanxiang Blockchain came up with the solution called De-Co (Distributed Economic Ecosystem), a combination of advanced token system and avatars that allows secure and trusted cross-platform, even cross-border data circulation so as to deliver a knowledgeable and intuitive physical-digital converse experience.
Moreover, facing the challenges of data ownership, privacy and sharing in the process of building digital cities, Wanxiang Blockchain is also dedicated to building digital cities with distributed cognitive abilities based on the trusted data podiums empowered by blockchain, IoT, AI, privacy computing and other new technologies.
Earlier this July, Wanxiang Blockchain announced a cooperation with JTC Corporation, the government agency championing sustainable industrial development in Singapore. Together with its partners including MatrixElements, aitos.io, Datayes, etc. Wanxiang Blockchain will develop blockchain solutions to Punggol Digital District (PDD), the promising smart district planned and managed by JTC Corporation.
At the Seventh Global Blockchain Summit organized by Wanxiang Blockchain Labs in this October, Vincent Y. Wang had a profound dialogue with Kok Poh June, Group Director (New Estates) at JTC Corporation on the cooperation in PDD where he mentioned that Wanxiang Blockchain would introduce the trusted data pedestal developed by Wanxiang Blockchain and its partners into this smart district so as to guarantee data security and authenticity and release the value of data to optimize the economic and governance mechanisms in this district.
By giving this lecture to CSC LPSP, Vincent Y. Wang not only showcased Wanxiang Blockchain’s good practice in building digital cities but also strengthened the participants’ understanding of the possibilities of digital cities and the Metaverse.
Wanxiang Blockchain will continue to relentlessly explore the value of blockchain and other new technologies in the digital transformation of cities and make the best of its ecological and technological resources to ensure that digital cities will become a better place to live.
