The Future of Digital Economy: Industrial Internet

02/25/2023 06:23 • NFT Newsflash • 160 views

It is reported that Huang Qifan, the former mayor of Chongqing, said at the Pearl Bay Financial Summit (2023) hosted by the China Finance 40 Forum on February 25 that under the situation of gradually saturated consumer Internet market space, the industrial Internet is an important development direction of the future digital economy, and also a powerful grip to promote China’s economic innovation, transformation and development. Relying on technologies such as the Internet of Things, blockchain, artificial intelligence and big data, industrial digital finance has made the upstream and downstream information and data of the industrial chain fully transparent and hard to tamper with; The first-hand data of full penetration and real-time tracking of assets can be obtained; Real-time monitoring and early warning of potential risks enable financial institutions to see and manage assets, significantly reducing the risk cost of financial services, and is expected to help small and medium-sized enterprises to obtain inclusive financial services in the future, as in the field of consumer finance.

Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

Interpret the above information:

Huang Qifan, former mayor of Chongqing, has recently emphasized the potential of the Industrial Internet at the Pearl Bay Financial Summit. According to Huang, traditional consumer Internet markets are becoming saturated, and the Industrial Internet could be the next big thing for promoting China’s economic innovation, transformation, and development. By utilizing cutting-edge technologies such as the Internet of Things, blockchain, artificial intelligence, and big data, industrial digital finance can achieve several advantages.

One of the significant benefits of industrial digital finance is its ability to make the upstream and downstream information and data of the industrial chain fully transparent and tamper-proof. With full penetration and real-time tracking of assets, real-time monitoring, and early warnings of potential risks, financial institutions can manage their assets and significantly reduce the risk costs of providing financial services. This technology is expected to help small and medium-sized enterprises (SMEs) to obtain inclusive financial services in the future, similar to the field of consumer finance.

The Industrial Internet is a new concept that combines the Internet with traditional industries, and its potential is significant. The integration of advanced technologies into the manufacturing process can significantly improve efficiency, reduce costs, and promote innovation. Through the Industrial Internet, interconnected machines can automatically collect and analyze data, providing insights into potential production issues and improving manufacturing processes’ quality.

However, despite its potential, the Industrial Internet still faces several challenges. For instance, the availability and standardization of data are necessary to promote interoperability among different systems. The development and deployment of Industrial Internet technologies must also prioritize security and privacy. Industrial systems are potential targets for cyber attacks, and it is imperative to ensure that industrial networks are secure and protected.

In conclusion, Huang Qifan’s recognition of the Industrial Internet’s potential is an important perspective towards the future of China’s digital economy. By improving the transparency and security of the industrial chain, the Industrial Internet can provide inclusive financial services to SMEs and promote innovation, efficiency, and cost reduction. However, there are still challenges that must be addressed before realizing the full potential of the Industrial Internet.

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The Future of Digital Economy: Industrial Internet

Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

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