The GMGC Beijing 2018 World Blockchain Summit brought together global blockchain pioneers, thought leaders, and innovators to explore the transformative potential of blockchain technology. Hosted under the theme of industry and technological advancement, this landmark event served as a pivotal platform for knowledge exchange, collaboration, and vision-sharing across borders and sectors.
The Birth of the World Blockchain Council
The summit kicked off with the official launch of the World Blockchain Council (WBC), a newly formed international alliance dedicated to advancing blockchain education, regulation, investment, and innovation. Representing nations including China, the United States, Russia, the UK, South Korea, and Singapore, the council’s founding members include Omer Ozden, Evgeny Kosolapov, Lee Wilkins, Chase Freo, Yang Dong, Yu Hong, Liu Hui, Shen Dahai, Wu Bo, and Song Wei.
👉 Discover how global blockchain collaboration is shaping the future of digital economies.
The council is structured into specialized committees focusing on key domains:
- Education Committee – Led by Shen Dahai
- Women in Blockchain Committee – Led by Ji Xiaoyu
- Legal Committee – Led by Omer Ozden
- Public Chain Committee – Led by Xu Jizhe
- Exchange Technology Committee – Led by Wu Bo
Certificates were formally presented by Lee Wilkins, symbolizing a unified commitment to ethical growth, talent development, and responsible innovation in the blockchain space.
Global Regulatory Landscape: A Legal Perspective
Omer Ozden, Legal Committee Chair of WBC and seasoned cross-border legal expert, delivered an insightful keynote on global blockchain regulations. Drawing from his 26 years of experience in China—from early internet ventures to advising Alibaba and Baidu during their IPOs—he emphasized that blockchain regulation today mirrors the uncertain legal environment of the 1990s internet era.
He highlighted several critical trends:
- Regulatory Sandboxes: Over 20 countries now use sandbox environments to test blockchain innovations safely. The UK’s Financial Conduct Authority (FCA) leads in this domain.
- Jurisdictional Shifts: While Switzerland initially attracted blockchain firms through non-profit structures, Singapore has emerged as a more dynamic hub due to its business-friendly legal framework.
- Japan’s Progressive Approach: After legalizing virtual currencies in 2017, Japan became one of the most open markets for blockchain applications—though high taxation remains a challenge.
- U.S. Regulatory Duality: Agencies like the SEC and CFTC take differing stances, creating both uncertainty and opportunity. Notably, CFTC Chairman J. Christopher Giancarlo—known as the "Blockchain Pope"—has advocated for innovation-friendly policies.
Omer stressed that law itself is technology, evolving every 3–6 months alongside blockchain advancements. He called for international cooperation to build adaptive legal frameworks that protect users without stifling innovation.
Blockchain vs. Financial Systems: A Paradigm Shift
Professor Wang Binsheng from the Chinese Academy of Social Sciences challenged conventional thinking with his provocative talk: Is technology or cognition more important in blockchain?
His central thesis? Blockchain isn’t just a tech upgrade—it’s a socioeconomic revolution.
Using the hypothetical example of "Maotai Coin," he illustrated how tokenization could merge consumption with investment. If Maotai issued a digital token, buying it would simultaneously support the brand and serve as an asset—blurring lines between product purchase and stock ownership.
He argued that:
- Information cost is approaching zero thanks to blockchain.
- Traditional finance may become obsolete as decentralized systems enable direct value transfer.
- The real power of blockchain lies not in speculation but in collaborative economics, where contributors earn tokens instead of wages.
- Just as marriage without children misses its purpose, blockchain without tokenized value exchange loses its essence.
Ultimately, Wang believes blockchain will redefine national sovereignty—especially taxation—and reshape wealth distribution in a post-industrial world.
Russia's Blockchain Momentum
Evgeny Kosolapov shed light on Russia’s rapidly growing blockchain ecosystem. Despite early skepticism about cryptocurrencies, Russian authorities now recognize blockchain’s strategic value. In fact, President Putin and the Central Bank have publicly endorsed its development.
Key developments include:
- Over 5,000–20,000 active blockchain developers in Russia.
- Government adoption: Land registries and federal anti-monopoly services now use blockchain for transparency.
- Sberbank leading financial innovation using distributed ledger technology.
- Moscow conducting over 100 public opinion polls on blockchain via a dedicated platform.
- Skolkovo Innovation Center named the world’s top blockchain research hub.
With lower developer costs than the U.S. or Western Europe, Russia is positioning itself as a global R&D powerhouse for blockchain solutions.
👉 Explore how emerging economies are accelerating blockchain adoption worldwide.
Education Meets Innovation: The Launch of 3 o’Clock Business School
A major highlight was the unveiling of the 3 o’Clock Business School, co-founded by Chen Weixing, Yu Hong, and Song Wei. This educational initiative aims to train the next generation of blockchain leaders through practical curricula and real-world projects.
In a strategic move, the school partnered with Renmin University’s Research Center for FinTech and Internet Security to establish China’s first elite blockchain talent training program. Professor Yang Dong emphasized the need to merge technical expertise with real-world application—moving beyond "coin-centric" models toward meaningful integration with traditional industries.
"We must ensure good tokens drive out bad ones—not the other way around," said Yang Dong. "China should lead in setting global blockchain standards."
Redefining Business Models: From Hierarchy to Ecosystems
A panel discussion titled Blockchain Reimagining Commercial Order featured Yu Hong (3 o’Clock founder), Tian Xingzhi (Gifto CEO), Xu Jizhe (Newton Project), and Yuan Yuming (Institute Director).
They explored core shifts in business philosophy:
- From Shareholders to Stakeholders: Blockchain aligns employees, users, and partners via token incentives—turning customers into co-owners.
- From Closed Systems to Open Protocols: Platforms like Newton and Gifto operate as value transmission protocols beneath apps—similar to how TCP/IP underlies the web.
- From Centralized Control to Decentralized Governance: Future organizations may be run by community-driven foundations rather than corporate boards.
Xu Jizhe stated:
“Blockchain doesn’t optimize efficiency—it redefines human collaboration. The real change is psychological: we’re learning to trust code more than institutions.”
The Power of Community: Beyond BBS
Yu Hong contrasted traditional internet communities (like BBS forums) with modern blockchain-native groups:
- Speed & Engagement: Telegram and WeChat groups enable instant global interaction.
- Ownership Mentality: Token holders act like mini-founders—they demand transparency and rapid responses.
- Value Co-Creation: Users generate content, report bugs, promote projects, and shape product roadmaps.
However, this comes with challenges:
- High expectations: Any unanswered question can spark backlash.
- Lack of patience: Users expect immediate fixes.
- Double-edged dynamics: Communities can amplify success—or destroy reputation overnight.
Still, Yu affirmed:
“If you don’t understand community clouds, your project will fail.”
Advice for Traditional Enterprises Entering Blockchain
When asked about legacy companies entering blockchain (e.g., Lenovo launching a blockchain phone), panelists offered candid advice:
- Mindset First: Shift from "owning everything" to sharing value. A founder might retain only 1–5% equity.
- Avoid Hype: Blockchain isn’t a magic fix. It only adds value where decentralization improves trust or efficiency.
- Embrace Boundaries Breaking: Unlike traditional models that pull users inward, blockchain lets users move freely across ecosystems.
- Start Small: Pilot projects in supply chain tracking or digital identity before full-scale rollout.
Xu Jizhe warned:
“Large corporations often fail at disruption because they’re protecting their current power. True innovation comes from the edges.”
Is Blockchain Already Here?
When asked when blockchain would truly "land," responses varied:
- Yu Hong: “It lands when everyone creates their own group.”
- Tian Xingzhi: “We’re already live—applications exist today.”
- Xu Jizhe: “It landed when people started trading tokens and attending conferences. Now we must push from landing to takeoff.”
Frequently Asked Questions (FAQ)
Q: What was the main goal of the World Blockchain Council?
A: To foster global cooperation in blockchain education, legal standards, investment ethics, and technological innovation across borders.
Q: How is Russia supporting blockchain development?
A: Through government-backed initiatives like land registry digitization, central bank research labs, developer incentives, and international partnerships via Skolkovo.
Q: What makes blockchain communities different from traditional online forums?
A: Blockchain communities are economically aligned through tokens, leading to higher engagement, faster feedback loops, and shared ownership mentality.
Q: Can traditional businesses succeed in blockchain?
A: Only if they shift from control to collaboration—embracing open ecosystems over closed platforms and sharing value with users.
Q: Is blockchain just about cryptocurrencies?
A: No. While crypto enables incentive models, blockchain’s deeper impact lies in redefining trust, data ownership, organizational structure, and cross-entity collaboration.
Q: Why is 2018 considered a pivotal year for blockchain?
A: It marked a shift from speculation to infrastructure building—with increased institutional interest, regulatory clarity efforts, and real-world pilot programs emerging globally.
Blockchain is no longer a fringe experiment—it's a foundational shift in how value moves and trust forms in digital society. As this summit demonstrated, the journey ahead requires not just better code, but better cooperation among technologists, regulators, educators, and entrepreneurs.
👉 Join the next wave of decentralized innovation—start exploring today.