Xiao Feng of WanXiang Holdings: Blockchain Technology Will Drive Upgrades in Financial Market Infrastructure

Three Major Evolutions in Accounting Methods: The first evolution was the advent of single-entry bookkeeping, which recorded only income and expenses. The second was double-entry bookkeeping, which added concepts of assets and liabilities. The third evolution is the emergence of distributed ledger technology, achieving a balance of data and value.

Xiao Feng believes that blockchain technology represents a fundamental transformation in accounting methods. From a first-principles perspective, blockchain technology creates a transparent and public “global ledger” with its distributed ledger characteristics.

“The supply, production, and circulation of Bitcoin are all clearly traceable, and due to its immutability on the blockchain, Bitcoin possesses qualities as a hard asset that are superior to gold.”