China Wanxiang Holdings Vice Chairman thinks that blockchain together with high tech will assist a more globalized world. China Wanxiang Holdings operates as a holding company. The company, through its subsidiaries, manufactures equipment and automotive parts along with providing clean energy, financial services, agricultural products, natural resources, real estate, and investment services.
On June 5, the investment company China Wanxiang Holdings Vice Chairman, Dr Xiao Feng, attended the 7th Global Investment and M&A Summit in Shanghai.
Dr Xiao’s keynote on digital economic reform disclosed speculation that globalization will move from the actual to the digital world. He thinks that innovative technologies and the blockchain are the tools by which we realize this digital globalization. He explained that Blockchain could be a digital trust mechanism because it has the characteristics of delectability, irrevocability, and immutability, and after we move the data to the blockchain, these data cannot be tampered with.
Digital globalization is the real deal
He thinks that globalization benefited many of us, including China, Wall Street, and multinational companies before the crisis. However, it also left behind victims such as the centre class and industrial workers in many developed nations. He thinks that post-COVID-19, borderless digital globalization will help both developed and developing countries. With the assistance of digital technology, the labour force can be traded from now on, and employees do not need to move from the United States to China, although the industry moves to China.
Digital globalization trends
According to Dr Xiao, digital globalization will affect many companies organizational management systems, with more companies moving their operations online. The indigenous ways in which companies measure their performance will become less important, and a new goal-setting framework may replace them as the most important managerial structure. He says such a framework is going to be called “Objectives and Key Results”, or OKR. He further added that we need OKR tools as we need to do one thing together in different time and space and that we must be transparent and align in our goals.
He also claims that another impact of digitalization will see businesses undergoing complete within the way they conduct their practices. He further says that the economic revolution has reached the degree of diminishing marginal utility.