National Discipline Inspection Commission of the Central Commission for Discipline Inspection: Blockchain contains huge transformative power at the level of production relations

The website of the Central Commission for Discipline Inspection issued the article “Blockchain’s Transforming Power”, which pointed out that blockchain has the functions of helping the country’s governance, industry self-discipline, and social credit. The article stated that blockchain, as an information technology, not only at the level of productivity, but more importantly at the level of production relations, contains a huge transformative force. The blockchain’s record of information is permanent, unchangeable, and can be retrieved throughout the network. For all members of society, the “one-time game” no longer exists. In any case, it is a multiple game. If any member still has behaviors such as “one-time slaughter” and “bullying”, it will be permanently recorded on the blockchain and thus isolated by the rational society. The blockchain will play a role in standardizing the behavior of both sides of the game through repeated games, so that rational economic people can reduce transaction costs and rationally allocate social resources, thereby maximizing social welfare.