Eps 1535: Silk road with decentralized global economy

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Ernest Price

Ernest Price

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Literature Review A substantial Chinese advancement on the e-commerce, AI, financial technologies, etc., frontline is critical in enabling a transition towards digitalization along the BRI. On 3 December 2017, during the Fourth World Internet Conference, relevant departments from China, Laos, Saudi Arabia, Serbia, Thailand, Turkey, the United Arab Emirates, and others launched jointly a digital economy international cooperation initiative, the Belt and Road Digital Economy Initiative, which opens up a new chapter of the digital Silk Road . Introduction Launched in 2013 as one of the connectivity objectives of the BRI, the Digital Silk Road was communicated as an merely China-Middle-Western Multilateral Cooperation Area at the China-European Union Forum for Digital Cooperation to the business and Government communities in July 2015 at the Digital Cooperation forum.
Significance BRI Due to changes in international politics regarding Internet, Chinas New Silk Road Strategy will make the most of its strength and will oversee an evolving information age. The Digital Silk Road is Chinas gamble for the nation-as-platform strategy. Chinas national informatization strategy calls for Chinese Internet companies to reach out into the world to support the Digital Silk Road - which relates to exporting Chinese technologies along with the BRI , Chinas large-scale worldwide infrastructure investment project. The BRI , Chinas large-scale worldwide infrastructure investment project.
Connecting the worlds economies via trade is a first step China is taking to export Chinese digital infrastructure. If successful, Chinas economic initiatives can greatly expand Chinas export and investment markets, as well as boost Chinas soft power around the world. China hopes to get better returns for its currency reserves, open up new foreign trade opportunities for Chinese firms, provide new markets to industries that are now experiencing excess capacity, and spur economic development in poorer regions of China.103 However, the initiatives may be financially risky if the borrower does not pay back loans, or if the recipient countries do not see the BRI as beneficial for them. In mid-2017, China released a vision for Maritime Cooperation Under the Belt and Road Initiative, which provides a roadmap of Beijings plans to develop a network of maritime industrial zones abroad, integrated with Chinas domestic maritime sector.
Chinas 13th Five-Year Plan, released in November 2015, identified Fujian as the key region to developing a 21st century Maritime Silk Road . The Belt and Road Initiative is commonly understood to be a Chinese plan to fund and construct infrastructure projects throughout Asia. The Belt and Road Initiative --a centralised policy framework with decentralized initiatives--is one example.
Chinas "Belt and Road Initiative" represents a grand strategy for the financing of infrastructure across Asia, Europe, Africa, and beyond. Part one of this two-part series examines how the Belt and Road Initiative is presaging a major change in the dynamics of the worlds agriculture trade. Different provinces are depending on the Belt and Road--whether it is the economic belt of the Silk Road or the maritime Silk Road --as the catalyst of economic growth in different degrees.
Under both the BRIs Silk Road Economic Belt and Maritime Silk Road , Chinas interior and coastal provinces are required to execute the top-down, state-driven strategy, while being granted latitude to interpret the strategy as suits their business interests. In crafting their own separate development plans so that they are consistent with the BRI, provincial governments have sought to optimize their own coastal or other advantages, and they competed against each other for the desirable political backing. Overall, virtual worlds like the Silk Road--especially given their embrace of blockchain--are an underexplored resource for exploring additional questions related to how more modern blockchain ecosystems might profile themselves from a community and transactional dynamics perspective.
In 2011, Silk Road was born from the necessity of connecting illicit drug sellers to interested buyers online, while protecting their identities and transactions using anonymization techniques. Silk Road is a digital black-market platform popular for hosting money-laundering activities and illicit drug transactions using Bitcoin. All transactions on Silk Road were conducted using an increasingly popular digital currency known as Bitcoin.
According to the U.S. government, Silk Road was a darknet market created by an American citizen with the intent to facilitate trade of illegal items, such as drugs. Although the DEA admitted using Tor and Bitcoin for hiding addresses were the main obstacles that they encountered, they were still able to disrupt the Silk Road. The FBI permanently shut the site down, confiscated over 144,000 bitcoins , and arrested numerous users of the site, including Ross William Ulbricht. This impact was most likely compounded by the operation of constant changes on the part of Silk Road, and also the high volatility in the bitcoin market.
The Silk Roads became the target for those seeking a romanticized version of the past, but it had very little economic significance to the patterns of global commerce. They were initially simply routes that traders used to move between two main areas, but demand for services along the way--and profits earned by managing trade--created prosperous interstitial cities, which became important players in world history in their own right. The old Silk Road was a decentralized system, where neighbouring countries entered into a system of tributary relations with the neighbouring Chinese state. The digital BRI would foster the economic and social development of countries on the Belt and Road, raise national governance levels, generate new international competitive advantages .