On November 14–15, the 2017 Global Home Internet Conference (GFIC) took place in Shanghai, drawing over 500 companies and more than 3,000 professionals. During the event, Professor Lu Tingjie, Vice Director of the China Institute of Information Economics at Beijing University of Posts and Telecommunications, delivered a compelling speech titled “Platform Economy and Blockchain Revolution.†His insights sparked deep discussions on how emerging technologies are reshaping business models and consumer experiences.
Professor Lu emphasized that the true essence of internet thinking is OTT — an approach that disrupts traditional industries by leveraging digital platforms. While China may lag behind the U.S. in innovation, it has surpassed the U.S. in the scale of its internet economy, becoming the world’s largest. He pointed out that the internet isn’t just about connecting people; it’s about transforming how we access and manage resources.
One example he highlighted was the concept of shared bicycles. Contrary to popular belief, he argued that they aren’t truly part of the sharing economy. Instead, they represent a time-sharing model similar to B2C businesses, where companies own the assets and lease them out. The real value comes from the integration of the internet, which simplifies processes like identity verification and transaction management.
He also discussed the evolution of the sharing economy, noting that the term itself is often misunderstood. In many cases, what people call “sharing†is simply a new form of leasing, made easier through online platforms. Uber, for instance, didn’t create a new economy but transformed the taxi industry by introducing an internet-based solution. This shift created tension with traditional taxi operators, who saw their livelihoods threatened.
Professor Lu also touched on the broader implications of the internet as a platform. Companies like Taobao and Uber exemplify this trend — they don’t own the products or services directly but act as intermediaries, connecting users and providers. This model has disrupted traditional industries and redefined business logic.
Looking ahead, he stressed the importance of understanding the internet’s underlying principles, such as decentralization and scalability. The rise of blockchain technology, he suggested, could be the next big step in this transformation. By enabling secure, transparent, and tamper-proof systems, blockchain could become the backbone of the Internet of Things (IoT), addressing critical issues like data authenticity and security.
In conclusion, Professor Lu urged the audience to embrace the power of the internet not as a tool, but as a fundamental force shaping the future of business and society. Whether through platform economies, OTT models, or blockchain innovations, the internet continues to redefine how we live, work, and interact.
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