Chongqing - During the Mingyue Lake Innovation and Development Conference on Digital Economy and Satellite Internet held on March 17, Don Tapscott, CEO of the Tapscott Group and co-founder and Executive Chairman of the Blockchain Research Institute, shared his thoughts on the role of the digital economy in people's social lives. According to Tapscott, the digital economy is fast becoming the real economy, as it leverages technology to serve the needs of society.

By using innovative technologies, the digital economy has the power to transform how people live, work, and interact with each other. Tapscott's remarks underscore the growing importance of the digital economy in driving economic growth and social development in China and worldwide.

The digital economy is really becoming the economy 

Tapscott proposed the concept of the digital economy in 1994. He suggested that the world had entered the second era of the digital economy, which was based on technologies such as artificial intelligence, blockchain, and the internet of things.

Tapscott believes that these technologies are converging to create a new era of opportunity and challenges. For instance, artificial intelligence is not only analyzing data to assist with marketing, but also generating new content. Traditional technologies in the supply chain industry may cause delays and errors as various vehicles and travelers move around globally. On the other hand, new technologies can facilitate a single digital platform where everyone can share, and transactions can be settled instantly.

"The digital economy is increasingly becoming the economy, as every business process and activity is evolving," Tapscott stated.

"There can be no successful economy unless things are digitized," Tapscott said. "However, this does not imply that people are no longer involved. Instead, everyone has access to the infrastructure and tools necessary for wealth creation, innovation, social problem-solving, better government building, economic inclusion, and a more efficient financial system."

Every country should develop the digital economy

China has included the development of the digital economy in its government work report for six consecutive years and released the 14th Five-Year Plan for digital economy development in 2021. Tapscott believes that "every country should be doing this."

Tapscott suggests that the government, private sector, and other parts of society work together to develop practical strategies and plans that truly support the development of the digital economy. He emphasizes that the focus should not only be on using technology to drive changes across various sectors but also on ensuring that technology benefits people, not just large businesses.

According to Tapscott, if we incorporate various rights and policies into the implementation of technology, it can assist the world in addressing several aspects of the economy, innovation, and even major global issues.

"Technology can be a powerful tool to address many problems, but we need to make sure that it serves everyone and not just a select few," Tapscott stated.

Enterprises use AI to get opportunities or resources

Tapscott noted that Chongqing has several key assets and characteristics, such as a large population, an immediate technology marketplace, a plethora of young people, a significant number of small and medium-sized enterprises, excellent education, and ample capital and financing.

"This should be a golden age of entrepreneurship because small and medium-sized companies now have access to all the capabilities of big companies," Tapscott emphasized.

In the digital economy, technology can lower transaction costs for small and medium-sized enterprises when entering the market, such as finding suitable employees and gaining access to the necessary knowledge for their businesses.

Small companies can use AI technology to access additional opportunities or resources. They can quickly start businesses or establish virtual markets instead of purchasing large buildings.

According to Tapscott, innovation exploitation and deployment, corporate and government business model and structure transformation, and policies that protect people's rights and ensure that everyone benefits from this technology are essential for developing the digital economy.

"I would encourage individuals to think globally while building something regionally. It is important to act locally while maintaining a comprehensive perspective," he added.

In recent years, Chongqing has actively promoted the development of the digital economy. Its digital economy experienced an annual growth rate of more than 15% from 2019 to 2021.

(Guo Shuyu, a reporter for Liangjiang New Area Media Center, also contributed to the report)