Saturday, July 20, 2019

Chinese President Regards Blockchain Tech As “Breakthrough”

Chinese president Xi Jinping has talked about blockchain today, the technology that fuels cryptocurrencies, stating that it was a part of a new generation of technologies with breakthrough applications. He mentioned this in a speech given during the 19 meeting of the Chinese Academy of Sciences, according to the local news portal Xinhua.

Blockchain refers to the distributed and decentralized tech that enables the interchange of information and operation without a centralized operator to certify the transactions. Xi Jinping talked of the blockchain technology as an enabler of other technologies, along with artificial intelligence, quantum information, mobile communication and the internet of things. He stated that these “accelerate the breakthrough in the application and bred new life science fields represented by synthetic biology, gene editing, brain science, and regenerative medicine.”

China has been always opposed to the idea of cryptocurrencies, banning al national trade and disbanding all crypto exchanges since last year. Initial Coin Offerings have also been prohibited, causing an enormous exodus of Chinese capital to South Korea, where exchanges and cryptocurrency trade thrives. But, despite all that, China remains as a vibrant blockchain development center, when it comes to real world blockchain applications other than cryptocurrencies.

Earlier this week, a Chinese scientific institution found that most blockchain projects struggle to find out real-life applications and due to this, are short-lived. China seeks to avoid this by partnering with the same blockchain businesses to help them provide value to the community. One of these blockchain projects is a joint effort between the Chinese Government and the private conglomerate Tencent, dubbed “Intelligent Tax” focused to avoid tax evasion, a common problem in Chinese lands.

Related Article:  Japan’s Largest Bank MUFG to Use Ripple for Payments Accross Brazil

So, the government of China sees blockchain as a tool to be leveraged by developers to aid in the important problems, rather than just being used for cryptocurrency purposes.

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