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Wu Zhongze, a former Chinese Deputy Minister for Science and Technology and a well-known expert on the digital economy, believes blockchain technology is still quite young.
During an interview with The paper, the former IT minister also said that “there was still not much difference between the position of China and major economies like the United States and Europe” in terms of developing blockchain-based ecosystems.
Wu noted, however, that China has improved in a number of areas necessary for blockchain development, including hardware manufacturing, security platforms and services, industry investments, and financial development, adding:
“With the innovative development of blockchain technology and industry, its application is accelerating and the size of the industry continues to increase. This field is expected to become a new economic growth point in the future.”
In what he called the “rapid progress” of China’s blockchain infrastructure, the former minister said distributed technology will offer new opportunities to integrate and develop new technologies such as 5G, artificial intelligence, data centers, and the industrial Internet.
A recent report by Daily headlines explained how publicly traded Chinese companies spend the millions they’ve set aside on blockchain research and development.
The study looked at 23 companies in China that began working with blockchain in 2016. The data suggests that companies devote an average of 20% of their annual revenues to these purposes. Most of these funds are spent on further government-related solutions.
