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Lei Chen of Xunlei Technology believes that the blockchain could give cryptocurrencies a run for their money when it comes to market capitalization appraisals.
While 2017, in particular the last quarter, was mainly focused on cryptocurrencies, blockchain technology seems to have emerged from the ashes of FOMO to become a business solution that many companies are trying to get their hands on. In fact, it even brought some platforms to change direction to focus more on disruptive technology. Overstock based in the United States is an example, as is Xunlei technology.
Good things come to three
According to Fortune, the business has evolved from providing digital services to a blockchain-based platform that develops a range of applications and services. Lei Chen, the company's CEO, discussed how a single blockchain platform can have a total market capitalization of $ 30 billion, almost half of what Bitcoin has. However, to see this, three things must happen.
During the talk at the Fortune Global Tech Forum in Guangzhou, you explained that "in the first place, I think there should be a blockchain architecture capable of supporting one million transactions per second and having a response time in a few seconds ".
Lei's company seems to have already worked on this. The platform rents unused processing power from personal computers that have allowed Xunlei technology to accumulate bandwidth. High levels of capacity are essential and even if the blockchain is distributed, it does not mean it is indestructible. An example of this is the very popular CryptoKitties app that caused the Ethereum network to crash.
You have also touched on the impact that blockchain technology can have on data protection and management:
Blockchain will challenge models of ownership of today's data, because data should be people to people by people. I think that ten years later we will see user data in the same way as intellectual property
Global guidelines for Blockchain technology
However, there must be clear rules. She believes that this can only happen through a global framework. He explained this as the second goal that must be achieved:
There must be a well-defined, unified, well-thought-out regulatory framework developed proactively and non-reactively.
The land of the crypt is attempting to do so with some regulatory bodies that aim to develop a unified approach to the regulations. Live Bitcoin News previously reported that Global Digital Finance (GDF) has collaborated with a range of professionals in the encrypted industry to do exactly that.
Finally, you believe that adoption is one of the main driving forces that states that "if today there will be an application of ten million blockchains, we would see the whole technology in a completely different light".
Blockchain technology is increasingly integrated into certain business processes, primarily in an attempt to encourage transparency and provide users with a certain type of autonomy. This can be seen specifically in data management services by allowing people to control what personal information they want to share with third parties.
Do you think we could see blockchain-based platforms having the same success as Lei Chen? Let us know in the comments below!
Images courtesy of Pixabay.
