27. November 2020

China’s former IT minister sees blockchain as still in its infancy

A former Chinese minister does not yet see a big head start for his country in terms of blockchain technology.

Wu Zhongze, China’s former deputy minister for science and technology and a recognized expert on digitization, believes that blockchain technology is still in its infancy

The former IT minister made the corresponding statements in an interview with The Paper , emphasizing in this context that there is currently no significant difference between China and other economic powers such as the USA and Europe with regard to the development of blockchain systems .

However, Wu pointed out that China has made significant strides in some areas important to the development of blockchain technology, including hardware manufacturing, security, investment, and finance. To this end he added:

“The innovative development of blockchain technology and its application is increasing rapidly, which means that the industry is growing rapidly. We are convinced that this sector will ensure economic growth in the future. “

According to the former minister, the „rapid growth“ of the Bitcoin Fast Profit blockchain infrastructure is also intended to open up new ways to establish other technologies such as 5G, artificial intelligence, big data and the Internet of Things (IoT) in business and everyday life.

A study by the Securities Daily recently showed why many listed companies from China are now investing millions in research and development for blockchain technology

23 companies that have been working on blockchain technology since 2016 were surveyed. The surveys show that companies use an average of almost 20% of their annual sales for these purposes.