Blockchain would play an important role in the next round of technological innovation and industrial transformation
Chinese President and General Secretary of the Communist Party of China Central Committee Xi Jinping chaired a meeting on the blockchain technology with senior officers said “Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”
Blockchain technology could be applied in many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.
Blockchain is a form of encrypted ledger. With each transaction, the chain grows but all previous records are stored and are verifiable.
The founder of Block Globe Jenny Yang said the technology could be used, for instance, to provide evidence of a company’s business operations, which in turn could help it to secure financing and reduce the risks faced by lenders”.
The technology behind such “immutable records” is already being used to track and trace the supply of food from farm to store by simply scanning a quick response code. The technology could empower industries, increase their efficiency and lower their costs.
According to a report by The Financial Times, Chinese companies have filed more patents on blockchain than anywhere else in the world. A number of developers in China are working on creating the basic blockchain solutions for different industries.
Xi Jinping told that China should step up the standardization of blockchain to increase its influence and rule making power in the global arena. Just like the Belt and Road Initiative’s railways and power grids, and Huawei’s 5G telecommunications networks, standardized blockchain solutions are a kind of basic infrastructure for future global economic activities.