Former China IT Minister Says Blockchain Still Too Young

Former China IT Minister says blockchain still too young. China’s former vice-minister for Science and Technology and popular digital economics expert Wu Zhongze believes that blockchain technology is still in its foetal stages.

During an interview with The Paper, the former IT minister also stated that there was still “not much difference between where China and leading economies such as the United States and Europe” stand in terms of developing blockchain-based ecosystems.

Wu noted, however, that China has strengthened across a range of sectors needed for the development of blockchain, including hardware manufacturing, platform and security services, investment in the industry and financial development, adding “With the innovative development of blockchain technology and industry, its application is accelerating, and the scale of the industry continues to increase. This field is expected to become a new economic growth point in the future.” 

In what he calls the “rapid advancement” of China’s blockchain infrastructure, the former minister stated that distributed technology will invite new opportunities to merge and establish new technologies such as 5G, artificial intelligence, data centers, and the industrial Internet.

[image: Sam Beasley]

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