Wu Zhongjie, a former vice minister of science and technology in China and a famous expert on the digital economy, believes that blockchain technology is still very young.
In an interview with The Paper, the former IT minister also stated that “there is not much difference between China and major economies like the United States and Europe” in terms of developing blockchain-based ecosystems.
However, Wu noted that China has improved in a number of sectors needed for blockchain development, including hardware manufacturing, security platforms and services, industrial investment and economic development, adding:
“With the innovative development of blockchain technology and industry, adoption is accelerating and the industry continues to grow. This region is expected to become a new point of future economic growth.”
Describing the “rapid development” of China’s blockchain infrastructure, the former minister said that distributed technologies will provide new opportunities for integrating and developing new technologies such as 5G, artificial intelligence, data centers and the industrial internet.
The latest Securities Daily report shows how listed companies in China are spending the millions they have committed to blockchain research and development.
The study examined 23 companies in China that started working with blockchain in 2016. The numbers show that companies use an average of 20% of their annual income for these purposes. Most of this money is used to continue government related decisions.