Wu Zhongze, China’s former vice minister of science and technology and well-known expert on digital economy, believes that blockchain technology is still quite young.
During an interview with The paperThe former IT minister also stated that when it comes to the development of blockchain-based ecosystems, there is still “not much of a difference between China and leading economies like the US and Europe”.
However, Wu noted that China has improved in a number of sectors required for blockchain development, including hardware manufacturing, platform and security services, industrial investment, and financial development.
“With the innovative development of blockchain technology and industry, its application is accelerating and the size of the industry continues to grow. This field is expected to become a new economic growth point in the future.”
The former minister stated that distributed technologies will provide new opportunities for the integration and development of new technologies such as 5G, artificial intelligence, data centers and the industrial internet.
A recent report from Securities Daily explained how China’s public companies are spending the millions they have allocated to blockchain R&D.
The study surveyed 23 companies in China that started using blockchain in 2016. The figures suggest that companies use an average of 20% of their annual revenue for such purposes. Most of these funds will be spent on other government solutions.