Blockchain still far from maturity,‘ says former Chinese technology minister

He does not seem to think China is far ahead of the US in developing blockchains – at least not yet.

‚Blockchain is still far from mature,‘ says former ChinaNOTICS minister of technology

Wu Zhongze, former deputy minister of science and technology in China and a well-known expert in digital economics, believes that blockchain technology is still very young.

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During an interview with The Paper, the former IT minister Bitcoin Storm also said that there was still „not much difference between where China and major economies like the United States and Europe“ stand in terms of developing blockchain-based ecosystems.

Wu noted, however, that China has improved in a number of sectors that are necessary for blockchain development, including hardware manufacturing, security platform and services, industry investment and financial development, he added:

„With the innovative development of technology and the blockchain industry, its application is accelerating and the scale of the industry continues to increase. This field should become a new point of economic growth in the future“.

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In what he called „rapid advancement“ of China’s blockchain infrastructure, the former minister said distributed technology will bring new opportunities to integrate and develop new technologies, such as 5G, artificial intelligence, data centres and industrial Internet.

A recent Securities Daily report explained how China’s publicly traded companies spend the millions they have allocated on blockchain R&D.

The study surveyed 23 companies in China that started working with blockchain in 2016. The figures suggest that companies allocate on average 20% of their annual revenues for these purposes. Most of these funds are spent on other government related solutions.