Skip to content

The former Chinese minister of science and technology says blockchain technology is still too young

October 24, 2020

Wu Zhongze, former Vice Minister of Science and Technology in China and well-known expert on digital economy, believes that blockchain technology is still very young.

During one Interview for The paper, The former minister also stated that he is still “There wasn’t much of a difference between China’s position and major economies like the United States and Europe” when it comes to developing blockchain-based ecosystems.

However, Wu pointed this out that China has improved in various sectors necessary for blockchain development, This included 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 Chinese minister of science and technology says blockchain technology is still too young
The former Chinese minister of science and technology says blockchain technology is still too young

In what he called it “rapid progress” of the Chinese blockchain infrastructure, the former minister explained that Distributed technology offers new opportunities to integrate and develop 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 Spend the Millions They Have Allocated to Research and Development in Blockchain Technology.

The study surveyed 23 companies in China that have been using such technologies since 2016. The figures suggest that companies use an average of 20% of their annual income for these purposes. Most of these funds are spent on promoting government solutions.