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Former Chinese IT Minister Claims Blockchain hasn’t Matured Yet

In a recent interview, the former vice-minister of science and technology in China and a renowned economic expert, Wu Zhongze believes that blockchain is nowhere near its maturity. In his opinion, this technology has a long way to go before it realizes its full potential. He is also of the opinion that when it comes to blockchain development, the United States is not really that far behind China. He said that even though a lot of people have assumed that there is a glaring difference between the development of blockchain in China and in the United States, but this is not the case. 

However, he also added that there was no denying that the Asian giant has made significant progress in various sectors that play a vital role in blockchain development, such as industrial investment, platform services, hardware manufacturing, security services, and even financial development. Zhongze highlighted the application of blockchain technology in various industries, as this technology continues to develop. There is also a significant rise in the number of industries that are tapping into the potential of blockchain technology. Zhongze mentioned that this technology has brought about a new wave of economic growth globally and emphasized that it would be a vital player in promoting economic growth in the future as well.

He used the term ‘rapid advancement’ to describe the blockchain infrastructure within China and added that this technology was helping in highlighting new opportunities that could be used for its integration in other new technologies. Some of these include data centers, industrial internet, 5G technology and also artificial intelligence. Since Zhongze said that China is not doing as good as people believe in comparison to the United States, there are a lot of people who would disagree with this statement. As reported by some economic experts, China has been very active and upfront about its development plans and efforts for blockchain technology, while the United States continues to drag its feet in this regard.

A survey was conducted recently, which highlighted how many public limited companies are spending money on developing blockchain technology. The report highlighted that huge amounts of money had been allocated towards blockchain research and development. 23 Chinese companies were surveyed in the study that had begun working on a blockchain back in 2016. It revealed that at least 20% of the companies’ budgets are set aside for projects related to blockchain development. The report indicated that most of the money is spent on improving government-related solutions. 

While the Chinese government is pushing forward with the development of blockchain and its growth, the US government has been accused of slowing down the process with stringent regulatory actions or inactions. This is the opinion of those who believe China is far ahead of the United States when it comes to blockchain development and its growth. As a matter of fact, the Asian country is touted as one that will manage to achieve the full potential of this technology ahead of others in the future.

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