Xi Jinping, the President of China, declared this week that blockchain is a breakthrough technology. The technology that is behind Bitcoin has innovative applications.
“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” he said Monday, according to a translation of his remarks.
Xi also expresses the need of China to become the global center of science and innovation. To do this, China focused on the development of the technology.
Bitcoin is the first currency that used the blockchain technology. Blockchain is the most innovative technology because you don’t need the third party to make transactions. Blockchain has its own system of security and registers all the transactions between buyer and seller. There is no need of the banks to make the transactions. The people aren’t conscious yet abut the potential of blockchain. This made the price of Bitcoin rise so much last year.
“Breakthrough”technology blockchain
China remains a nave of activity in the blockchain development. Most of the start-ups made a partnership with the Government to implement the blockchain technology.
“In China, blockchain’s still developing, really great,” said Albert Xuan, project manager at Liaoyuan, a consulting firm and incubator for start-ups.
This month took place Liaoyuan’s “Blockchain Without Borders” conference. A report shows that more than 100 people flew to New York to participate at this conference. More than 650 held the panels in Mandarin Chinese.
Chinese State Council’s 13th five-year economic plan mentioned twice the blockchain technology.
“Since entering the 21st century, global science and technological innovation has entered into an unprecedented period of intensive activity,” Xi said in his speech. “A new round of scientific and industrial revolution is reconstructing the global innovation map and reshaping the global economic structure.”
Xi was addressing a meeting of the Chinese Academy of Sciences and the Chinese Academy of Engineering.
It is a very important step for China to invest in the development of technology.