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Chinese President Xi Jinping Shows Support for Blockchain Technology

The Chinese President, Xi Jinping surprised everyone in the community when he endorsed blockchain technology. During a meeting with the Chinese Academy of Sciences and the Chinese Academy of Engineering, he said that Blockchain technology is a ‘breakthrough’ technology.

According to CNBC, Mr. Xi gave a speech on how different technologies will change many different industries all over the world. He was talking about artificial intelligence, Internet of Things (IoT), and mobile communications, and not just about blockchain.

There are some important companies that are embracing distributed ledger technology (DLT) including IBM, Microsoft or the giant Chinese retailer JD.com.

The position taken by the Chinese government is completely different to the one that it has shown towards cryptocurrencies. In 2017, China banned Initial Coin Offerings (ICOs) and crypto related activities (including virtual currency trading). Since then, other minor measures have been taken, including closing down chat rooms about cryptocurrencies.

As reported by the Financial Times, China was the country that filed the most blockchain-related patents in the world. That number is even bigger than the number of patents filed by the United States. This is a clear signal that China is trying to become a blockchain hub in a global scale.

Xi Jinping Said:

“Since entering the 21st century, global science and technological innovation has entered into an unprecedented period of intensive activity. A new round of scientific and industrial revolution is reconstructing the global innovation map and reshaping the global economic structure.”

As mentioned before, China does not support cryptocurrencies as it does with blockchain technology. Instead, the government fears that it could totally disrupt the economy, something that is against the willingness of its leaders.

In the future, the blockchain industry could see even better results in the Asian country and does not show signs of stopping.

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