Chinese Firms Could Take Global Blockchain Lead Says Former Minister

A former Chinese IT minister says blockchain is still in its infancy and Chinese firms are poised to take the global lead – while there is also evidence to suggest that China’s mega tech companies are making steady progress with their blockchain projects. Per The Paper, Wu Zhongze, a leading digital economics expert and the former Chinese Vice-Minister for Science and Technology, opined that even though blockchain technology is already 10 years old, the “core technology involved in blockchain systems is only in its infancy” and is “far from reaching maturity.”And he claimed that there was still “not much difference between where China and leading economies such as the United States and Europe” stand in terms of blockchain development. Wu stated that “there is every opportunity” for Chinese firms to hold their own or “even lead” the world in blockchain technology in the future. And according to the Securities Daily, Gyro Research Institute figures show that in the period from October 24, 2019, to September 1, 2020, some 345 new blockchain technology application projects have been unveiled globally – with a large proportion of these originating in China. The same media outlet also provided something of a status report on where the leading tech firms currently stand in terms of their blockchain progress. Highlights follow below:Learn more:Chinese Internet-based, Blockchain-powered Hospital Set to Open in 2021China Unveils Inaugural Blockchain City RankingsWhy Are Chinese Banks so Keen to Lodge Blockchain Patents? China Has 44,000 Blockchain Firms but Faces a Big Tech Talent DeficitChina Adds New Blockchain Post to List of ‘Officially Recognized Jobs’

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