China’s former IT minister sees Blockchain still in its infancy

A former Chinese minister does not yet see his country at the forefront of block-chain technology.

Wu Zhongze, China’s former Vice Minister of Science and Technology and a renowned expert on digitisation, believes that block chain technology is still in its infancy.

The former IT Minister made the relevant statements in an interview with The Paper, stressing in this context that there is currently no significant difference between China and other economic powers such as the US and Europe in terms of block chain development.

However, Wu stressed that China has already made significant progress in a number of areas that are important for the development of crypto bank chain technology, including hardware manufacturing, security, investment and financing. In this respect, he added:

„The innovative development of block-chain technology and its application is increasing at a rapid pace, which is causing the industry to grow rapidly. We are convinced that this sector will provide economic growth in the future“.

According to the former minister, the „rapid growth“ of the Chinese block chain infrastructure should also open up new ways to establish other technologies such as 5G, artificial intelligence, Big Data and the Internet of Things (IoT) in the economy and everyday life.

A recent study by the Securities Daily had shown why many listed companies from China are now investing millions in research and development for blockchain technology.

The study surveyed 23 companies that have been working on blockchain technology since 2016. The surveys show that on average the companies spend almost 20% of their annual sales on this technology.