Blockchain Tech

China’s President: Blockchain is part of new technological revolution

May 31, 2018

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China’s President: Blockchain is part of new technological revolution

President of China Xi Jinping publicly called blockchain as part of new technological revolution.

The president made the announcement on May 28 in Beijing while attending Chinese Academy of Sciences’ 19th annual conference.

According to Cointelegraph, Chinese president pointed out blockchain as an example of a “new generation” of technologies delivering “breakthroughs.”

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure,” he said.

According to Xi Jinping, the new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.

He added that verifiable blockchain programs were established in China, and nearly 200 private enterprises have expressed interests to join. That process, according to the president, will help blockchain technology and industry to become more transparent and open.

Let us remind that earlier this month a paper published by China’s Ministry of Industry and Information Technology revealed that China currently has 456 startups that focus on blockchain technology development and applications as part of their main business. Around 40 percent of all Chinese blockchain startups came out in 2017 alone.

In addition, a $1.6 billion fund supporting Blockchain innovation was announced in April during the opening of Hangzhou Blockchain industrial Park in China. In addition to the fund and the industrial park, a research institute will be involved in the activities of promoting and educating people about Blockchain technology.