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Chinese President Xi Jinping: “Blockchain Has Breakthrough Applications”


With world class blockchain innovations being employed around the world, specially in China, the Chinese President, Xi Jinping has become the latest important person to endorse the importance of the blockchain technology in his speech this week.

In his speech at the nineteenth annual conference of the Chinese Academy of Sciences on Monday, the Chinese president mentioned blockchain technology to be a part of the technological revolution he envisions for the country:

“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.”

Xi further noted that in order to thrive amid global economic competition, China will launch national laboratories with high standards to foster research and development of technology infrastructure.

Though Xi did not offer further detail on how blockchain technology should be utilized, his comment comes just days after the Chinese government’s central administrative branch also mentioned blockchain technology in a top-level missive.

Beijing has effectively halted bitcoin trading domestically, and in September officially banned sales of new digital tokens through the “initial coin offering” process.

However, the country remains a hub of activity for blockchain development. Several start-ups are partnering with the local Chinese government to research or implement the technology.

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