Chinese president calls blockchain a “breakthrough”

Xi Jinping, President of China, has dubbed blockchain a “breakthrough” that has the potential to “reshape” the global economy alongside other technologies.

Speaking at the Chinese Academy of Sciences‘ annual academic conference, he said: “Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure… with artificial intelligence, internet of things, and blockchain constantly making application breakthroughs.”

In order to stay ahead of the pack in this area, Xi Jinping said that the country would launch national laboratories in order to foster research and development of the technology and infrastructure needed.

It was recently revealed that China was responsible for more than half of 2017’s 400 blockchain-related patent applications, and the Ministry of Industry and Information this month released its first public blockchain ratings after an independent monthly analysis was announced.

In contrast, the official paper of the Chinese Communist Party wrote in February about the need for caution around blockchain technology, and urged the government to implement “strengthened policies and regulations.”