Massive China Political Event Involves Praising Blockchain. In what is an annual event in China for the policy advisors in the country to get together in order to discuss the future course of their nation, there was an interesting debate involving domestic blockchain development.
This yearly event is known as the Two Sessions event and it is made up of the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC). There has been a lot of emphasis placed upon blockchain since the event started a few days ago from the likes of both municipal and provincial representatives and CEOs of major Internet-based companies. This event began on Saturday and is set to last for the next two weeks or so.
The NPC is the leading legislative body in the country and they propose new policies as well as ensuring that existing policies are enforced. The CPPCC are effective consultants for the lawmakers and they have members from the likes of political parties and corporations.Advertisement
What sort of conversations has been had so far in relation to blockchain technology?
Despite China putting a ban in pale on ICOs taking place inside of their country, as well as limiting cryptocurrency trading in their nation since September of 2017, they are still very supportive of blockchain technology as a whole and they are bullish about the many real-life applications that this technology has.
The CEO of a leading Chinese internet company called Tencent spoke about how his company were exploring different ways in which they could implement blockchain technology into what they do without launching their own digital token.
There were also comments coming from the insurance industry as to how blockchain can make this sector exponentially more efficient which could see some of the savings associated with this technology being passed onto the customer.
It was is April of 2017 that there was a group put together of ten insurance companies in the country who has completed a blockchain trial to much success.
While there have been a lot of bullish comments so far, there are some who are urging for a cautious approach to be taken. The chairman for a leading internet security firm doesn’t see the potential in blockchain technology and is hesitant to show support as a result of the wide-ranging scams and hacks that have been taking place across the sector.
There certainly is a range of viewpoints but it appears in an overall sense that it is optimistic more than pessimistic. There have been a number of cities in China accelerating efforts to implement blockchain technology, such as Beijing who has held their own conference to discuss in what manner they can benefit from this technology.
There have also been crypto-friendly guidelines being crafted by certain regions in an attempt to attract companies that are involved with the designing, creation and implementation of blockchain applications.
China is a country in recent years that have been at the forefront at a lot of developing technologies, so to hear that they are fairly bullish on the adoption of blockchain technology is great and it will be an interesting evolution to watch in the coming months and years.