CCTV host Chen Weihong made his comments backing the potential of blockchain technology in a debate on Sunday night during a show called Dialogue. Shown on the broadcaster’s Finance Channel, Dialogue presented a discussion on the technology, considering both its potential and its risks.
Weihong also said that blockchain technology is the second phase of the internet. While the internet provides the ability for anyone to share information, blockchain is often touted as the ability for anyone to transfer value. Weihong argued that the economic value of this new technology is ten times greater than the internet, implying that it will have more real-world use cases that will provide economic growth.
The debate included views from Don Tapscott, author of ‘The Blockchain Revolution’, Zhang Shoucheng, a venture capitalist and physics professor at Stanford University, and Chen Lei, CEO of Xunlei. Lei has openly backed blockchain technology and on May 29 said that large-scale applications of blockchain technology could hit the general public as soon as late 2018.
China has already started bringing blockchain into real-world use. Cryptovest reported on June 2 that a farm in China plans to use the technology to monitor organic chicken propagation. This is with a partnership between a local government and the private sector. By recording information that the chickens have high living standards on the blockchain, buyers are able to confirm the quality of their meat. This is because blockchain transactions cannot be altered.
The President of China, Xi Jinping, recently highlighted the importance of new technologies in a speech on May 28. Speaking at the annual Chinese Academy of Sciences conference, he said that blockchain and other innovations are speeding up breakthroughs in real-world applications. He added that these are reshaping the ‘global economic structure’. China still has a ban on Initial Coin Offerings (ICOs) but are working on a national standard for the implementation and application of the technology.