China Should Indulge in More Blockchain-Based Development and Innovation Says President Xi Jinping

Xi Jinping, the honorary President of China, has earnestly appealed for an increased requirement of development, research, and investment in the blockchain technology. The crucial statements were underlined by Xi Jinping during his interaction at the meeting of the Politburo on Thursday.

While addressing the gathering as the general secretary of the Communist Party of China Central Committee, Xi stated that by indulging in further exploitation of the blockchain technology, the state could open doors for the “next round” of transformation. “More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation, and industries of the emerging field,” he said.

The reputed Chinese President bragged about the multiple lucrative offerings which the decentralized mechanism bestows upon the industry. He said that one could employ the blockchain pedagogy in any possible field one can think of including finance, education, employment, poverty alleviation, health care, food security, infrastructure, and public services.

According to Xi, blockchain can play a prominent role in the “next round of technological innovation and industrial transformation.” He further added that

Major countries are stepping up their efforts to plan the development of blockchain technology. Greater efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative, and industrial aspects of this emerging field.

Jinping affirmed that by understanding the unexploited merits of the blockchain terminology, China could improve unprecedentedly in the technical fields of supply chain management, digital asset trading, Internet of Things, digital financing, and smart manufacturing processes. He stated that there is an urgent need for China to “speed up its research on the standardization of blockchain to increase China’s influence and rule-making power in the global arena.”

Interestingly, the recent scenario saw the surge of Bitcoin by 40%, which is being partially contributed to Xi Jinping’s encouraging statements towards greater development of blockchain and its applications in a wide plethora of fields.