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"Two Sessions" At China Is Talking About Potential In Blockchain Technology

Mar 06, 2018 Posted /  1164 Views

 "Two Sessions"  At China Is Talking About Potential In Blockchain Technology

Every year, the government of China organizes a series of meetings in Beijing to make necessary law amendments and appoint leaders at various positions. The political event is called “Two sessions” because two major parties - National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) take part in the forum. This year, the event started on 3rd March and is encountering a wide range of comments on Blockchain Technology.

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The NPC acts as the parliament of China as it proposes policies and also ensures its enforcement whereas CPPCC serves as a consultant for lawmakers. The event is organized for 10-14 days at national, provincial and municipal level.

The Blockchain Technology is yet to be considered by lawmakers. The members of CPPCC commented on the emerging technology which grabbed attention.

Applications are Key

China prohibited utilization of ICOs and cryptocurrencies in September 2017, but the government is still in favor of exploring the Blockchain Technology.

As per Sohu report, the CEO of Chinese internet giant Tencent,  Pony Ma stated in Q&A session held in CPPCC conference that his organization is researching on various aspects of Blockchain Technology and scenarios in which the emerging technology can be implemented.

"Although the invention of blockchain is [excellent], the key to its future lies largely in actual applications. Meanwhile, ICOs remain highly risky. We do not intent to participate in launching our own cryptocurrency." -   Pony Ma

The tech news of China, Leiphone reported that Baidu’s CEO Li Yanhong found the technology revolutionary but believes that it is still in its early phase.

Both internet firms are developing the popular technology as both have recently launched a blockchain platform to alleviate companies seeking application development through tech.

The former vice chairman of the China Insurance Regulatory Commission, Zhou Yanli is a firm believer of Blockchain Technology and has also claimed that the innovation holds the capability to improve efficiency of the insurance industry. Zhou Yanli is also serving as a  CPPCC member.

China encountered application of Blockchain Technology in the insurance industry in April 2017 when a group of 10 insurance company merged together to conduct a Blockchain  Trial.

Dubiety on Technology

The Technology is gaining popularity day by day, but some policy advisors are still projecting their doubts regarding its application. The chairman of internet security firm Qihoo 360, Zhou Hongyi commented-

"The only real application of blockchain I can see so far is bitcoin. And yet in the history of blockchain development, lots of exchanges and wallets have been hacked, which proves blockchain technology needs serious security improvement."

On the current status of the technology the CEO of internet technology firm NetEase,  Ding Lei commented that the technology had gained the attention in regards to speculation.

"Applications should be developed in accordance to actual market needs, instead of just using the name of blockchain for speculation," -   Ding Lei

On the matter of Speculation CPPCC member from minor political party Zhi Gong, Wang Pengjie came forward proposing a measure by which virtual tokens could be treated in the same way as public stocks are treated. Wang Pengjie stated, "A regulated cryptocurrency exchange platform under the oversight of People's Bank of China and Securities Regulatory Commission would serve as a formal way for companies raising funds through ICO and trading cryptocurrencies."

City level conferences

The discussion on the Foster of Blockchain technology is taking place at city level as well. As per Leiphone reports, a provincial CPPCC policy advisor of China's Guangxi Province has already commanded to frame crypto- friendly regulatories in order to attract firms for development and implementation of Blockchain technology.

Similarly, city-level CPPCC members of Chengdu proposed to construct an incubation center to promote adoption of the emerging technology by city’s Financial service providers.

Meanwhile, mayor of Hangzhou stated that Blockchain Technology would be one of the top priorities in the year 2018 and measures would be taken for the enhancement and development in the field. The e-commerce giant, Alibaba is also headquartered in Hangzhou and recently its subsidiary company, Lynx International enrolled in Blockchain technology for Logistics Process.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain technology China event of China

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