Blockchain technology to see growth in next 10 years

Updated 2017-06-14 14:28:36 China Daily
Zhang Jian, CEO of BoChen Technology, speaks at a blockchain forum in Guiyang, Guizhou province, May 27, 2017.

Zhang Jian, CEO of BoChen Technology, speaks at a blockchain forum in Guiyang, Guizhou province, May 27, 2017.

Blockchain-based application scenarios will become prosperous in the next five to 10 years as the technology continues to improve, Zhang Jian, CEO of BoChen Technology, said.

BoChen Technology focuses on the infrastructure creation of the blockchain industry, and will announce its own underlying architecture of blockchain on Saturday.

Blockchain is a computer technology that composites distributed data storage, point-to-point transmissions, a consensus mechanism and encryption algorithm.

As one blockchain "ramification", digital currencies like bitcoin and ETH are remarkable due to their constantly climbing prices.

According to Coinmarketcap, a website that provides information on digital currencies, the price of ETH surged to a record high of 7.1 on Monday, which was an increase of 5,001 percent from .98 on Jan 1 this year. On the same day, bitcoin also briefly hit ,000, up 200 percent from the beginning of this year.

For some people, the digital currency has become a financial tool to maintain their asset value.

Blockchain can improve efficiency and security in financial areas. The technology can eliminate fake financial notes from circulating, Zhang said.

Currently, some financial institutions like Barclays, Citi, JP Morgan and Deutsche Bank are testing a blockchain technology that will be used in their financial services.

Based on BoChen's technology, the central bank of China's Nanjing branch also tested out the use of blockchain in its financial activities.

In February, China Merchants Bank announced that it had successfully incorporated the blockchain technology into its business regarding global cash management, cross-border direct settlement and unified account management.

The move shortens information transmission time between the head office and overseas branches while avoiding falsified information.

However, the current blockchain is not a completely mature technology. It still faces problems that need to be solved, Zhang added.

"The technology's massive uses involve three key nodes,which are breaking out the technical bottleneck, popularizing digital currency and building supervision system."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 15 2017 14:15:37

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 15 2017 14:15:37

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 15 2017 14:15:37

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords