Chinese policy advisers from across various sectors are weighing in on domestic blockchain development during the first days of an ongoing annual political event.
China has already clamped down on initial coin offerings (ICOs) and fiat-to-crypto order book trading since September 2017, the government is still stepping up its support for turning blockchain technology into real-life applications.
Speaking to that effort, Pony Ma, CEO of Chinese internet giant Tencent, said in a press Q&A session during the CPPCC conference that his firm is actively exploring various scenarios that could see the application of blockchain technology, according to a report from Sohu.
Ma commented: “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 intend to participate in launching our own cryptocurrency.”
Echoing that comment, Li Yanhong, CEO of search giant Baidu, said that, while blockchain technology is revolutionary, it’s still a very early stage, according to China’s tech news Leiphone.
The comments are largely in line with recent developments of the two internet firms, as Baidu and Tencent have both recently launched blockchain-as-a-service platforms in order to facilitate companies that seek to develop applications using the tech.
Meanwhile, Zhou Yanli, currently a CPPCC member and former vice chairman of the China Insurance Regulatory Commission, doubled down on his belief that blockchain applications promise to play a major role in improving the efficiency of the insurance industry in China.
China has already seen joint efforts in piloting blockchain application within the insurance industry. As reported, in April 2017, a group of 10 insurance companies said it had completed a blockchain trial in the country.
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