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Blockchain receives Chinese President’s Endorsement as ‘Economic Breakthrough’

China’s President, Xi Jinping publicly acknowledged the potential of blockchain technology this week, his first public endorsement of the technology.

This Monday, while speaking at an annual academic conference, Xi stated that he believes blockchain to be a critical part of a technological revolution, stating “Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs”.

Xi also mentioned that the Chinese government will launch state funded labs to foster research and development of these technologies.

This is merely the latest news out of China, where blockchain is on the minds of those in government.Just recently, China’s State Council ordered the Guangdong Free-trade Zone (the area near Hong Kong and Macau) to accelerate their blockchain development. The State Council has further introduced the idea of using blockchain as a part of an IT reformation.