Huawei Research Manager Ruifeng Hu said that Chinese President Xi Jinpings endorsement of blockchain technology greatly improved the reputation of the industry. However, there is a clear divide between blockchain and crypto.<\/p>\n
At the Blockchain for Global Impact Conference, Hu said that specialists working during the early days of the industry struggled with the publics perception of the industry.<\/p>\n
He said that the use of crypto assets in black markets and money laundering brought a negative reputation to the asset class and the underlying technology.<\/p>\n
As people working on blockchain, the most exciting thing is our President has announced his endorsement to the technology. Blockchain is a technology, it depends how you using that. Sometimes, people would use that for bad things, sometimes you would use for good things, said Hu.<\/p>\n
However, following President Xis encouragement of blockchain development, Hu noted that the reputation of the industry recovered almost overnight.<\/p>\n
Hu explained:<\/p>\n
Dont mistake me from the bad guys. And it has been troubling for a long time. Our President has expressed his endorsement and I think its the best news for me. I dont need to worry about that [reputation].<\/p>\n
China is primarily looking at the ability of the blockchain to process data on an immutable ledger to implement it to various applications like a digital currency, a settlement network, and a supply chain network.<\/p>\n
In a purely decentralized and immutable blockchain network, an incentive system in the form of a cryptocurrency is necessary to prevent bad actors intentionally affecting the protocol.<\/p>\n
However, recent initiatives from China including the National Blockchain Initiative indicate that the government is exploring the development of permissioned distributed ledger platforms that focuses on transparency over decentralization.<\/p>\n
Focus on blockchain, crackdown on minor crypto exchanges continue<\/p>\n
Multi-billion dollar firms in the likes of IBM and Intel among many others are developing similar platforms through consortia such as Hyperledger.<\/p>\n
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Huawei Exec: How Xis Endorsement of Blockchain Greatly Improved Industry Reputation - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Huawei Research Manager Ruifeng Hu said that Chinese President Xi Jinpings endorsement of blockchain technology greatly improved the reputation of the industry. Continue reading