Blockchain features an immutable record of data that can be used and shared within a decentralized network. China is taking a leading role in that area and is encouraging the development of blockchain.
Noah Wang, co-founder of Top Network, says that with the official support, the industry will attract more funding and talents, and then creates huge benefits for the world.
"The Chinese central government is encouraging the whole industry, compared to lots of debates happening in the U.S. or in the Europe. With the support of the government, a lot of funding and talent will go into this industry. It will be a huge benefit," Wang said, expressing appreciation to the industry.
Data from the World Intellectual Property Organization (WIPO) and China National Intellectual Property Administration show China leads the world in terms of the number of blockchain patents, surpassing the United States last year.
A research by innovative asset management firm Reality Shares shows that blockchain patents held by Chinese firms represent 68 percent of the total global filings at the end of August 2019.
Noah Wang, co-founder of Top Network, shares his insights with CGTN in Beijing. /CGTN Photo
"China takes most of the patterns in blockchain industry – it will increase the cost-saving and efficiency in the future," Wang commented.
Blockchain can help build a paperless tracking network. For example, medical institutions can use it to keep an eye on patients and prescription drugs while law enforcement can use it to lock down weapon ownership and solve crimes. Companies can use it to monitor supply chains, sales, and consumer preferences. Wang said he is positive about the combination of blockchain, 5G and Internet of Thing (IoT).
"5G can solve a lot of problems that blockchain cannot. And 5G can increase the speed to process the data on the blockchain. In terms of Internet of Things (IoT), we need a lot of centralized cloud services to run IoT among different cities, different homes. Blockchain technology can increase the efficiency of processing the data on the chain," Wang explained.
Meanwhile, blockchain enables much faster money transactions, which may replace or at least make up for the current trading platforms and transfer services. Wang sees application of blockchain far beyond the financial sector.
"As long as people need the trust or mutual benefit in certain industry, need a lot of people to participate in without the middleman, then that industry needs the blockchain," the expert told CGTN.
Moreover, the transparency of blockchain could possibly rule out fraud, theft and corruption when it comes to voting or transfers. He noted that there is no need for people to dig deep into the technology, but to know it is safe and beneficial.
"For example, you can just understand that we cannot change any data on the blockchain, and then people can trust fully on certain data on the blockchain. People can save a lot of energy identifying fraud or cheating. They can adapt the industry with a lot of useful blockchain technologies," Wang further explained.