How far are we from blockchain changing our lives?

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By CGTN's The Point

“Blockchain technology is different from other kinds of technologies, like Artificial Intelligence and big data. Other technologies are mainly increasing efficiency and productivity, but blockchain is impacting the relationship of beings and society,” said Ma Xiaofeng, Vice Chairman of the Blockchain Expert Committee at the China Institute of Electronics.

With the sharing economy as an example, Ma said, “Blockchain can speed up the exchange of information and be a valuable asset. That can radically support the new generation of a sharing economy.”

A survey of 800 executives, featured in Klaus Schwab’s book on the Fourth Industrial Revolution, suggests 58 percent believe that up to 10 percent of global GDP will be stored using blockchain technology.

Blockchain's ability to generate unprecedented opportunities to create and trade value in society will lead to a generational shift in the Internet's evolution, from an Internet of Information to a new Internet of Value.

However, as Patrick Dai, Co-founder of the Quantum Foundation points out, “When a new technology shows up, people have very little understanding.”

“Take bitcoin for example. The price changes every day. Since it already is a financial market, it’s not fully regulated. So a lot of people are buying cryptocurrencies, but most of them have no understanding of what they are buying,” he said.

But Ma Xiaofeng is still very optimistic about this new technology. “Blockchain technology is developing so fast, faster than any other one, including AI, big data and cloud computing. This year we’ll see several influential applications arriving. I think this year, there will be some big movement of this industry.”

The Point with Liu Xin is a 30-minute current affairs program on CGTN. It airs weekdays at 9.30 p.m. BJT (1330GMT), with rebroadcasts at 5.30 a.m. (2130GMT) and 10.30 a.m. (0230GMT).