The Chinese CCID think tank hosted a seminar on public blockchain technology on May 11, assessing the current status of adoption, possible application as well as announcing the monthly Global Public Chain Assessment Index.
The symposium also acted as a special promotion of blockchain as the solution to many aspects of human endeavor, notwithstanding the fact that cryptocurrency trading is banned in China. The Beijing conference hosted the well-known Chinese blockchain expert Li Jiang, Professor Chen Zhong of Peking University, Professor Jingsha He of Beijing University of Technology and Sun Yi of the Chinese Academy of Sciences, among other guest speakers.
China: The Blockchain Enthusiast
Deputy Director Huang Zihe gave the welcoming address on behalf of the China Electronic Information Industry Development Institute. He stated that the CCID is focused on blockchain technology and other industrial research and that the think tank has formed the Blockchain Institute and the China Blockchain Ecological Alliance specifically to investigate the blockchain’s application to public life. The organizations act as facilitators and agitators for blockchain technology sharing and development.
The conference ethos centered on pointing to areas or roles of government where blockchain technology could help streamline processes and improve the public experience. It also looked at international trends in the technology and attempted to identify relevant focus areas going forward. China banned ICOs and subsequently anything crypto in September 2017.
The Peking professor Chen Zhong noted that the technology is still in the early stages and that further development, changes and applications are constantly coming to light. Admitting that there remain many challenges, he also spoke of the need to roll out the technology in practical application on diverse projects in order to build a body of experience that can guide future applications.
Opinions agreed that the legal, regulatory and marketing of blockchain applications needed to be effected together, for a comprehensive approach to enabling the technology. The conference’s main function was to propel the evaluation of blockchain technology as practically applied so that a book of knowledge develops as quickly as possible.
Professor Jingsha He noted his area of focus is the development of blockchain technology security and privacy protection issues, echoing comments from the U.S. Federal Reserve and others that stem from as far back as 2016. He is also particularly interested in the technology’s ability to innovate in the arena of data storage.
He’s academic colleague Professor Sun Yi pointed out the need to proactively develop the surrounding blockchain ecosystem, paying particular attention to interoperability, something he said should be a focal point that will enable blockchain projects to interact seamlessly with one another. There was widespread agreement on this, acknowledging that obtaining interoperability between private and public chain apps while incorporating AI and big data technologies, was paramount.
Bitcoin and Others Under Review
As per the think tank’s criteria for determining which public chain assessment projects to investigate, Bitcoin, Bitcoin Cash, Cardano, Ethereum, Litecoin, NEO and more than a dozen others were selected for scrutiny and analysis that will hopefully contribute to future apps. The full list for the monthly Global Public Chain Assessment Index includes; Ark, Bitcoin, Bitcoin Cash, BitShares, ByteCoin, Cardano, Dash, Decred, Ethereum, Ethereum Classic, Hcash, IOTA, Komodo, Lisk, Litecoin, Monero, NANO, NEM, NEO, QTUM, Ripple, Siacoin, Steem, Stellar, Stratis, Verge, Waves and Zcash.
There are five criteria for selecting focus public chain projects, namely; an independent main chain, easily generated nodes, a published block explorer tracking and sharing information, open source code and a website with contact details. The release of the first draft of a global public-owned chain technology evaluation index was a focal point of the gathering.
The China Electronic Information Industry Development Institute’s site will be the sole online outlet for the evaluation index.