Blockchain, Cryptocurrency, News

Tech titans on blockchain at Two Sessions

(Source: With China’s Two Sessions gathering business leaders, entrepreneurs and government officials to pitch new development ideas and strategies, blockchain technology has been a common refrain so far this year.

Beyond its links with Bitcoin and other cryptocurrencies, the potential for innovation through blockchain is being recognized by members and deputies at this year’s Chinese People’s Political Consultative Conference (CPPCC) and National People’s Congress (NPC).

Using the Two Sessions as an opportunity to look ahead at likely future trends in tech, Tencent’s CEO Pony Ma – a deputy to the NPC this year – told a media briefing on Monday that while blockchain marked a significant leap in innovation, question marks still remain over how to use this new technology.

Ma however voiced his concerns over cryptocurrencies, saying there would be many “regulatory issues” if blockchain technology was used to create digital currencies.

In November, Tencent launched TrustSQL, a blockchain as a service (BaaS) platform that provides “blockchain solutions” in cloud technology, rapid data transfer and security. A couple of months before the launch, Tencent signed a deal with Intel to collaborate on blockchain.

Search engine giant Baidu launched its own Baidu Baas platform in January, which it described as being “suitable for the use of digital currency, digital bills, bank credit management, insurance management, and financial auditing.”

Speaking to the media on Monday on the sidelines of the CPPCC, Baidu’s CEO Li Yanhong said that while blockchain is a revolutionary technology, it is still in its early stages.

CPPCC member calls for centralized crypto regulations

Other tech titans such as the heads of gaming company NetEase, online classifieds and cybersecurity firm Qihoo 360 also reiterated similar views on blockchain – cautiously labeling it as a technology with potential.

But with the NPC and CPPCC key platforms for sharing ideas and concerns, has anyone stepped forward with anything more concrete on blockchain?

Wang Pengjie, a member of the Zhigong Party as well as the CPPCC, spoke out in favor on Saturday of a national cryptocurrency exchange that could be regulated by the People’s Bank of China and China Securities Regulatory Commission.

Wang proposed a blockchain approval system, pointing to ongoing efforts in South Korea to regulate cryptocurrencies.

While acknowledging the risks that cryptocurrencies pose, Wang said that a centralized and regulated exchange would provide clarity over the status of cryptocurrencies, while also boosting public awareness of blockchain and digital currencies.

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