China should build own Blockchain and stop depending on foreign technology

With the maxim ‘Blockchain, Not Bitcoin’, is China showing too much professionalism towards this new technology? However, the truth behind it is not like that. Li Lihui, former chairman of the Bank of China and current leader of the National Internet Finance Association (NIFA), “called out” his home country. According to Lihui, China is too dependent on foreign Blockchain technology.

China should build own Blockchain

“China’s technical field is too dependent on foreign countries. Especially when it comes to Blockchain and other emerging technologies. And this is not sustainable,” Li Lihui stated.

china-should-build-its-blockchain-and-stop-depending-on-foreign-technology

Li Lihui, former chairman of the Bank of China and current leader of the National Internet Finance Association (NIFA)

Although China is trying to present itself as an early technological nation, however, Lihui countered and suggested that their primary focus should be to build their Blockchain network. Or reduce the dependence on foreign technology imports.

“This is very important and dangerous. For example, the original code used by the Blockchain is not our own.”

China has also contributed to building domestic Blockchains. However, most of them are derivative of existing public chains like Ethereum or Hyperledger. For example, FISCO-BCOS is being supported by WeBank, Tencent, and Huawei.

And the road to becoming an industry leader

China’s ultimate goal is to gain the most significant competitive advantage in the field of digital finance. Financial globalization is an important thing. Therefore, China needs to take the lead to affirm own position in this fiercely competitive field.

As AZCoin News reported, DC / EP will have a peak transaction per second (TPS) speed of about 220,000. This is the maximum number compared to 40,000 for Paypal and 1,000 by Libra Facebook. China plans to draw about 2 billion international users of own crypto token in the first phase. In it, Southeast Asia and those along the Belt and Road Initiative will be encouraged to use the new payment channel.

And continuing this situation, a war of crypto tokens will break out next year. It seems that the global technology race on Blockchain is heating up. We can expect Blockchain to be the main engine of the industry in 2020 and beyond.

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