While describing a “new round of scientific and technological revolutions,” Chinese President Xi Jinping noted the importance of blockchain technology in a speech delivered to scientists and engineers earlier this week.
In what reads like a rousing and motivational speech[1], China's President Xi Jinping simultaneously addressed the 19th Academician Meeting of the Chinese Academy of Sciences alongside the 14th Academician Meeting of the Chinese Academy of Engineering on May 28. He highlighted what he – and indeed other world leaders – believe about the potential of blockchain technology.
"Since entering the 21st century, global scientific, and technological innovation has entered an unprecedented period of intensive activity," said President Jinping. "A new round of scientific and technological revolutions and industrial changes are reconstructing the global innovation map and reshaping the global economic structure."
He went on to proclaim:
"The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain accelerate the breakthrough in application and have bred new life science fields represented by synthetic biology, gene editing, brain science, and regenerative medicine."
Jinping's comments echoed the concept of the "Fourth Industrial Revolution[2]" – an anticipated era defined by combining the advancements of digital technology with those of the three prior industrial revolutions, which were powered by steam, electricity, and information technology.
It was Bitcoin[3] that initially paved the way for cryptocurrency[4] and blockchain[5] adoption in the country. Chinese firms have since made significant progress[6] in the cryptospace, and the country's government has, on several occasions, voiced its interest[7] in pioneering new blockchain solutions.
"If China is to flourish and rejuvenate," continued Jinping, "it must vigorously develop
