New research from China points to several problems blockchain still faces in the finance sector, including data privacy compatibility, operability, and its integration within enterprise systems.
The conductor of this research, Wei Kai is head of blockchain research at the China Academy of Information and Communications Technology (CAICT). Wei shared his most recent findings at a 2019 meeting of the International Chamber of Commerce Banking Commission.
In addition to the three main issues listed above, Wei noted that more problems would arise in the future from uncoordinated regulatory approach between jurisdictions globally. The issue of how to control investment is prevalent also.
Overall, however, his outlook was positive on the future possibilities for blockchain, saying it may well still transform the banking industry. Its ability to benefit other industries, including medicine, transportation, and government, was also addressed.
The CAICT is a research center that operates under the Chinese Ministry of Industry and Information Technology. Last year, the blockchain research department published a whitepaper to ”promote the deep integration of Blockchain technology and the real economy.”
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