Category Archives: Fan Wenzhong

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China Sees 500% Spike in Blockchain-Named Companies

Blockchain (qukualian in Chinese) is fast becoming a byword in Chinese business circles according to the South China Morning Post, as the word now appears in company names with a six-fold frequency compared to last year.

Figures reportedly show that most of this flurry of activity inciting companies to squeeze the word qukualian into company names actually happened since the beginning of the year. This alone seems to indicate the level at which blockchain is taking hold as a technology in China’s fintech space.

There are currently over 4,000 of such companies in China, according to recently published figures by data aggregator Qixin.com. This year, companies using qukualian in their title name has risen from 555 last year to an astounding 3,078.

SCMP suggests that Chinese companies that have filed blockchain related patents applications now represent more than half the world’s total, showing China’s advancement in this technological space. Some 41% of startups at the last count, that is the first quarter of 2018, were blockchain-related companies.

It is clear by these statistics, and by recent official statements regarding embracing new technologies, that China is set to become the world leader in utilizing blockchain technology. The race is being led from the front with the Chinese president Xi Jinping suggesting that the future has arrived with such technologies. He recently stated:

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure.”

Calling the arrival of blockchain a “revolution”, however, has encouraged one detractor. Head of the international department of the China Banking and Insurance Regulators, Fan Wenzhong, has suggested that it was a disservice to the technology to promote it with such adulation and using such language only risks mythologizing the space.

 

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China’s Banking Regulator Warns Against “Mythologizing” Blockchain

A Chinese regulator has spoken out against blockchain, accusing some of mythologizing the technology, writes Cointelegraph.

Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission, made the statement during a recent speech at the 5th Fintech Bund Summit in Shanghai on 8 July.

The regulator didn’t deny that blockchain was, in his words, an “innovation with significant meaning”, but went on to say that there was a danger of “mythologizing” it because the idea of multi-entry bookkeeping has been circulating for hundreds of years. He commented that:

“…decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities… blockchain is a useful innovation, but that doesn’t mean cryptocurrencies, which blockchain has given rise to, are necessarily useful.”

Fan’s views are not dissimilar in tenor to those of the Chinese government who, despite banning cryptocurrency trading, are nonetheless surging ahead with blockchain projects, seeing the two as not mutually dependent; blockchain having a range of functions beyond cryptocurrency itself.

Fan added that it was a disservice to the technology to promote it with such adulation and that it was in no way a revolution, perhaps forgetting the recent words of the Chinese president himself speaking earlier this year who indeed described it as a technological revolution. Xi Jinping had said:

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure.”

It appears that the head of the regulatory commission may need to be careful with his vocabulary, lest he comes head to head with a president who uses the same language that Fan suggests is unhelpful regarding blockchain’s future development in China.

Last month blockchain was heralded for its internet-crushing-value on a China Central Television (CCTV) broadcast by the state-backed TV channel tagging it as being “the machine that generates trust” while in the same program making further attacks on cryptocurrency.

 

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