China established research institutions to study and test and bitcoin blockchain

China established research institutions to study and test and bitcoin blockchain


The people’s Bank of Chinese (PBoC) Chinese on the first day of the lunar new year on January 29th formally established the digital currency.

The people’s Bank of China technical director Li Wei earlier this week to accept the Chinese Securities Daily reporter said that the central bank Chinese is actively carrying out research and exploration block chain technology plan.

Li Wei said: in particular, the central bank China interest is the capacity of block chain technology in point to point users in the ecosystem safety, cheap and efficient real-time clearing transactions.

In order to test the block chain technology in real life, Li Wei said the central bank is set up China focused on the block chain and digital currency research institutions, to ensure that the block chain technology can play the greatest potential in the field of finance Chinese.

Li Wei said:

“For the block chain technology, financial institutions should be combined with the achievements and the research of its own, focus on the real-time transaction settlement, resource utilization, protection of sensitive information, while strengthening risk prevention block chain technology, better for the financial industry and technology innovation service.”

Focus on risk

Li Wei believes that there is a lot of risk of block chain financial business core infrastructure, because the technology is not yet mature chain blocks.

In December 2016, bitcoin wallet platform is the most popular CEOPeterSmith also expressed a similar view with Li Wei, he also believes that the blockchain technology is still in its early stages, only experienced a failure stage, block chain technology that has the potential to reform the current financial system.

“Because of the block chain test and the failure of the implementation, interest in the block chain decreased, which also marks the block chain industry is entering the” trough of disillusionment. During this time, many people will fail and withdraw from the market, and these people will continue to adhere to survive and enjoy the success of market, investment, and progress in the extensive application of the market chain block on the road, “Smith said.

In order to make the block chain technology through this stage, and in the ordinary consumer groups of commercial financial technology, for the company and the financial institutions, quickly solve the related risks is very important. As Li Wei said: the block chain technology in the implementation of prior to the existing infrastructure to achieve standardization and safety supervision and solve problems is critical.

China government has set up a block chain alliance (ChinaLedger Chinese distributed ledger protocol based, banks are likely to China Union) and the Union and other financial institutions, to continue research and development of digital currency research work.

Leave a Reply

Your email address will not be published. Required fields are marked *