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Chinese official suggests Blockchain must be centralized

Jake Hill
Jake Hill

Beyond the political ideologies, nobody can deny that the Government of China has been implacable during the last months with the cryptocurrency sector, and its great power of influence in the world has allowed its regulations to have a direct impact on this market in the increase.

Now, an official with the China Securities Regulatory Commission has suggested that Blockchain technology should be centralized during the Two Sessions conference held in Beijing last Sunday. Zhang Ye, head of the institution’s technology unit, encouraged Chinese public companies to adopt technologies such as Artificial Intelligence and Blockchain to optimize services.

However, the official also warned about the need to centralize this technology to take advantage of its full potential. In statements offered to the Chinese media Securities Times, Zhang said:

The advocates of the completely decentralized Blockchain technology do not have a solid foundation, because [ Blockchain ] is centrally developed software.

The key is to explore how to achieve decentralization through a centralized infrastructure.

In addition, the official said that it is totally questionable that Blockchain applications should be decentralized, beyond that in certain cases this statement may be true. He went on to say that the key is to figure out how to achieve decentralization through a centralized infrastructure.

The former Bank of China President Li Lihui, currently in charge of the Blockchain research of the country’s FinTech self-regulatory group, said that companies such as IBM had designed multiple centralized applications of the blockchain, which apparently supports their wishes to fully control this technology.

But will people accept Blockchain being controlled or having a centralized infrastructure? Comment down to let us know.

Source :- Securities Times

Blockchainchina

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com