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China’s state media evaluated the potential of the blockchain

In China’s state media are increasingly the materials reflecting the technology of the blockchain and the potential benefits it can bring to society.

People’s Daily, the largest newspaper of China and the official voice of the Communist party of the country – published an article about the technology, which is regarded from a positive point of view and describes many of its potential benefits for Chinese citizens.

In particular, the technology called «very resourceful, able to withstand the financial difficulties, to increase social welfare, able to control many of the processes and to avoid any fakes.» The article also says that the Chinese authorities will promote and use the blockchain to continue to improve the infrastructure and to enact appropriate legislation in this area.

The blockchain is considered to be the underlying technology of cryptocurrency bitcoin, but it can be implemented much more widely, says the publication. Despite the fact that there was no direct criticism of cryptovault, authorities warn citizens about the risks of such investments in foreign projects (ICO). According to the article, most of the ICO have nothing to do with the development of technology – such projects were called «trap capital – the process of getting good money in the wrong hands.»

And although China is a cryptocurrency negatively, this article shows that the authorities recognize the potential of the technology underlying them.

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