The Chinese president Mr.Xi Jinping openly acknowledged that Blockchain is a “Breakthrough” Technology in his speech on nascent technologies on May 28th.

Xi said:

A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications.

These comments were made by him in a speech in the Chinese Academy of Sciences’ annual academic conference.

He also said that Technologies like the Internet of Things, Artificial Intelligence and Blockchain will keep the momentum of the fourth industrial revolution going and this “new generation of the industrial revolution” is reshaping the economic structure.

We all know that China has been hostile to the Cryptocurrency revolution and basically banned Bitcoin and other Cryptocurrencies in September last year. The exchanges and even the ICO websites were forced to shut down and move out in the process. China now seems to be in the “Blockchain not Bitcoin” phase.

China seems to support the development of Blockchain Technology (Although it is unclear how public Blockchains will operate in a country that has banned Cryptocurrencies). Xi also announced that China will launch new national laboratories to facilitate the growth of these technologies and aims to be in the forefront.

There are several startups in the Blockchain space working with the Chinese government to provide real-world solutions and we can only expect the growth of such startups to be exponential in the coming years.

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