On June 3, China Central Television host Chen Weihong presented a discussion in a segment named “Dialogue.” This was aired through the station’s Finance Channel and was dedicated to enlightening its large audience about blockchain technology, its risks, its potential and its main concept.

This hour-long discussion also featured many famous people from the blockchain business, including the author of “Blockchain Revolution,” Don Tapscott; Stanford University physics professor and creator of Danhua Capital (venture capital company that invests in blockchain technology), Zhang Shoucheng; and CEO of Xunlei (large Chinese tech company), Chen Lei.

Innovation-Minded Statements

After Chen Lei and Don Tapscott opened the dialogue by explaining distributed ledger technology and the basic idea of blockchain, the host took the lead and stated that blockchain is “10 times more valuable than the internet” and can be considered as the second stage of Internet development. Taking his turn, Zhang Shoucheng commented:

“While the real value of the internet is aggregating individual pieces of information into one place, which is exactly what Google and Facebook does, we are now entering an era where information is being decentralized so that individuals can own their individual data. And that’s the real value of blockchain that makes it exciting.”

Other innovation-minded statements included the following comments:

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“Blockchain is the second era of the internet”

“Blockchain is the machine that produces trust.”

Concept of network based on blockchain technology. Source: shutterstock.com
Concept of network based on blockchain technology. Source: shutterstock.com

It seems that China is rapidly changing its opinion about blockchain technology despite its September 2017 ban on everything crypto related. Other events that prove this point include Chinese president saying blockchain is a breakthrough and Baidu adopting for blockchain tech, a Chinese Google equivalent.

Initial Coin Offerings (ICOs)

The theme of ICOs was not excluded from this discussion. It was clear that there are ongoing efforts to examine carefully cryptocurrency-related projects in China. Each speaker explained briefly to the large audience a few marketing signs used by potentially fraudulent or fake ICOs. And recently, CCTV described the internal token sale activities as “uncontrolled” despite China’s ICO ban in 2017.

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