Professor Zhu Yan from Tsinghua University asserts that the current blockchain boom represents a transformative phase rather than speculative frenzy. This perspective gains significance following the Chinese government's strategic emphasis on blockchain technology during the 18th collective study session of the Political Bureau of the CPC Central Committee in October 2019.
The Strategic Importance of Blockchain Technology
President Xi Jinping emphasized blockchain's pivotal role in technological innovation and industrial transformation:
"Blockchain integration will play a vital role in new technological revolutions and industrial transformations. We must treat blockchain as an important breakthrough for independent innovation in core technologies."
Key government directives include:
- Accelerating blockchain-industry integration
- Enhancing data sharing and operational efficiency
- Building trusted systems for economic and social governance
- Developing "Blockchain+" applications across民生 sectors (education, healthcare, poverty alleviation, etc.)
Why This Boom Differs from Past Tech Frenzies
Unlike the 2000 dot-com bubble or 2016-2017 ICO craze, China's blockchain focus prioritizes:
- Industrial Integration
Blockchain serves as a foundational tool for economic upgrading and social governance modernization. - Asset Digitization Framework
Entities (governments, enterprises, individuals) must collaboratively build blockchain-based ecosystems. - Systemic Optimization
Requires organizational compromise to achieve lower operational costs and innovative business models.
👉 Discover how blockchain transforms financial infrastructure
Practical Implementation Pathways
Successful blockchain adoption requires:
| Implementation Phase | Key Actions | Expected Outcomes |
|---|---|---|
| Ecosystem Building | Establish consensus mechanisms and奖惩规则 | Reduced systemic costs |
| Value Redistribution | Fair分配生态收益 through smart contracts | New revenue models |
| Regulatory Integration | Align with government supervision frameworks | Enhanced compliance |
Addressing Common Concerns
FAQ: Blockchain Bubble Risks
Q: Could this replicate the dot-com bubble?
A: Unlike speculative internet ventures, blockchain's value emerges from systemic industrial upgrades rather than isolated company valuations.
Q: How does this differ from the ICO craze?
A: China's approach emphasizes实体经济 integration versus purely financial applications.
Q: What safeguards prevent overheating?
A: The asset-digitization framework inherently links blockchain value to tangible economic outputs.
The Road Ahead
China's blockchain strategy focuses on:
- Creating credible digital environments
- Establishing new operational norms
- Facilitating cross-industry collaboration
👉 Explore blockchain's role in smart city development
This structured implementation ensures sustainable transformation rather than short-term speculation, positioning blockchain as a cornerstone of China's next-phase economic development.