According to Zhou Sha, founder and CEO of Jingtum Tech, blockchain technology by using its advanced cryptographic methods, will help in confirming the rights concerning the individual data of the people who generate it.
This dream can be a reality that may occur over the next 10 to 15 years, said Zhou Sha. He added this is just one instance of how blockchain technology will reshape and how individuals live and transform the Chinese economy within a reasonable time-frame.
To carry out this vision to fulfillment, Jingtum Tech, one of the world’s first organizations to possess independent intellectual properties of basic blockchain technology, has associated with the Ministry of Public Security in an individual digital identification program.
Besides, the Ministry of Industry and Information Technology has promised to effectively cultivate a solid and organized development of the blockchain sector by improving guidance and planning, promoting business applications and establishing standards.
Zhou stated in an interview that,
People may no longer need to work to make a living, but will do so for their dreams, aspirations, and loves.
Zhou further remarked that Blockchain would assist almost every sector to work in “a more sophisticated way,” as the technology can improve transparency and proficiency of instruments of all kinds, by upgrading the economy from quantity-driven to quality-driven growth.
Moreover, Zhou anticipated the implementation of supportive strategies for blockchain to accumulate speed, like the launch of a digital asset exchange that facilitates the financing of small and medium-sized companies.
Jingtum Tech initiated its first basic blockchain technology platform accessible for business applications in 2014. Further, it has developed over 20 blockchain industry solutions like cross-border payments, electronic invoices, and online retailing. The organization is investigating opportunities to grow its business in Argentina and Ethiopia.
He additionally underlined the need for building government-driven industry reserves focused at blockchain start-ups with world-class technology. Zhou added,
Still, China’s independent research capacity of fundamental technologies of blockchain is far from adequate, it is urgent to develop a credible, controllable settlement and payment system in Southeast Asia as part of financial infrastructure for regional economic integration.