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MIIT Official: Blockchain As Internet of Value is Pending for Verification

On February 3, Li Ming, director of the Blockchain Research Office of the Ministry of Industry and Information Technology(MIIT), accepted an interview with 36Kr in Shanghai when attending an industrial forum. He analyzed the blockchain, which is popular topic among entrepreneurs and capital markets, from a technical and commercial perspective.

Li Ming believes that it takes time and technology development if blockchain wants to become the value of the Internet infrastructure. Currently the blockchain technology is still in its infancy, development of which still requires the validation and iteration of standards, technologies and business models. ” The primary purpose for standardization of blockchain is to tell everyone what blockchain is from the technical point of view and how to use it. The standardization of blockchain is to promote the healthy development of the entire industry instead of forecasting the future.
Li Ming also says that he development of the blockchain also has many limitations, such as the problem of efficiency and hashrate centralization. The rise of quantum computing in the future will pose a great threat to the security of the blockchain.
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As an existing technology, the outbreak of blockchain 2017 took everyone a surprise. What is the underlying logic? Li Ming believes that it is connected with the other side of the blockchain: business patterns.

Li Ming explains that there has never been a case like the simultaneous emergence of business pattern and technical pattern like blockchain. Usually technology first appear with core technology study, then application scenarios and then iterating to make the application a solid one, thus establishing a complete industrial system and using new technologies to promote social development.

In the field of blockchain, technologies such as distributed networks, Byzantine consensus and encryption algorithms were mature. Blockchain combines these technologies with incentive mechanism, which established a new business model. It’s an Innovative technology with its own business model. As the business model has attracted too many attention, the development of which took different paths.

“It is also precisely because of the tangle of business forms and technological forms of the blockchain that it is not easy to see exactly what it is. With various entities now getting involved with their own understanding, the situation is pressing for standardization of blockchain technology. Blockchain is worth in-depth study and utilization and it will ceretainly lead the development of a new generation of IT as a form of innovative technology.”

Li Ming said.

In his view, blockchain is a good technology and that’s exactly why the industry requires regulation, otherwise many problems may be encountered in the future.

“The policy of the PBoC on September 4, 2017 is actually a precise attack, aiming to get rid of the bad and retain the blockchain technology. This actually protects and promotes the sound development of the blockchain industry.”

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