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Xunlei CEO Explains the Symbiotic Relationship between Blockchian and the Sharing Economy

The CEO of Chinese tech company Xunlei, Chen Lei, shared his insights into blockchain’s role in the sharing economy in a recent interview with the state-owned media outlet People.cn, claiming that blockchain is tool to build trust and provide rewards for the sharing economy , so blockchain and the sharing economy is symbiotic.

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The NASDAQ-listed cloud network provider launched its open blockchain platform dubbed “ThunderChain” last Friday,which can concurrently conduct millions of transactions per second.

In his opinion, blockchian technology is still at the immature stage, and the biggest challenge the blockchain industry faces now is the negative impact brought by the tremendous hype over the technology.

Here are excerpts from the interview:

What the problems can blockchain technology address for the sharing economy?

Chen: Blockchain is able to address the problem of fairness. In the sharing economy, every link and every participant contributes resources, but it is difficult to ensure all resources are fairly used and participants are fairly rewarded. But blockchain, as an effective and fair distributed ledger, can precisely meet the needs of the sharing economy. The technology itself is fair and it allows people to see whether the results are fair or not.

What are the challenges the blockchain industry faces ?

Chen: The blockchian technology is still at the immature stage, and the biggest challenge the blockchain industry faces now is the negative impact brought by the tremendous hype over the technology. The hype has tainted the industry’s reputation, and put those blockchain startups that carry out earnest businesses in question. In addition, a large number of irrational speculators flocking to the crypto market requires the industry to take precautions in its commercial application.

What are the characteristics of blockchain applications in 2018 ?

Chen: 2018 may see a growing commercial rollout of blockchain-powered projects. Blockchain will be applied to various industries, such as health care and retail. It is a disruptive technology, so we need to leverage blockchain to empower the real economy.

How do you judge the value of blockchain projects?

Chen: I prefer to assess its social value. How many benefits will the blockchain project deliver to its users? What extent is the project’s impact? Will it improve the efficiency of the original business model? When an innovative project exerts an influence on thousands of households, and brings great positive changes to the masses, it is valuable.

What do you expect from blockchain-related regulations?

Chen: Blockchain is a brand new technology that has great implications for the society. We should encourage the regulators to hold more discussions with blockchain enterprises and users to promote mutual understanding.Besides, I think we should invite more professionals to discuss the issue of blockchain-related regulation.

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