Xinhua News Agency: China's blockchain development is the world's first echelon, but its core technology still needs to be upgraded

According to Xinhua News Agency, after years of "barbaric growth" and twists and turns, the blockchain industry has recently ushered in major policy positives. Experts believe that as an important breakthrough for independent innovation of core technologies, blockchain will open a new journey in China, and core technology research and development and industry application will be the main track for future industrial development. As an emerging technology, blockchain is still in the early stages of development around the world. From the perspective of blockchain technology, in the application of patents for blockchain technology, China's blockchain development level is currently in the first echelon in the world. In the first half of 2019, the number of patent applications for global blockchains accounted for 67% of the total, while the United States only 16%. On the other hand, in the underlying technology of the blockchain, China is in a relatively backward position, such as the current blockchain. The mainstream consensus algorithms are basically developed abroad. In the expansion of the blockchain, such as cross-chain, fragmentation and other technology development are also led by foreign teams or institutions, independent core technology still needs to be improved.