Huang Zhongyi: Blockchain technology has a broad application prospect and has advantages in government services and other fields

Huang Zhongyi, assistant dean of the CCID Blockchain Research Institute of the Ministry of Industry and Information Technology, said that blockchain technology has a broad application prospect and has advantages in government services, electronic certificate deposits, and cross-border payments. For example, in the field of cross-border payment, for example, in terms of time, traditional cross-border remittances take 10 minutes or several days, while blockchain cross-border remittances can be remitted in seconds due to decentralization. In terms of convenience, traditional cross-border remittances need to wait until the next day to transfer money after 19:00, while blockchain cross-border remittances require only a mobile phone to achieve round-the-clock remittances. In terms of cost, traditional cross-border remittances involve various intermediaries such as third parties. It is difficult to avoid high fees and exchange rates. Blockchain cross-border remittances have greatly reduced transaction costs because there are no third-party agencies.