Chinese blockchain companies presented a bullish face at a major tech expo last week. Lei Chen, CEO of Xunlei Limited said that large-scale applications of blockchain technology could hit end users as soon as late 2018 or 2019.
Chen was speaking at the China International Big Data Expo in Guizhou Province. He stated that the technology has been developed much faster than predicted.
Mr Chen, said: “The era of Blockchain 3.0 has come. Xunlei’s ThunderChain makes it possible to create a blockchain-based shared computing model that involves over 1.5 million families and end users. Meanwhile, there are many startups and enterprises that are now developing large-scale applications on ThunderChain.”
Speaking on global competition, Mr Chen went on to say that China and the US are neck and neck in the race to bring the technology into everyday use. He said that the current infrastructure is set for any country to lead the world in the blockchain sector.
ThunderChain is a high-performance blockchain that can process over a million transactions per second. When prices boomed in 2017, major cryptocurrencies struggled with the additional demand which resulted in high fees. High-performance blockchains aim to cope with the demand and use techniques such as faster block times (e.g. EOS) or sharding (e.g. Zilliqa).
#China International Big Data Industry Expo 2018, focusing on the latest technological innovation and achievements, opened Saturday in SW China's Guizhou Province, attracting over 40,000 participants from nearly 30 countries https://t.co/bpwZkrO0fo pic.twitter.com/ijzN7ArT40
— China Xinhua News (@XHNews) May 26, 2018
The China International Big Data Expo claims to be the world’s first big-data-themed exhibition and was organized by four national Chinese bodies. This event covered the digital economy, big data and the integration of big data in everyday life.
The event also featured CEO of the Tapscott Group and co-author of “Blockchain Revolution”, Don Tapscott, who said: “Now for the first time ever, we have an internet of value [so] that anything with value – from money, stocks and music – can be managed and communicated by peer-to-peer in a secured and private way.”
- Neufund Partners with Binance and Malta Stock Exchange - July 23, 2018
- IBM Partners with Stablecoin Stronghold USD on Stellar Network - July 18, 2018
- New Blockchain Platform to Provide Digital Immortality - July 18, 2018
- NatWest Joins R3 Blockchain Finance Platform Marco Polo - July 17, 2018
- iXledger Offers New Blockchain Insurance with London Broker - July 16, 2018
- Tech Group MonetaryUnit to Acquire Flubit and Launch Crypto Marketplace - July 13, 2018
- Futuristic, Blockchain-Powered, Algae-Coated Towers Proposed for Hangzhou - July 11, 2018
- Unchain Teams with KPN and Microsoft for Enterprise Blockchain Solutions - July 11, 2018
- Zen Protocol Launches Mainnet Genesis Block - July 10, 2018
- Palladium Launches Regulated ICCO for Institutional Investors - July 10, 2018
- Malta Approves Three Regulatory Bills to Encourage Crypto Adoption - July 5, 2018
- Ron Paul: “Crypto can Bring Back Gold Standard” - July 4, 2018
- EU Report Blasts Economists Who Criticize Cryptocurrencies - July 3, 2018
- VeChain Launches Thor Blockchain. Token Swap Set for Mid-July - July 3, 2018
- Galaxy Digital Invests $20 Million in Blockchain Virtual Reality Platform - July 2, 2018
- DNAtix Pilot Blockchain Technology for Preventative Healthcare - June 28, 2018
- Regulatory Clarity Will Have a Snowball Effect on Institutional Investors - June 28, 2018
- New Platforms Open Up Smart Contracts to Non-Developers - June 28, 2018
- Hyperledger Executive Explores Real-World Uses of Blockchain - June 28, 2018
- Blockchain Tech set to “Overthrow” Current Banking System: ABM AMRO Exec - June 28, 2018