BlockPulse360 had the pleasure of sitting in on an interview with one of China’s most reputable blockchain thinkers, Dr. Feng Han, the co-founder of Elastos, about his take on the current and future trends in the blockchain industry in China.
Dr. Han began his journey in the cryptoworld with a background in quantum mechanics, but it was only during an alumni lecture on Bitcoin in 2013 that he was formally introduced to cryptocurrency. Since then, the co-founder of Elastos has been busy at work developing a new operating system to promote decentralization initiatives using blockchain technology. Elastos is an open source, blockchain-driven operating system optimized to run decentralized applications. The thinking behind this technology came from the realization that if traditional applications wanted to connect through blockchain, the most effective way to do so would be through a platform that was also operated by blockchain. And so, Elastos was born.
What Does Rightful Ownership of Big Data Mean for the Cryptoworld?
BlockPulse360: What is a new trend in blockchain technology development and commercialization in China?
Dr. Feng Han: Right now, there exists many many e-markets in China. This has created a large amount of big data. Blockchain is able to authenticate this data. Customers can now connect traditional applications to blockchain, have their data authenticated, and most importantly, take ownership of their data. This will expedite the rightful monetization of customers’ data.
BlockPulse360: Is the commercialization trend based mostly on the Chinese market or does it stem from the global market?
Dr. Feng Han: I think for the future, a true blockchain industry must integrate with the global market. A single country will only have a narrow vision about their own development in the industry, so although Elastos is China-based, part of the team is based in San Francisco. Hopefully we can continue to expand in the future… maybe in New York or Silicon Valley.
I also wish to further our participation in global initiatives through my role as visiting scholar at Columbia University. Not only will I pursue research endeavors to improve upon the current applications of blockchain technology, but I will also strive to use my position to promote more education about blockchain. Within the next 5 years, I hope to see us launch a new series on blockchain, as it relates to computational thinking and quantum mechanics.
The Crypto Relationship Between China and the United States
Dr. Han was enthusiastic when we discussed the up and coming areas of technological innovation in China, notably in big data science and artificial intelligence. It seems that despite the recent hike in restrictions related to crypto in China, the country’s acceptance and willingness to learn and adopt crypto, cryptocurrency, and blockchain technology has been better received than in the United States.
BlockPulse360: What is the difference between the Chinese and American crypto communities?
Dr. Feng Han: In America, I find that people are always coming up with new ideas. And these new ideas are often shared among many people within the community, so it seems that the culture is focused on the discovery and development of new innovations. Whereas in China, the mindset is more directed toward new applications of those ideas and innovations. Like with Elastos, our aim is to offer guidance to our customers by helping them connect traditional applications with blockchain. That way, it is easier for our customers to convert their digital data into transferable assets.
BlockPulse360: Is there anything we can do to increase collaboration between China and the United States?
Dr. Feng Han: I truly believe in the potential of a successful working relationship between both countries. If America continues to discover new technologies at the rate we are seeing today, what China can offer to do is find applications to utilize each of these technologies. Both approaches are obviously doing well, from a business standpoint, but I get the sense that the outcome could be even greater if we joined forces.
What Do We Have to Look Forward to in the Next 10 Years of Crypto
The future of blockchain and the effectiveness of its reach is reliant on the willingness of companies and communities to share their data. Unfortunately, it is unlikely that big companies will want to relinquish control over the data they are already in possession of. A consequence of this, however, is a steady increase in the number of startups in the industry. Not only are there more startups, but thanks to crowdfunding efforts, these smaller companies are more likely to team together to further the ubiquity of blockchain applications.
BlockPulse360: What has changed over the past 10 years in the blockchain cryptocurrency space in China?
Dr. Feng Han: The most successful industry within the last 10 years is, by far, Bitcoin mining. Yet even among investors, there are still a lot of Chinese people who could benefit from learning more about how to invest in initial coin offering. And outside of investors, there are many more people who do not have an understanding of cryptocurrency or blockchain, so I think there is more work to be done to promote it.
BlockPulse360: What can be done to further the education efforts about crypto and blockchain?
Dr. Feng Han: It is about reaching as many people as possible with our message. In today’s age, that means utilizing all kinds of social media because that is the way young people consume information. For us, that means leveraging communities on Facebook, Twitter, and WeChat to promote blockchain and cryptocurrency. I am optimistic that as more people become knowledgeable on the topic, the more advancements we will see in the technology, both at a faster rate and of a higher caliber.
image via Pixabay