China Television Says “Blockchain is 10 Times Valuable Than Internet”

Updated On Jun 5, 2018 by Cameron Bishop

In another recognition for blockchain technology, China Central Television (CCTV), the state-owned broadcaster has stated that the economic value of blockchain is “10 times more valuable than that of the internet”.

On Sunday night, the finance news division of the channel aired a program named “Dialogue” in which CCTV host Chen Weihong had an hour-long discussion with the audience on the concept, risks, and potential of blockchain technology.

The program also hosted noted experts in the field of blockchain industry, including Don Tapscott, the author of “Blockchain Revolution”. Other prominent figures who participated in the event are Chen Lei, CEO of cloud network giant Xunlei, and Zhang Shoucheng, founder of Danhua Capital and physics professor at Stanford University. Danhua Capital is a venture capital firm, which invests in blockchain technology.

Tapscott and Chen explained the basic concept of blockchain and distributed ledger technology to the audience. The host also suggested that blockchain is the second phase of internet and commands a value 10 times greater than its predecessor.

Regarding the context, Zhang said

“While the real value of the internet is aggregating individual pieces of information into one place, which is exactly what Google and Facebook does, we are now entering an era where information is being decentralized so that individuals can own their individual data. And that’s the real value of blockchain that makes it exciting.”

However, the experts did not have a wholesome, positive view about the budding technology. The panel of experts criticized ICOs (initial coin offerings), and explained to the audience the slogans generally used by scammers who are using deceptive tactics to raise funds. Last week, the television channel lambasted against the token sales activities, which are still prevalent in the country, despite a ban announced in 2017.

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Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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