Chinese Economist Says 2020 Is the Tipping Point for Blockchain

The Tencent blockchain accelerator entry contest was held recently in Shenzhen China. Its theme concerned “blockchain industry and ecological co construction”.

According to the local news on July 2, Professor Zhu Jiaming, former economist of United Nations Industrial Development Organization and the President of Chinese Digital Assets Research, believes “2020 is an important year for integrating blockchain in different industries, and it is a key period in the development and application history of blockchain.”

Reaching the tipping point

Zhu says there is an unprecedented consensus on the status of blockchain in macroeconomic and social governance, and that this has reached the national strategic level.

Zhu acknowledges that the application scenarios of blockchain have been expanded in recent years. He also states that the combination of blockchain and various industries has become more fully developed, and that the ecology of blockchain industrialization has begun to appear.

In this context, Zhu Jiaming believes that: “Strategy, interaction, ecology and acceleration” have become the key words for blockchain integration. 

Tencent blockchain accelerator contest

60 enterprises were reportedly participating in the Tencent blockchain accelerator contest. They were divided into three groups: “industrial blockchain solutions”, “industrial blockchain infrastructure” and “industrial blockchain peripheral services”. They cover finance, government affairs, logistics, legal affairs, education, industry and other industries, with an overall total valuation of more than 10 billion yuan, about 1.40 billion USD.

Cointelegraph reported on April 30 that Tencent had opened applications for its new “Tencent Industrial Accelerator,” with a total of 30 places. Tencent Holdings will allocate nearly $70 billion (500B yuan) over the next five years in fintech development, including blockchain, cloud computing, and artificial intelligence.