Blockchain the critical area for global competition

KUALA LUMPUR: Chief executive officer of Genesis Group, Feng Chi said blockchain is becoming the critical area for international competition.

“The blockchain sets no block to any country. It is a global revolution on productive relations and the blockchain market differs in every country,” he added.

He said this in a speech on the development of the blockchain market in China at the DAIBC conference in Kuala Lumpur, Malaysia recently.

Genesis Group is a Chinese financial institution consisting of Genesis Capital, Genesis Lab and Genesis Investment Bank.

The company in a statement said, from 2013 when China Central Television reported BitCoin for the first time to 2017 when the blockchain hype emerged in China, China's blockchain market has undergone ups and downs, creating opportunities and challenges.

According to 2018 China Blockchain Industry Whitepaper published by China's Ministry of Industry and Information Technology, there were 456 companies specialising in blockchain businesses, as of March 2018.

Before 2013, the number was only 31, but 136 and 178 respectively in 2016 and 2017.

These companies fall into several categories, with the financial services being the majority, followed by blockchain solutions, underlying platforms and blockchain media and communities.

So far, the blockchain technology has been applied in areas such as supply-chain finance, credit investigation, product tracing, copyright trading, digital identity and digital evidence.

Genesis Capital is a capital fund under for the blockchain industry; Genesis Lab provides incubation designed to foster startups for the decentralisation and Genesis Investment Bank delivers best-inclass strategic advice and creative financing solutions. — Bernama