China State TV Calls Blockchain the “Second Phase of the Internet”

Avi Rosten
  • The segment on China's state-controlled China Central Television featured a panel of industry experts who praised the potential of blockchain technology.
  • This latest endoresment again highlights the difference between the state's approach towards blockchain and cryptocurrencies

China has again signalled that it is moving towards a blockchain-friendly climate as yesterday state TV asserted that the technology is worth “10 times more than the internet.”

In a programme on the Finance Channel of state broadcaster China Central Television (CCTV), host Chen Weihong made the bold statement - also claiming that blockchain represents the “second phase” of the internet.

In a broad-reaching discussion during the “dialogue” segment, the programme featured several industry experts including Canadian exec and author of “Blockchain Revolution” Dan Tapscott, and Zhang Schoucheng - founder of tech VC firm Danhua Capital and professor of Physics at Stanford.

Providing some background on the basics of blockchain, the segment saw the experts voice their opinions on the problems the new technology faces, as well as lauding its sky-high potential - as Prof. Zheng emphasised:

"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."

Prof. Zhang Schoucheng

Blockchain vs. Cryptocurrency in China

While the discussion was generally very positive towards blockchain, the tone regarding cryptocurrencies and ICOs was markedly different - with the state TV channel continuing its series of warnings about fraudulent cryptocurrencies and ICOs.

This latest endorsement comes at a time when the state has been keen to communicate its openness towards the tech - with President Xi Jinping embracing blockchain as part of a new technological revolution for the country during a speech at the Chinese Academy of Sciences last week.