[Update: The responses to questions 3, 4 and 5 have been updated with latest information]

Blockchain technology has caught the imagination of businesses across different sectors and governments alike. China, in particular, saw a number of initiatives on this front in 2016. The Chinese government published a white paper on the blockchain technology, while there have been reports that the People’s Bank of China has been exploring the technology.

On January 17, the governmental and industrial representatives from China and 25 other countries gathered in Davos, Switzerland for the Davos Forum. Jamie Elizabeth Smith, the former spokesperson and special assistant of former U.S. president Barack Obama, announced that the Global Blockchain Business Council (GBBC) is formally established.

Tai Cloud Corporation is playing a pivotal role not only in GBBC, but a number of other blockchain initiatives in China. On 19 May 2016, Tai Cloud held the opening ceremony of Cognitive Computing-Strategic Cooperation Project of Blockchain Industry Innovative Platform with IBM Chinese Customer Center. Later in August, the company co-organised the FinTech and Blockchain Forum hosted by China Blockchain Application Research Center.

Moreover, Tai Cloud became a member of Hyperledger Project, a collaborative cross-industry effort created to advance blockchain technology, in August 2016. Deng Di, Founder and CEO of Tai Cloud, said at the time that the company will make efforts to enlarge Hyperledger’s influence in China:

“Tai Cloud will actively get involved in the Hyperledger community, advancing the blockchain ecosystem and  promoting blockchain’s extensive application to serve as the credible infrastructure in the inclusive finance and shared economy.”

Deng Di has been attending a number of events and conferences and sharing his thoughts on the potential of blockchain technology. He believes that the attitude of Chinese government towards the industrial application of blockchain technology is positive, as compared to the slightly prudential attitude towards Bitcoin.

Speaking with EconoTimes, Deng Di shared his views on Tai Cloud’s vision with regard to blockchain technology, factors that could help China spearhead blockchain revolution, GBBC and much more:

1. When and how did you first get involved in the blockchain technology?

DD: In 2003, I formally embarked on blockchain technology pioneering days. In November 2014, my partner John Ding and I jointly developed second-generation blockchain system and Tai Cloud successfully created the initial genesis block. In 2015, we commenced to formally corporatize Tai Cloud Corporation. So far, Tai Cloud Corporation has over 100 formal staff, nearly 100 patents, and has become the first public company in the blockchain industry in China.

2. Tai Cloud has been attending several blockchain-focused conferences and is also part of various initiatives including Hyperledger Project and now GBBC. Would you like to tell us about your company’s vision with regard to blockchain technology?

DD: Tai Cloud is currently working with the Ministry of Industry and Information Technology of the People’s Republic of China to promote the concept and practice of a credible blockchain. To successfully achieve real commercial blockchain application, it is compulsory to figure out the core problems of credible ID authentication, credible consensus mechanism, and credible governing models. Blockchain start-ups must perfectly solve these problems, then the connection between the real commercial society and legal framework can be realized. Furthermore, we have made a significant breakthrough in the most difficult blockchain technical problem – transaction speed. The superconducting network, produced by Tai Cloud with one-year research and development, can realize up to 100 thousand transactions per second volumes of credible multi-asset with free of charge transactions. Tai Cloud is dedicated to providing blockchain technology in the fields of finance, energy, internet of things, big data and other industries which need massively high-frequency transactions, as a result of being infrastructure for digital society in the future.

3. What role will Tai Cloud play in GBBC?

DD: Tai Cloud is the head of Chinese Blockchain Representatives Team in the Global Blockchain Business Council. We wish to be the bridge connecting Chinese blockchain industry and global blockchain industry to enhance global communication and cooperation between Chinese blockchain industry and the world, for the sake of promoting the sustainable development of Chinese and global blockchain industry by our own efforts.

4. What factors in your opinion will help China lead in the blockchain space?

DD: There is an integrated and advanced blockchain industry market in China, with lots of Chinese blockchain industry alliances & consortia and blockchain incubators blooming on various regions of China. On the other hand, China Ministry of Industry and Information Technology issued the white paper of “China Blockchain and Application Development”. The People’s Bank of China is researching national digital currency based on blockchain technology. Blockchain technology is listed in the ““Thirteen-Five” China Informatization Project” issued by China’s State of Council. Furthermore, there is an increasing number of excellent FinTech talents pioneering Chinese blockchain industry. All of the beneficial circumstances not only make Chinese blockchain industry with potential tremendous market, but gives the ability to let China globally lead in the blockchain space as well.

5. A number of blockchain initiatives emerged in China in 2016 – ChinaLedger, Financial Blockchain Shenzhen Consortium, and others. What further developments do you foresee in 2017 and in the future?

DD: Blockchain technology is currently most used in the fields of payment and settlement in the banking industry. In 2017, blockchain technology is expected to expand to other industries rather than only banking industry. To utilize big data, cloud computing, artificial intelligence and other advanced technologies combined with blockchain, there would be the next society revolution by improving the current technical and business patterns of all types of industries. As a consequence, each economy systems has its own standards and thus specific alliances and organization combined with the blockchain, specific technology and industry would appear. Global blockchain standards along with the development of R3, Hyperledger, GBBC and the other global blockchain organizations will certainly appear in the future.