A major Chinese researcher has detailed how the use of blockchain technology in the financial sector still faces many roadblocks, despite its potential to transform key industries.
As reported by Cointelegraph, Wei Kai, head of blockchain research at the China Academy of Information and Communications Technology (CAICT), attended a meeting this year of the International Chamber of Commerce (ICC) Banking Commission.
The annual, two-day event was hosted earlier this month in partnership with ICC China and the China Chamber of International Commerce, gathering more than 650 delegates from 59 nations to discuss the state of the industry and commemorate a century of the ICC.
Under the theme “Leading the Way in Global Trade,” the meeting aimed to establish trade finance innovation and changes. It also included plenary and breakout sessions, where attendees were invited to rethink the future of the international trade system and consider the role of businesses in adopting necessary reforms.
During the event, Wei described challenges to further blockchain adoption, claiming that in spite of blockchain’s potential to transform various industries, technology disruptors have yet to address three important issues concerning the financial sector at the present stage of adoption. He argued that the blockchain community must work out certain challenges including data privacy, operability, and integration with enterprise systems.
The researcher also underscored major issues, such as coordinating regulatory approaches between different jurisdictions around the world. He nevertheless maintained that blockchain can potentially revolutionize the banking industry while bringing benefits to others, including transportation, manufacturing, medicine, and government.
The CAICT, founded in 1957, operates under China’s Ministry of Industry and Information Technology.
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