Asia is no stranger to economies of scale. Every significant area of the region’s economy has grown at a swift pace in the course of the last 30 years. This growth has been particularly important in China, as that nation transitions from world factory to world laboratory and home of new leaps in consumer-led innovation. The introduction of blockchain, especially in its cryptocurrency form, led to great excitement in China among diverse sections of society. New industries, services and (sad to say) bad actors sprang into being overnight.
Speculative excitement spread among the public, as well as investment of time and money from those motivated by all manner of goals. Now, as the tenth anniversary of the Bitcoin whitepaper has just passed, many are asking where the wider blockchain revolution is going.
Blockchain, a recent but unwieldy arrival on the global tech scene, has faced problems producing the many use cases that have been promised. Compromised by mistrust, misuse and hasty regulation, observers have watched it spread in fame and attract capital investment internationally, even as many individuals and governments showed great reluctance to accept it in any form. Now, developers, entrepreneurs and others are devising ways to encourage practical blockchain adoption, both in Asia and around the world. As part of this global drive, multiple heavyweight actors from investment and development came together last week on November 10 in Shanghai to launch the Public Chain Technology Alliance (PCTA) and push future initiatives and use cases in order to get blockchain thriving.
Bitsclub, the first angel investor group in China to focus on blockchain, gave rise to the Bitsclub Vision Program, which in turn led to the focused emphasis on linked public blockchains in the PCTA. BVP is sponsored by Hitters Xu of Nebulas founder. Xu is also (like many movers in the Chinese blockchain scene) a veteran of silicon valley, in this case Google. Feng Wang, founder of MarsFinance, is the other primary big name attached to BVP and the new alliance.
In a market that some predict could reach a collective valuation of 60$ billion by 2020, why the need to bring together leading names to strategy for basic adoption and use-cases connected to the “Real World’? That is because the potential for blockchain is well known to encompass more than the application of cryptocurrency as a means of value transfer, investment and/or speculation – a fundamental aspect of blockchain in which the participants in PCTA are also active.
While areas like logistics, personal identification, property and land ownership, medical data, consumer rights protection and more have all been touted as potential zones of application, true successful stories have been sluggish to appear. Wang Feng, speaking of South Korea’s rate of adoption in the financial sphere, commented that “Even if one-tenth of Korea’s digital economy consists of crypto transactions, this is still just child’s play compared to what may be in place in a few years if blockchain adoption expands.” Hitters Xu also commented in his opening address that the world changing potential of blockchain would consist in leveraging the financial disruption and opportunity to further implant the network structure of blockchain across society.
The panel discussions at the launch name checked “Competition and Collaboration”, “Ecosystem and Community” and “Applications and Users”, drawing on themes of how the technology has developed overall during the past decade as well as where it might go. One recurring comparison during discussion was the spread and growth of the internet. For some time, personal computing and the Internet were disseminated in uneven parallel, with digital infrastructure improving in a modular way before the networked power of the internet began to dominate. The strength of linking nodes together to form the global network layer took time to emerge and show its face; so with blockchain, which, empowered and sometimes hampered by the key association with cryptocurrency, is likely destined to grow from that root and restructure the familiar internet, leading to exponential adoption within a few years. The aim of PCTA? To both encourage and prepare for this, by promoting the overcoming of boundaries between public chains, leading to the sharing of more information and the creation of an inclusive global ecosystem, together with the necessary infrastructures to deal with the traffic of so many users around the planet.
For more information about Public Chain Technology Alliance(PCTA) ,please refer to “Bitsclub Vision Program” official website: http://www.bitsclub.io/