Chinese President Xi Jinping has highlighted the key role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to accelerate the development of blockchain technology and industrial innovation.

Xi made the remarks on Oct 24 while presiding over a group study session of the CPC Central Committee Political Bureau on the development and trend of blockchain technology.

The application of blockchain technology has been extended to fields like digital finance, internet of things, smart manufacturing, supply chain management and digital asset trading, and the world's major economies are stepping up efforts to develop blockchain technologies, President Xi Jinping said.

Noting that China's blockchain sector has a sound foundation, Xi underlined its speedy development as well as that of innovation-driven industries.

Xi's remarks have fueled a surge in stocks of companies in the sectors concerned. According to Shanghai-based information provider Wind Info, blockchain-linked stocks on the Chinese mainland rose nearly 9 percent on Monday.

“The future of blockchain will arrive and we need to stay rational,” according to an opinion piece by People's Daily on Monday evening. “The rise of blockchain technology was accompanied by the emergence of cryptocurrencies. However, the innovation in block chain technology does not mean hyping the virtual currency. We should prevent using blockchain to issue virtual currency and the related hype .”

There has been a divergence in the performance of listed companies in the blockchain industry as of Tuesday. Many technology stocks retreated while only a few continued to rise. Shares of blockchain giant Xunlei dipped more than 16 percent on Tuesday.

Blockchain technology is a decentralized and distributed digital database that enables participants to share data and make transactions without an intermediary or direction from a central party.

Combining the application of distributed data storage, encryption algorithms and other advanced technologies, blockchain offers an open and decentralized database of any transaction involving money, goods, property and several others. It provides a high level of security by creating a record whose authenticity could be verified by the whole community.

In the future, we need to deeply integrate the blockchain with 5G, artificial intelligence, big data, internet of things and other emerging information technologies, which will help improve technology performance and data quality as well as reduce the waste of resources.

“Today, the world is experiencing a burst of blockchain application,” the Boston Consulting Group said in an article posted on its official WeChat account on Tuesday. “The impact of blockchain varies from different financial institutions. When embracing the blockchain, we should throw away the misunderstanding and really understand its true value.”

According to the article, blockchain will be applied in a wide range of fields in the future. New business models will emerge at the intersection of advanced analytics, the internet of things and blockchain-based smart contracts.

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