Blockchain Needs Some Centralization, Says Chinese SEC Official

[alyssa85]

https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/?utm_content=buffer65684&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

An official from one of China's financial regulators argued at the "Two Sessions" conference in Beijing on Sunday that blockchains are better if not completely decentralized.

Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.

However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.

"Blockchain's advocates for absolute decentralization have no solid ground, because [blockchain] itself is a software developed in a centralized way. So is the public key infrastructure, which remains an important feature adopted by blockchain," Zhang said in an interview with Securities Times, an official mouthpiece that covers the securities industry in China.

They want to control the developers...

[DeathAngel]

Yeah that’s not going to happen. Feel free to ban bitcoin again China, we’ve proved we can absorb the news & carry on trucking before.

[alyssa85]

Yeah that’s not going to happen. Feel free to ban bitcoin again China, we’ve proved we can absorb the news & carry on trucking before.

The problem with China is that it is obsessed with control. And in the process they've closed the door to THE technological development of this century.

Meanwhile in their great rival Japan, adoption is proceeding apace.

[PsylockReborn]

https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/?utm_content=buffer65684&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

An official from one of China's financial regulators argued at the "Two Sessions" conference in Beijing on Sunday that blockchains are better if not completely decentralized.

Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.

However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.

"Blockchain's advocates for absolute decentralization have no solid ground, because [blockchain] itself is a software developed in a centralized way. So is the public key infrastructure, which remains an important feature adopted by blockchain," Zhang said in an interview with Securities Times, an official mouthpiece that covers the securities industry in China.

They want to control the developers...

Bitcoin's value will surely fall if it will be centralized. Many people accepted bitcoin cos it's decentralized and we all know right now that bitcoin's value depends on people's acceptance and adoption to its technology. RIP bitcoin if this will happen in the future which I believe it won't.

Yeah that’s not going to happen. Feel free to ban bitcoin again China, we’ve proved we can absorb the news & carry on trucking before.

I concur. China has lots of crypto investors and enthusiasts but China is not the cryptoworld. There are still lots of countries that supports bitcoin and other cryptos even if its decentralized.
https://medium.com/the-mission/countries-approving-cryptocurrencies-b5bbca1a5a03

[Red-Apple]

"Blockchain's advocates for absolute decentralization have no solid ground, because [blockchain] itself is a software developed in a centralized way.

i don't know if it is because of the translation from Chinese to English or is it just me but this statement doesn't even make sense to me.
first of all blockchain is not a software, it is just a ledger, or a chain of blocks and nothing about it is centralized.
even if they meant the technology and development of it, it is still not centralized.

and making anything centralized about cryptocurrencies is practically killing them. that is why altcoins that went that way are never going to succeed.

[Doge dealer]

china is a necessary piece of the puzzle if bitcoins are to become/ realize its true potential , lets be frank china is a major player in world economics and not having them as a supporter will pose several difficulties and issues. majority of the miners are in china , mining is a business that requires excessive and high energy consumption and if these miners should have to stop would that not put a strain on the system especially as mining might be too expensive in the other countries cause as ive said before mining is a business and people do it for financial gain , so remove the financial benefit and the miners will simply stop mining , we should be very concerned about this development and hope that they will modify their stance in the near future.

[alyssa85]

i don't know if it is because of the translation from Chinese to English or is it just me but this statement doesn't even make sense to me.
first of all blockchain is not a software, it is just a ledger, or a chain of blocks and nothing about it is centralized.
even if they meant the technology and development of it, it is still not centralized.

and making anything centralized about cryptocurrencies is practically killing them. that is why altcoins that went that way are never going to succeed.

My feeling is that a lot of these "officials" have no idea what they are talking about and just sprinkle the conversation with buzzwords like "blockchain" to try to look like they are cutting edge, to impress people with even less knowledge than themselves.

It is impossible to have a blockchain without a coin, and it's impossible to have a centralised blockchain, yet you keep seeing both businesses and govts talking about it like it is possible.