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Blockchain is still far from maturity, says China’s former IT minister

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Wu Zhongze, China’s former vice-minister for Science and Technology and a well-known digital economics expert, believes that blockchain technology is still quite young.

During an interview with The Paper, the former IT minister also stated that there was still “not much difference between where China and leading economies such as the United States and Europe” stand in terms of developing blockchain-based ecosystems.

Wu noted, however, that China has improved across a number of sectors that are necessary for blockchain development, including hardware manufacturing, platform and security services, industry investment, and financial development, adding:

“With the innovative development of blockchain technology and industry, its application is accelerating, and the scale of the industry continues to increase. This field is expected to become a new economic growth point in the future.”

In what he called the “rapid advancement” of China’s blockchain infrastructure, the former minister stated that distributed technology will bring new opportunities to integrate and develop new technologies such as 5G, artificial intelligence, data centers, and the industrial Internet.

A recent report by Securities Daily explained how China’s publicly-listed companies spend the millions they have allocated toward blockchain R&D.

The study surveyed 23 companies in China who began working with blockchain back in 2016. Figures suggest that companies allocate an average 20% of their annual revenues toward such purposes. The majority of these funds are spent to further government-related solutions.



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Blockchain

Enjin joins Crypto Climate Accord, goes carbon negative

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Enjin, a blockchain gaming and nonfungible token platform, has stepped up to decarbonize its footprint by joining the Crypto Climate Accord, a move that adds further credibility to the industry’s growing environmental mandate. 

The Crypto Climate Accord is backed by 20 firms from the blockchain, fin-tech and greentech industries. Inspired by the 195-signatory Paris Climate Agreement, the Accord was established in April to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.”

Enjin claims that its JumpNet blockchain has already achieved carbon-negative status nine years ahead of schedule. In March, the company said it planned to enable carbon-neutral NFTs by 2030.

“The creation of new forms of technology should never come at the cost of destroying our environment,” said Enjin CEO Maxim Blagov. “Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”

In addition to decarbonizing newly created tokens, Enjin’s environmental sustainability plan includes supporting the tokenization of the physical economy and decarbonizing existing digital assets. Other measures include upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.

Environmental concerns have virtually hijacked Bitcoin’s narrative this year, with the likes of Elon Musk casting shade over carbon-intensive mining. The Tesla CEO briefly embraced Bitcoin earlier this year before deciding that BTC payments are no longer acceptable due to environmental risks. Now, he states that his firm is willing to accept payments of the virtual currency, provided there’s more evidence for sustainable mining.

Related: Elon Musk lays out when Tesla will begin accepting Bitcoin payments

Other environmental sustainability efforts within crypto are also underway. As Cointelegraph reported, Tyler and Cameron Winklevoss’ Gemini exchange has purchased carbon credits to reduce Bitcoin’s carbon footprint. Separately, U.S. miner Stronghold Digital Miner recently announced that it raised $105 million to divert waste coal to cryptocurrency mining.