Blockchain to ‘reshape’ people’s lives and accelerate economic upgrade

This article was first published on Stories by moac.io on Medium
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By Zhou Lanxu | China Daily

Imagine a day when you can earn a living by authorizing others to access information about your behavior patterns such as how many eggs you eat daily and how often you play badminton. These facts will all become tradable assets owned by individuals.

This is not fiction, but a reality that may happen over the next 10 to 15 years powered by blockchain technology, said Zhou Sha, founder and CEO of Chinese blockchain technology platform Jingtum Tech.

“People may no longer need to work to make a living, but will do so for their dreams, aspirations and loves,” Zhou said in an exclusive interview with China Daily.

Blockchain technology, by virtue of its sophisticated cryptographic techniques, will help affirm rights regarding the personal information of the individuals who generate it, while any enterprises that want to access the information must pay those individuals, Zhou said.

To bring this vision to fruition, Jingtum Tech, as one of the world’s first companies to own independent intellectual properties of underlying blockchain technologies, has cooperated with the Ministry of Public Security in an individual digital identification program.

The program aims to eliminate the acquisition and storage of personal private information by any enterprise without the permission from the individual, Zhou said.

This is only one case of how blockchain technology will reshape the way people live and transform the Chinese economy in the foreseeable future, the official added.

Blockchain will help almost every industry to work in “a more sophisticated way” as the technology can enhance transparency and efficiency of cooperative mechanisms of all kinds, accelerating an economic upgrade from quantity-driven growth to quality-driven growth, Zhou said.

For instance, blockchain technology can provide a permanent, unchangeable and transparent record of transactions to help achieve better supervision over the allocation of project funds and reduce costs ...

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