According to recent data, since the Two Sessions, stocks related to the blockchain sector have surged by 14%. This has sparked a wave of enthusiasm in the market, but not everyone is convinced that the trend is sustainable.
During interviews with some representatives, reporters found that many industry insiders remain cautiously optimistic about the blockchain boom. While they acknowledge its potential, they also express concerns about the hype and lack of real-world applications.
Yao Jinbo, a member of the National People's Congress and chairman of the 58 Group, mentioned that his team is actively exploring blockchain technology. He believes it could play a key role in social governance and internet development, especially in solving trust issues and reducing transaction costs. However, he also pointed out that many current blockchain projects are more theoretical than practical, often relying on concepts rather than real solutions. Some have even raised significant funds through ICOs without delivering tangible results. This worries him greatly.
Ding Lei, a member of the Chinese People’s Political Consultative Conference and CEO of NetEase, once shared his thoughts on social media, stating that while he doesn’t hold Bitcoin, he remains a believer in blockchain technology. His company has taken steps to integrate blockchain into its products. In February, NetEase launched the Planet App, which used blockchain to allow users to share content and earn digital assets. However, the app soon faced criticism for privacy violations and data misuse.
In response to the controversy, Ding Lei clarified that the blockchain feature in the Planet App was designed to protect user data, including personal behavior and online activity. He emphasized that consumers should have control over their information and be able to use it for transactions or other services.
Despite his belief in the long-term potential of blockchain, Ding Lei warned against the current frenzy. “Not every company claiming to use blockchain is actually implementing it,†he said. “And even those that do may not be connecting it to real industry needs.†His comments highlight the growing concern that the blockchain space is becoming more speculative than practical.
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