Security vital to prevent risks

Analysts have called for security systems and industry standards to underpin the sustainable development of blockchain applications, as loopholes in the technology could bring about huge financial losses.

Blockchains are digital, decentralized and continually updating public ledgers of information, and the technology has been applied in many fields to record data securely.

Related parties need to come up with industry standards as soon as possible, said Deng Huan, head of Baimaohui.net, a Beijing-based research body focusing on blockchain technology, in a warning about the risks that could arise from such applications.