Tougher action expected to curb swindles in the name of blockchain

A RESEARCHER with the National Computer Network Emergency Technology Team recently said that there are more than 32,000 companies in China claiming they use blockchain in their business, but in fact less than 10 percent of these companies really have blockchain technology. China Daily writer Wang Yiqing comments:

Blockchain technology has become popular in recent years because of its advantages as a distributed, decentralized, public ledger. And it has been widely applied in various fields such as trade and finance and public services. However, it is primarily known to the public because it is the record-keeping technology behind the cryptocurrency bitcoin.

The overnight riches promised by bitcoin not only attracted many people to speculate on the cryptocurrency, but also generated many swindles in the name of blockchain.