Blockchain technology heats up after Beijing's backing as driver of growth

The financial sector has jumped to embrace blockchain, a controversial technology that became a hot topic over the weekend after the Chinese leadership decided to strengthen investment in the area.

Animated discussions broke out on social media between regulators, professionals and experts in the financial industry about the development in China of blockchain, a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace transactions.

The stock prices of companies involved in blockchain soared on Monday - 93 blockchain stocks reached the daily trading up limit of 10 percent, including Zhejiang Huamei Holding Co and Julong Co. The Shenzhen Information Technology Index rose 5.3 percent on Monday, the largest rise in about eight months.