WeBank Hails Potential for Blockchain to Drive Use of Data as Factor of Production

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Tencent-backed private lender WeBank has highlighted the ability for blockchain technology to facilitate the use of data as an economic factor of production.

Ma Zhitao (马智涛), chief information officer and vice-president of WeBank, said that blockchain technology could play a key role in China’s efforts to foster the growth of a digital economy.

“Technology based on the blockchain as well as distributed data transmission agreements led by individuals can effectively expedite the flows of data as a factor of production,” Ma said on 19 July at the release of a report on blockchain technology in the southern Chinese tech hub of Shenzhen.

“A cohort of leading blockchain enterprises are currently emerging, who will not only effectively resolve the current blockages in terms of people, goods and funds in Greater Bay due to differences in systems, but will also assist the cross-border and cross-regional usage of data as a factor of production,” said Fan Gang (樊纲), head of the Shenzhen chapter of the China Development Institute. 

The Greater Bay Area of Guangdong, Hong Kong and Macau had seen the release of 106 blockchain-related policies as of 2021. In the same year Greater Bay saw 3282 blockchain-related patent applications, accounting for 31% of China’s national total.