The blockchain is a new and emerging technology and just like anything it comes with its own set of flaws and defects. Luckily the technology is so good that people want to help and improve it seeing the benefits it can provide.
Research in China was being conducted on the current version of the blockchain technology. According to the research, the blockchain technology is still lacking a few things to be properly integrated into the financial sector.
The defects that are holding it back include information security and compatibility and its operability and its integration into the business sector.
The research was conducted under the supervision of Wei Kai. Wei Kai is also the head of the China Academy of Information and Computer Technology (CAICT). CAICT is a China-based research center and it is monitored by the Chinese MIIT. In 2018 the research department of the blockchain issued a whitepaper.
The whitepaper was released to promote the integration of blockchain technology into the economic sector.
Wei Kai attended and contributed in the recent gathering in the International Chamber of Commerce Banking Commission. From the research, Wei Kai concluded that as of now there are only a few problems that can be easily solved but if this goes on then more difficult problems can arise.
Many are afraid that a decentralized governmental system and non-monitored investments could pose some major problems in the future.
Wei Kai, however, is very optimistic about the future of blockchain technology and the immense benefits that come with it. Wei Kai is of the belief that the blockchain technology is revolutionary and may change the financial system as we know it.
Its range of influence is not limited to just the finance industry but also the medicine and transport industry.