The Former President of BOC said Blockchain Challenges Financial Institutions and Restructures Economy and Finance
[ChainDD report] September 19 (ChainDD) Li Lihui, the former chairman of Bank of China, said on the Global Blockchain Summit hosted by Wanxiang Blockchain Labs that blockchain technologies are widely applied in finance, disrupting the industry by challenging the role of traditional financial institutions as an agent. He also mentioned that blockchain is very likely to reshape the economy and finance with trust, digital links and digital currencies brought by its technologies.
In Li’s opinion, blockchain still has not seen a scale economic effect due to sectors applying this technology is limited at the moment. But blockchain’s innovation feature has a reformation power.