KEY POINTS
  • In October, Xi gave a speech saying China needs to "seize the opportunities" presented by blockchain, in what appeared to be one of the first instances of a major world leader backing the tech.
  • Over 500 blockchain projects have been registered with the government.
  • Experts say China could define the technology if it's able to take a lead — which could be "dangerous."
Chinese President Xi Jinping

China is poised to take the lead in blockchain after it was given strong backing by the country's leader President Xi Jinping, experts told CNBC. The move could allow the world's second-largest economy to control the development of the nascent technology in the absence of competition from other regions like Europe and the U.S.

Blockchain refers to a technology which began with the cryptocurrency bitcoin. In that case, its role was an immutable and tamper-proof public ledger of activity. It was also "decentralized," which means it was not owned by any one party.