Blockchain Boom: Technological Advancement or Wealth Game?

Xu Xiaoping urged entrepreneurs to fully invest in the Blockchain field in an investment group, attracting widespread attention. He has emphasized the importance of Blockchain technology many times, believing that its influence should not be underestimated.

In this wave of enthusiasm, Xunlei took the lead in applying blockchain technology to practice. To expand CDN resources, Xunlei launched the Wangke Cloud device, encouraging users to contribute idle bandwidth in exchange for virtual asset rewards. However, this initiative unexpectedly triggered a speculative frenzy, with the price of the Wangke Cloud device skyrocketing, and Xunlei's stock price surged as well.

Inspired by this, many companies have ventured into the Blockchain field. The century-old company Kodak announced the issuance of KodakCoin, causing its stock price to soar. Renren plans to launch Renrenfang tokens, but soon faced regulatory inquiries. Meanwhile, some major shareholders of companies took the opportunity to cash out at high prices, raising market skepticism.

However, the real attempts dedicated to the application of blockchain technology are rarely known. Companies like Alibaba, Tencent, and Meitu are exploring the practical applications of blockchain technology in different fields. Financial institutions such as WeBank and Ant Financial are also actively laying out the blockchain ecosystem. In the medical field, some enterprises are trying to use blockchain technology to optimize medical data management and insurance claims processes.

International technology giants such as IBM, Microsoft, and Facebook have also invested in the research and development of Blockchain technology. However, the actual application of Blockchain technology still faces numerous challenges, including high technical thresholds and limited application scenarios.

It is worth noting that the current blockchain craze is largely driven by speculation in virtual currencies, rather than recognition of the technology itself. Many investors know very little about blockchain technology, yet are eager to purchase various digital currencies, hoping to replicate the wealth myth of Bitcoin.

This phenomenon has triggered unease and doubts in the market. Some emerging trading platforms are continuously listing new cryptocurrencies, exacerbating the speculative atmosphere in the market. Meanwhile, regulatory pressure is also increasing, with multiple countries beginning to discuss restrictions on digital currency trading.

For companies with poor main business operations, the blockchain concept has become a means of disguised financing. By hyping up the concept, some companies can cash out at high stock prices, and even if the project fails in the future, they may still profit by repurchasing at a low price.

However, for those companies that are seriously developing Blockchain technology, this technology may bring first-mover advantages and long-term competitiveness. Even if they ultimately fail to achieve profitability, it has accumulated valuable experience for technological exploration.

History shows that humanity continuously explores new technologies to change the era, yet struggles to suppress its greed for wealth. Bubbles always burst, but human greed has never diminished. Whether it's Blockchain or other emerging technologies, they are all subject to the influence of this rule.