"The true potential of blockchain is more exciting by far than that of cryptocurrencies," said Jun Lu, head of Lufax Technology Center, at CNBC's East Tech West conference in the Nansha district of Guangzhou, China. When people talk about blockchain, Lu ventured, they are often only thinking cryptocurrencies. "Cryptocurrency is but one application of the blockchain technology, which in comparison has vastly more untapped potential and considerably more value to offer," considered Lu.