As Bitcoin became more popular, so did Blockchain. However, it was from a different perspective. Researchers have now discovered new uses of blockchain technology that could not only be revolutionary for a business, but also have an impact on the country’s economy. Blockchain finds application in a variety of fields, from politics to financial transactions; Companies are now exploring new uses of this technology.
An important point to note here is that despite its versatile application and use, many countries are not in favor of this technology and one of the prominent names raised is China. China initially banned cryptocurrency, but now there are reports that it is working to create its own cryptocurrency and also promoting start-ups that are working towards developing blockchain technology.
In this blog, I will highlight how China is advancing the blockchain and what important steps the nation has taken. But before going deeper into the subject, it is essential to understand why China pushes the development of blockchain in the country so aggressively.
What makes blockchain inevitable for China?
It’s not just about China, we need to understand the fact that technological development is a key ingredient in a great recipe for success. Blockhan is a digitally distributed laser technology and is also known as DLT or Distributed Laser Technology. It promotes peer-to-peer transactions without third party intervention. Its feature is decentralization. These key features of blockchain make it an indispensable technology for any business growth and business growth directly affects the nation’s GDP. China is a major influential country in the world economy. By continuing its efforts to develop blockchain, it will not only gain a competitive edge in the global market, but also promote better job opportunities for growth.
Over the next three years, blockchain will gain acceptance in various sectors. Some of the prominent ones include supply chain, bill verification, energy, healthcare, fine marketing and financial transactions in China.
Top 5 implementations of blockchain technology:
1. Financial Transactions- Well, this is the most basic and common use of blockchain and many more countries are trying to explore this option. China is no different. The Bank of China, China Construction Bank and many other Chinese financial institutions have started building blockchains as part of their infrastructure for various purposes such as e-commerce. Moreover, the Chinese National Audit Office has also proposed the use of this technology for big data audits.
2. Cryptocurrency Development – We all know that China’s ban on Bitcoin and other cryptocurrencies led to the collapse of the digital currency. But the fact is that China is working towards the development of its digital currency. China’s central bank, the People’s Bank of China (PBOC), collaborated with a team of researchers in 2014 to test blockchain prototype digital currencies for use in their economies. Companies like QTUM, eChain, and NEO are attracting national attention in government. The government is actively supporting the rise of blockchain
3. Intellectual Property- This is another aspect of intellectual property which is a big area of concern for many nations. Currently, the condition and management of this sector is prevalent and there are barriers. Having a blockchain in place can help transform this industry.
Using this technology, online content, such as novels, can be copyrighted as soon as the musical composition is created. After the development of this platform, the content owner can upload all the information directly to the platform and it will be present in the laser in chronological order. The platform gives the owner the right to reprint their work quotes
Companies such as Beijing Banquanjia Tech and Yuanben Blockchain are working to create solutions in this direction.
4. Adopted by big names – Amazon, Walmart, IM, Infosys are some of the big names working towards exploring the use of this technology. Chinese company Alibaba is exploring the use of blockchain. Alibaba’s Ant Financial Service Group, part of the Alibaba Group, has partnered with Globe Telecom, a Philippine telecommunications giant, to provide real-time cross-border payment services. This service will be useful for both SME industry and individuals. With this technology, users can send and receive money quickly and easily.
5. Healthcare- This may sound a bit obsolete, but blockchain technology can be revolutionary even in the healthcare sector. The latest information in the region comes when Ali Health or Alibaba Health Information Technology Limited will collaborate with the City Government of China to establish a link between current treatments. The purpose behind this is to bring all the information on the blockchain platform, so that the complete information is easily accessible.
The crux of the matter is that blockchain is a versatile technology that offers a lot of benefits. However, we cannot ignore the fact that this is quite a new technology and it needs a lot of improvement. Another important thing we must consider is that China is actively promoting cryptocurrency and blockchain startups. The purpose behind this is to create a streamlined process of business activity that will help China gain a competitive edge in the market.