As Bitcoin became popular, Blockchain also saw a rise in popularity. However, it was from a different perspective. Researchers have now found new uses for Blockchain technology that can not only be revolutionary for a business, but can also influence the nation’s economy. Blockchain finds application in different fields, from politics to financial transactions; companies are now exploring new uses for this technology.
An important point to note here is that despite its multifaceted applications and uses, many nations are not in favor of this technology and one of the prominent names emerging is China. China had initially banned cryptocurrencies, but now there is news that it is working on the creation of its cryptocurrency and also promoting new companies that are working towards the development of Blockchain technology.
In this blog, I will highlight how China is promoting Blockchain and what are the significant steps taken by the nation. But before delving into this topic, it is essential to understand what makes China so aggressively push Blockchain development in the nation.
What makes Blockchain inevitable for China?
It is not just about China, but we need to understand the fact that technological development is the key ingredient for a great recipe for success. Blockhan is a digital distributed ledger technology and is also known as DLT or Distributed Ledger Technology. It promotes the transaction between peers without the interference of third parties. Its hallmark is decentralization. These key features of Blockchain make it an inevitable technology for the growth of any business and the growth of business directly influences the GDP of the nation. China is a major influencer in the world economy. By making an effort to develop Blockchain, you will not only gain a competitive advantage in the global market, but at the same time, you will also promote better job opportunities for growth.
In the next three years, Blockchain will gain acceptance in various sectors. Some of the most prominent include supply chain, invoice verification, energy, healthcare, precision marketing, and financial transactions in China.
Top 5 Blockchain Technology Implementations:
1. Financial Transactions – Well, this is the most basic and conventional use of Blockchain and more and more nations are trying to explore this option. China is no different. The Bank of China, China Construction Bank, and many other financial institutions in China have started making Blockchain as part of their infrastructure for various purposes, such as e-commerce. In addition, the National Audit Office of China has also proposed the use of this technology for big data audits.
2. Development of cryptocurrencies: We all know that the ban on Bitcoin and other cryptocurrencies in China led to the plummet of digital currencies. But the fact is that China is working to develop its digital currency. The central bank of China, the People’s Bank of China (PBOC), has collaborated together with a team of researchers in 2014 and has already tested the Blockchain digital currency prototype for use in its economy. Companies like QTUM, eChain, and NEO are attracting the attention of the national government. The government is actively supporting the rise of Blockchain
3. Intellectual property: This is another aspect of intellectual property that is an area of great concern for many nations. Currently, the state and operation of this sector is conventional and presents bottlenecks. Having Blockchain in place can help transform this industry.
With the use of this technology, online content such as novels, musical composition can be copyrighted at the time they are created. After the development of this platform, the content owner can directly upload all the information directly to the platform, and it will be present in the ledger in chronological order. The platform grants the owner the right to grant access to reprint citations of his work.
Companies like Beijing Banquanjia Tech and Yuanben Blockchain are working to create solutions in this direction.
4. Adoption by big names: Amazon, Walmart, IM, Infosys are some of the big names that are working to explore the use of this technology. The Chinese company Alibaba is exploring the use of Blockchain. Alibaba’s Ant Financial Service Group, a part of the Alibaba group, collaborated with Globe Telecom, a Philippine telecommunications giant to provide real-time cross-border payment services. This service will be useful for both industrial SMEs and individuals. With the help of this technology, the user can send and receive money quickly and easily.
5. Health: It may sound a bit unconventional, but Blockchain technology can be revolutionary even in the health sector. The latest information in this area came when Ali Health or Alibaba Health Information Technology Ltd. will collaborate with the Chinese city government to establish a connection between current medicine. The goal behind this is to bring all the information to the Blockchain platform, making all the information easily accessible.
Conclusion-
The fact of the matter is that Blockchain is a multifaceted technology that offers a multitude of benefits. However, we cannot ignore the fact that it is a fairly new technology and needs a lot of improvisation. Another important point that we must take into account is that China is actively promoting the start of cryptocurrencies and Blockchain. The goal behind this is to create a streamlined business operations process that will help China gain a competitive advantage in the market.
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