Just like when Bitcoin became popular, Blockchain also saw a rise in its popularity. However, this was from a different perspective. Researchers have already discovered new applications of blockchain technology that can not only be revolutionary for businesses, but can also impact the nation’s economy. Blockchain finds application in various fields, from politics to financial transactions; now companies are exploring new applications of this technology.
An important point to note here is that despite the versatile applications and uses, many nations do not support this technology and one of the prominent names emerging is China. Initially, China had banned cryptocurrency, but now there is news that it is working on creating its own cryptocurrency and is also encouraging startups that are working on 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 we delve into this topic, it is important to understand what makes China so aggressively push Blockchain development in the nation.
What Makes Blockchain Inevitable for China?
It is not only about China, but we must understand the fact that technological development is the key ingredient for an excellent recipe for success. Blockhan is a digital distributed ledger technology and is also known as DLT or distributed ledger technology. It promotes peer-to-peer transaction without the intervention of a third party. Its distinguishing feature is decentralization. These key features of Blockchain make it an inevitable technology for the growth of any business and the growth of the business directly affects the GDP of the nation. China is a major factor influencing the global economy. By making efforts to develop Blockchain, it will not only gain a competitive edge in the global market, but at the same time, it will also promote better job opportunities for growth.
In the next three years, Blockchain will be adopted in various sectors. Some of the prominent ones include supply chain, checking accounts, energy, healthcare, precision marketing and financial transactions in China.
Top 5 Implementation of Blockchain Technology:
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 part of their infrastructure for various purposes such as e-commerce. In addition, China’s 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 has caused digital currencies to plummet. But the fact is that China is working to develop its digital currency. China’s central bank, the People’s Bank of China (PBOC), collaborated together with a team of researchers in 2014 and have already conducted a trial of a Blockchain digital currency prototype for use in their 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 a major area of concern for many nations. Currently, the state and functioning of this sector is conventional and has difficulties. The presence of Blockchain can help transform this industry.
With the use of this technology online content such as novels, a musical composition can be copyrighted the moment it is 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 book in chronological order. The platform gives the owner the right to grant access to reprint the citations of their work.
Companies such as 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 working to explore 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 industries and individuals. With the help of this technology, the user can send and receive the money quickly and easily.
5. Healthcare – It may sound a little unconventional, but Blockchain technology can be revolutionary even in the healthcare sector. The latest information in this area came when Ali Health or Alibaba Health Information Technology Ltd. will cooperate with the Chinese city government to establish a link between current medicine. The purpose behind this is to bring all the information to the Blockchain platform, thus making all the information easily accessible.
The bottom line is that Blockchain is a multi-faceted technology offering multiple benefits. However, we cannot ignore the fact that this is a fairly new technology and needs a lot of improvisation. Another important point to note is that China is actively promoting cryptocurrency and blockchain startups. The purpose behind this is to create a streamlined process of business operations that will help China gain a competitive edge in the market.