As Bitcoin became more popular, Blockchain also saw its popularity grow. However, this was from a different perspective. Researchers have now found new uses for Blockchain Technology, which can not only be revolutionary for a business, but also affect the country’s economy. Blockchain is used in a variety of areas, 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 emerging names is China. China initially banned cryptocurrency, but now it is reportedly working on creating a cryptocurrency and also encouraging startups working to develop Blockchain Technology.
In this blog, I will highlight how China promotes Blockchain and what important steps the nation has taken. But before delving deeper into the subject, it is important to understand what is driving China’s Blockchain development in the country so aggressively.
What makes blockchain inevitable for China?
It’s not just China, but we need to understand that technological advancement is a key ingredient to an excellent recipe for success. Blockhan is a digital distributed book technology and is also known as DLT or Distributed Accounting Book Technology. It promotes peer-to-peer operation without third party intervention. Its characteristic feature is decentralization. These key features of Blockchain make it an indispensable technology for the development of any business, and business growth has a direct impact on the country’s GDP. China is a country that has a great impact on the world economy. By striving to develop blockchain, it will not only gain a competitive advantage in the global market, but also promote better business opportunities for growth.
Over the next three years, Blockchain will be adopted in various sectors. Some of the notable ones include supply chain, invoicing, energy, health, precision marketing and financial operations in China.
Top 5 Blockchain Technology Applications:
1. Financial Transactions – This is the most basic and traditional use of Blockchain, and more and more countries are trying to explore this option. China is no different. The Bank of China, the Construction Bank of China, and many other financial institutions in China have begun to use Blockchain as part of their infrastructure for a variety of purposes, such as e-commerce. In addition, the National Audit Office of China has proposed the use of this technology for the audit of large data.
2. Cryptocurrency Development – We all know that China’s ban on Bitcoin and other cryptocurrencies has led to a sharp depreciation of digital currencies. But the point is that China is working to develop its digital currency. In 2014, the People’s Bank of China (PBOC), together with a group of researchers, tested the Blockchain prototype digital currency for use in its economies. Companies such as 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 of great concern to many states. Currently, the situation and activities of this sector are traditional and have bottlenecks. Having a blockchain can help change this industry.
Using online content, such as novels, a music composition can be copyrighted at the time it is created. After the development of this platform, the content owner can upload all the information directly to the platform, and it will be available in the book in chronological order. The platform gives the owner the right to reprint quotes from their work.
Companies such as Beijing Banquanjia Tech and Yuanben Blockchain are working to create solutions in this direction.
4. Mastery by big names – Amazon, Walmart, IM, Infosys are some of the big names trying to explore the use of this technology. Chinese company Alibaba is investigating the use of Blockchain. Alibaba’s Ant Financial Service Group, part of the Alibaba Group, has partnered with Philippine telecommunications giant Globe Telecom 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 money quickly and easily.
5. Health – It may sound a little unconventional, but Blockchain Technology can be revolutionary even in the healthcare sector. The latest information in this area comes when Ali Health or Alibaba Health Information Technology Ltd. will work with the Chinese City Government to establish a link between existing medicine. The goal behind this is to bring all the data to the Blockchain platform and thus make all the data easily accessible.
The bottom line is that Blockchain is a versatile technology that offers many benefits. However, we cannot ignore the fact that it is a completely new technology and needs a lot of improvisation. Another important point to keep in mind is that China is actively promoting cryptocurrency and Blockchain startups. The goal is to create a simplified business process that will help China gain a competitive advantage in the market.