When Bitcoin became popular, so did blockchain. However, it was from a different perspective. Researchers have now found new uses for blockchain technology that can not only revolutionize a business, but also impact the nation’s economy. Blockchain finds application in various fields, from politics to financial transactions; The company is now exploring new uses for this technology.
An important point to note here is that despite its versatile applications and uses, many countries are not in favor of this technology and one of the prominent names that have come up is China. China initially banned cryptocurrencies, but now there are reports that it is working on creating its own cryptocurrency and also promoting start-ups working towards the development of blockchain technology.
In this blog, I will highlight how China is promoting blockchain and what important steps the nation has taken. But before delving into this topic, it is essential to understand why China is pushing blockchain development so aggressively in the country.
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. Blockchain is a digital distributed ledger technology and is also known as DLT or Distributed Ledger Technology. It promotes peer-to-peer transactions without third party intervention. Its characteristic is decentralization. These key features of blockchain make it an indispensable technology for the growth of any business and the growth of the business directly affects the country’s GDP. China is a major influence in the world economy. By striving to develop blockchain, it will not only gain a competitive edge in the global market, but also promote better job opportunities for growth.
Blockchain will gain acceptance in various sectors in the next three years. Some of the prominent ones include supply chain, bill verification, energy, healthcare, precision marketing and financial transactions in China.
Top 5 Implementations of Blockchain Technology:
1. Financial Transactions- Well, this is the most basic and prevalent use of blockchain and many more countries are trying to explore this option. China is no different. Bank of China, China Construction Bank and many other financial institutions in China have started to build blockchain 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 downfall of digital currencies. But the fact is that China is working towards developing its digital currency. China’s central bank, the People’s Bank of China (PBOC), collaborated with a group of researchers in 2014 to trial a blockchain prototype digital currency for use in their economy. Companies like QTUM, eChain, and NEO are attracting attention from national to government. Governments are 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 status and governance of this sector is conventional and constrained. Having blockchain in place can help transform this industry.
Using this technology, online content such as novels, musical compositions can be copyrighted as soon as they are created. After the development of this platform, the content owner can directly upload all the information to the platform and it will be present in the ledger in chronological order. The platform gives the owner access to reprint excerpts of their work
Companies such as Beijing Banquanjia Tech and Yuanben Blockchain are working towards creating solutions in this direction.
4. Adoption by big names- Amazon, Walmart, IM, Infosys are some of the big names that are working towards exploring the use of this technology. Chinese company Alibaba is exploring the use of blockchain. Alibaba’s Ant Financial Service Group, a part of Alibaba Group, has collaborated 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 this technology, users can send and receive money quickly and easily.
5. Healthcare – It may sound a bit unorthodox, but blockchain technology could revolutionize even the healthcare sector. The latest information in the region comes as Ali Health, or Alibaba Health Information Technology Ltd., collaborates with Chinese city governments to connect current medical practices. The objective behind this is to bring all the information to the blockchain platform, so that complete information is easily accessible.
Conclusion-
The bottom line 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 take into account is that China is actively promoting cryptocurrency and blockchain startups. The objective behind this is to create a streamlined process of business operations that will help China gain a competitive edge in the market.