As and when Bitcoin became popular so did Blockchain saw the rise in its popularity as well. However, it was from a different perspective. Researchers have now found new uses of Blockchain Technology which can not only be revolutionary for a business, but it also can influence the economy of the nation. Blockchain finds application in different 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 multifaceted applications and uses, many nations are not in favour of this technology and one of the prominent names that emerge is China. China had initially banned cryptocurrency, but now there is news that it is working on creating its cryptocurrency and also promoting start-ups that are working towards the development of Blockchain Technology.
In this blog, I will be highlighting how China is promoting Blockchain and what are the significant steps taken by the nation. But before delving deep into this topic, it is essential to understand what makes China so aggressively push Blockchain’s development in the nation.
What makes Blockchain inevitable for China?
It’s not only about China, but we need to 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 interference of the third party. Its hallmark is decentralisation. These key features of Blockchain make it 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 of the world economy. With it making an effort to develop Blockchain, it will not only gain a competitive edge in the world market but at the same time, it will also promote better job opportunities for growth.
In the coming three years Blockchain will gain acceptance in various sectors. Some of the prominent ones include the supply chain, bill verification, energy, healthcare, precision marketing and financial transaction 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, the China Construction Bank, and many other financial institutions in China have started to make Blockchain as a part of their infrastructure for various purposes like 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 cryptocurrency led to the plummeting of digital currencies. But the fact of the matter is that China is working towards the development of its digital currency. China’s central bank, People Bank of China (PBOC), have collaborated along with a team of researchers in 2014 have already run the trial of Blockchain prototype digital currency to use in their economy. Companies like QTUM, eChain, and NEO are garnering attention from the national in the government. The government is actively supporting the rise of Blockchain
3. Intellectual Property- This is yet another aspect of Intellectual Property is a big area of concern for many nations. Currently, the status and operation of this sector is conventional and has bottlenecks. Having Blockchain in place can help in transforming this industry.
With the use of this technology online content like novels, the musical composition can be copyrighted the moment they are created. After the development of this platform, the owner of the content can directly upload all the information directly on the platform, and it will be present in the ledger in chronological order. The platform gives the owner the right to grant access to reprint the citations of their work.
Companies like Beijing Banquanjia Tech and Yuanben Blockchain are working towards creating solutions in this direction.
4. Adoption by big names- Amazon, Walmart, IM, Infosys is 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, collaborated with Globe Telecom, a Philippine telecommunication 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 might sound a bit unconventional, but Blockchain Technology can be revolutionary even in the healthcare sector. The latest information in this zone came when Ali Health or Alibaba Health Information Technology Ltd. will collaborate with Chinese City government to establish a connection between the current medical. The objective behind this is to bring all the information on Blockchain platform thus, making the entire information easily accessible.
The crux of the matter is that Blockchain is a multifaceted technology offering a multitude of benefits. However, we can’t ignore the fact that its quite a new technology and needs a lot of improvisation. Another important point that we must take into consideration is that China is actively promoting cryptocurrency and Blockchain startup. The objective behind this is to create a streamlined process of business operations which will help China get a competitive edge in the market.