Top 5 Blockchain Implementations by China

As and when Bitcoin became popular, Blockchain also saw its rise in popularity. However, it was from a different perspective. Now, researchers have discovered new applications of Blockchain technology that can not only be revolutionary for business, but can also impact the country’s economy. Blockchain finds applications in various fields, from politics to financial transactions; companies are now exploring new applications for this technology.

An important point to note here is that despite its versatile uses and applications, many nations are not in favor of this technology, and one prominent name that appears is China. China initially banned cryptocurrency, but now there are rumors that it is working on its own cryptocurrency and is also promoting start-ups working on developing blockchain technology.

In this blog, I will outline how China is promoting blockchain and what are the important steps the nation has taken. But before we delve into this topic, it is necessary to understand what makes China so aggressively push the development of blockchain in the country.

What Makes Blockchain Inevitable for China?

It is not only about China, but we also need to understand the fact that technological development is the main ingredient of a great 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 transactions without third-party intervention. Its 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 has a direct impact on the GDP of the country. China is the main influence of the world economy. Due to the efforts to develop blockchain, it will not only gain a competitive advantage in the global market, but at the same time, it will promote better jobs for growth.

Over the next three years, Blockchain will be adopted in various industries. Some of the notable ones include supply chain, bill verification, energy, healthcare, precision marketing and financial transactions in China.

Top 5 Investments in Blockchain Technology

1. Financial Transactions- Well, this is the most basic and common use of Blockchain and more and 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 begun to make blockchain part of their infrastructure for various purposes such as e-commerce. Furthermore, China’s National Audit Office has also proposed using this technology for big data auditing.

2. Development of cryptocurrencies- We all know that China’s ban on Bitcoin and other cryptocurrencies led to a sharp decline in digital currencies. But the point is that China is working on developing its own digital currency. China’s central bank, the People Bank of China (PBOC), partnered with a team of researchers in 2014 to test a prototype Blockchain digital currency for use in their economy. Companies like QTUM, eChain and NEO are gaining attention in the 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 status and functioning of this sector is contingent and has barriers. The presence of blockchain can help transform this industry.

Using this technology for online content such as novels, musical compositions can be copyrighted at the time of their creation. After the development of this platform, the content owner can directly upload all the information directly to the platform and it will be available in the log in chronological order. The platform gives the owner the right to grant access to reprint citations of their work.

Companies like Beijing Banquanjia Tech and Yuanben Blockchain are working to create solutions in this direction.

4. Reception with big names. Amazon, Walmart, IM, Infosys are some of the big names working to explore the application 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, the Philippine telecom giant, to provide real-time cross-border payment services. This service will be useful for both the SME sector and individuals. With the help of this technology, the user can send and receive money quickly and easily.

5. Healthcare- It may sound a little unusual, but Blockchain technology can be revolutionary even in the healthcare sector. The latest information in this zone comes when Ali Health or Alibaba Health Information Technology Ltd. will cooperate with the Chinese city government to establish a connection between the current medical. Its purpose is to bring all information on the Blockchain platform, thus making all information easily accessible.

Conclusion-

The bottom line is that Blockchain is a versatile technology that offers many 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 should consider is that China is actively promoting cryptocurrency and Blockchain startup. Its aim is to create a simplified process for business operations that will help China gain a competitive advantage in the market.