Meanwhile other countries analyzing a possibility to launch their own cryptocurrency, China is already implementing blockchain technology in numerous ways.
China looks to become a world leader in blockchain. Let’s see how China managed to apply blockchain technology!
There is a city identification code to link into a blockchain network developed by three institutes in Shijiazhuang city. This system will enable data sharing and interconnectivity between provinces. By 2020 China government plan to make 100 smart cities with similar system.
Anti-counterfeiting blockchain system
China started to develop blockchain based system what is so-called an authentication method to detect fake products from liquor to pig meat.
The People’s Bank of China (PBOC), the central bank, has been researching a digital currency since 2014 but recently accelerated its efforts in response to Facebook’s proposed digital currency Libra, a platform-based payment service backed by a basket of currencies weighted towards the U.S. dollar.
Blockchain for financial applications
Ant Financial, a subsidiary of Jack Ma’s e-commerce giant Alibaba, is using some of the $14 billion treasure chest to invest in blockchain. Jack Ma’s Ant Financial, have long been experimenting with blockchain for financial applications, such as cross-border micro-transaction payments, as well as medical reimbursement and leasing contracts.
Bitcoin mining companies
As many people know China is a home for mining companies. According to statistic Chinese bitcoin miners control 65% of the crypto network’s processing power. China’s Sichuan province alone produces 54% of global hash rate. The remaining 35% of bitcoin miners are spread from the U.S. to Russia and Kazakhstan.
Investing in blockchain projects
China due to more and more favorable blockchain climate attracts blockchain related investors. According to Financial Times, value of stocks was increased for 10 %. The city of Guangzhou, a blockchain innovation hub since, last week introduced a $150 million initiative to support two public or private-based blockchain projects per year.
China appears to be the biggest nation to have come out with a blockchain policy. Other places in the world, like Switzerland and Gibraltar, have introduced friendly policies to encourage blockchain firms to set up there. What do you think about cryptocurrency? Do you agree that China can be next world leader in terms of blockchain? Share in the comments below! If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.