We are moving towards decentralized financial system and blockchain trend is very popular among many countries. Let’s see on China example how do they use blockchain technology in order to make all processes better and more efficient.
Popularity of bitcoin is growing in China. In recent years, various guidelines and papers issued by the government have introduced and supported blockchain technology and even placed it in the same category of big data and artificial intelligence (AI). Moreover, government invested billions in startups of blockchain technology and applications in order to be a leader in world innovative competition.
An interconnectivity between provinces
China developed a city identification code to link provinces into a blockchain network which will enable data sharing and interconnectivity between them.
Government of China plans introduce 100 smart cities by 2020 using the blockchain technology as well.
Blockchain-based anti-counterfeiting system
China companies start to work on blockchain-based anti-counterfeiting system to check origin of products. This system is very relevant in China as the country is famous for producing copies of famous brands.
A national digital currency
People’s Bank of China is likely to be the first major central bank to issue a digital version of its currency, the yuan. Moreover, Covid-19 pandemic and need for social distancing emphasized the urgency of its launch.
It won’t be decentralized but still be digital: users would download a digital wallet and fill it with money from their account at a commercial bank — similar to going to an ATM.
Big Tech and Fintech
China’s Big Tech players, such as Jack Ma’s Ant Financial, have been using blockchain technology for financial applications, doing cross-border micro-transaction payments, medical reimbursement and leasing contracts.
It has processed $10.7 billion in transactions in the past year.
Bitcoin mining home
China is famous for Bitcoin mining having world’s top Bitcoin mining companies. Bitmain bested all other crypto startups on this year’s “Global Unicorn List,” according to the Shanghai-based Hurun Report.
The Chinese government encourages the development and application of blockchain technology in the country showing big enthusiasm. Their aim is to modernize China’s financial systems and become a world leader in this new innovative technology. What do you think about using blockchain in your country? Share it in the comments below! If you have your question, please write it below, I would be glad to answer it 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.