As Bitcoin grew in popularity, so did the popularity of Blockchain. It was, however, from a different angle. Researchers have discovered new uses for Blockchain Technology that are not only revolutionary for businesses, but also have the potential to alter the economy of a country. Blockchain is being used in a variety of domains, from politics to financial transactions, and firms are now looking for new applications.
One thing to keep in mind is that, despite its many applications and benefits, many countries oppose this technology, with China being one of the most prominent examples. China has previously prohibited cryptocurrencies, but there is now word that it is developing its own cryptocurrency and fostering start-ups working on Blockchain technology development.
In this article, I’ll discuss how China is supporting Blockchain and what key moves the country has achieved. But, before we delve into this topic further, it’s important to understand why China is pushing Blockchain development so hard.
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What makes the adoption of Blockchain in China a foregone conclusion?
It’s not just about China; we also need to recognise that technical advancement is a critical component of a winning formula. Blockhan, also known as DLT or Distributed Ledger System, is a digital distributed ledger technology. It encourages peer-to-peer transactions that are free of third-party influence. Its defining feature is decentralisation. These important characteristics of Blockchain make it an unavoidable technology for the success of any firm, and business growth has a direct impact on the nation’s GDP. China is a big economic force in the world. It will gain a competitive advantage in the global market if it makes an attempt to build Blockchain, and it will also encourage better job prospects for growth.
Blockchain will gain popularity in a variety of industries within the next three years. Supply chain, bill verification, energy, healthcare, precision marketing, and financial transactions are just a few examples in China.
The following are the top five applications of blockchain technology:
1. Financial Transactions- This is the most fundamental and traditional application of Blockchain, and more and more countries are looking at it. China is no exception. The Bank of China, the China Construction Bank, and a number of other Chinese financial institutions have begun to integrate Blockchain into their infrastructure for a variety of purposes, including e-commerce. Furthermore, the Chinese National Audit Office has suggested that this technology be used for big data audits.
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2. Cryptocurrency Growth- We all know that China’s ban on Bitcoin and other cryptocurrencies caused digital currencies to collapse. However, the reality remains that China is working to build its own digital money. In 2014, China’s central bank, the People Bank of China (PBOC), worked with a group of researchers to undertake a trial of Blockchain prototype digital currency in their economy. Companies like QTUM, eChain, and NEO are gaining traction among government officials. The government is actively encouraging the adoption of Blockchain technology.
3. Intellectual Property- This is another another component of Intellectual Property that many countries are concerned about. This sector’s state and operation are currently conventional, with bottlenecks. Blockchain technology can aid in the transformation of this industry.
The adoption of this technology allows for the copyrighting of online works such as novels and musical compositions as soon as they are created. Following the construction of this platform, the content owner can easily upload all of the information to the platform, which will be stored in chronological order in the ledger. The platform allows the owner to authorise permission to republish their work’s citations.
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Companies such as Beijing Banquanjia Tech and Yuanben Blockchain are developing solutions in this area.
4. Large brands are using the technology: Amazon, Walmart, IM, and Infosys are just a few of the big names that are experimenting with it. Alibaba, a Chinese business, is investigating the usage of Blockchain. Ant Financial Service Group, a subsidiary of Alibaba, teamed up with Globe Telecom, a Philippine telecommunications behemoth, to offer real-time cross-border payment services. Both SME businesses and individuals will benefit from this service. The user can send and receive money fast and easily with the use of this technology.
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5. Healthcare- While it may seem unusual, Blockchain Technology has the potential to revolutionise the healthcare industry. The most recent news in this area came when Ali Health, or Alibaba Health Information Technology Ltd., announced that it will partner with the Chinese city government to develop a link between current medical technology and the Chinese city government. The goal is to put all of the information on the Blockchain platform, making it easily accessible.