China Took Its First Step in Becoming a Tech Superpower

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Over 500 blockchain projects have been registered with the government. In October this year XI gave a speech saying that blockchain projects in China expressing his wish to seize the opportunities that blockchain offers, which appeared to be one of the first instances of a major world leader backing the technological advances. As per the experts, China could take the lead in the world of technological advances but it could also lead to dangerous problems if the shortcomings are not taken care of.

China is ready with vigor to take on the challenge that their world of technology poses in front them and to take the lead in the revolution of blockchain projects. This move can allow the world’s second-largest democracy to take forward the development of the budding technological development when the competition is from other regions like Europe and the US. Blockchain refers to a technology that was conceived with the inception of Bitcoin. In this case, its role was to pose as an unyielding and tamper-proof public ledger of financial transactions and activities. Blockchain’s definition has been evolving since then and finance started to apply Blockchain projects in its fields. Other terms like “Distributed Ledger Technology” or DLT are now being pretty often used in cases of finance and there is an extent of difference between Bitcoin and blockchain projects. But an interface in which transactions are recorded across a single record ledger aimed at authentication is still attractive and is DLT’s USP.

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Image Source: i.ytimg.com

In October, XI gave a speech saying China needs to seize the opportunities presented by blockchain projects. We take a look here at how China’s relationship has been with Cryptocurrencies so far. Cryptocurrency trading, that typical of Bitcoin is technically banned in China for many years. 2017 was the year when the government banned initial coin offerings or ICOs. This was a fundraising technique adopted by the startup companies by selling the newbie digital currencies in the market. But not all Cryptocurrency-related activities have been banned. Hileman estimates that almost half of total Bitcoins and other Cryptocurrency mining are done in China and the majority of citizens invest their money in Cryptocurrencies. The Chinese government never really had a problem with the underlying technology of Bitcoin. It has the most numbers of Bitcoin mines in the whole world. Notably, Bitcoin prices have soared high even after the speech that Xi gave regarding Cryptocurrencies advancements may be on the basis that citizens think that China might make alterations in its provision of laws against Cryptocurrencies.

China has a rich history of throwing shades over anything that includes high-level technology with big announcements that how they would like to proceed in those advancements. In 2017, the Chinese government had announced how it wants to proceed to capture the opportunities that blockchain projects or Cryptocurrencies have. It had laid out a blueprint of the plan that how it wants to become the world leader in artificial intelligence by 2030. Recently it has launched research and development projects that work for 6G mobile networks, notably, they just rolled out 5G just a week ago. Co-founder of Kenetic Capital, Jehan Chu has told the media that with President Xi supporting blockchain means that China has silently declared that the future foundation of technology would be blockchain.

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Image Source: cdn.i-scmp.com

China’s enthusiasm for Blockchain projects push could put other countries behind in the race, to the extent to where China could dominate the technology and the way it’s developed. In essence, it can be said blockchain could be programmed in a manner where it benefits the way China’s society and law standards are planned to move.

Source: CNBC


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AZNIV WARD
Azniv Ward is a student of Austrian Economics whose interests lie in Cryptography, Bitcoin security, open-source systems, network effects and economics. She has been an evangelist ever since. Having discovered the existence of Cryptocurrencies in 2011, she is intrigued by Tor .onion URLs directories.

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