Blockchain Is A Fast-Evolving Technology In China
‘Forkast Insights,’ the research arm of ‘Asia-based Forkast,’ took an in-depth, extensive look at how blockchain technology is integrated in China.
Forkast Insights conferred its first report on Dec.5, on how blockchain is implemented by the Chinese government and companies across the country. According to the report, blockchain technology is swiftly evolving and has a slew of “real-world, practical use cases that are far beyond the experimental stage.”
Forkast Insights covered the in-depth analysis and insights from top China-based blockchain insiders, academics, and leaders to understand how one of the world’s largest economy is encountering this innovative technology.
The report takes a more intimate look at how blockchain implementation in China compares to the rest of the world, how China takes the lead in the blockchain patent race, how firms use blockchain and how Chinese customers experience it in their daily lives, and how ‘The People’s Bank of China’ is pursuing to launch a digital token to challenge the United States dollar, among others.
China on its way to dominating blockchain innovations
With China President Xi Jinping’s current call to adopt blockchain technology, the country is on its way to get the number one spot in governing blockchain innovations and shade the U.S., which is flagging quickly.
Xi recognized dozens of practical use cases that should be promoted: loans, anti-counterfeiting, health care, food security, and charity, while he stressed that blockchain development could benefit China to “gain an edge in the innovative, theoretical, and industrial aspects of this emerging field.”
Prominent leaps for blockchain in China
The adoption of blockchain has found stable ground in China, with the government assigning a high level of importance to the digital economy. The cautious but promising sanctions are signs that the Chinese government is undoubtedly considering the further implementation of blockchain technology throughout the country.
Even the Chinese army is now reportedly considering using blockchain technology to help its military, by executing the technology to reward the workforce and manage personal data.
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