China has recently committed to a major blockchain technology push. President Xi Jinping recently confirmed the country will leave no stone unturned to be successful in this department. Chinese officials want to take advantage of the lack of a blockchain policy in the United States.
The Blockchain War Begins
It was a matter of time until the world’s leading nations started paying attention to blockchain technology. China is the first major powerhouse to blink. In October of 2019, officials confirmed how the country wants to become the global leader in blockchain.
Achieving that goal will not come easy. Other countries are also exploring what this technology can bring to the table. If the world’s second-largest economy becomes the primary developer and user of blockchain technology, an interesting precedent is created.
For China, this would be a moral victory of epic proportions. Its main competitor, the United States, has not shown much interesting exploring real-world blockchain use cases. A similar laissez-faire attitude is notable in Europe. Now is the time to make a lasting and global impact on the industry.
What Everyone can Expect
It is not the first time China makes a big announcement regarding innovative technologies. Government officials have started paying close attention to artificial intelligence since 2017. There is also the ongoing research and development of 6G mobile networks. Pushing the agenda has always been a primary goal for this country.
With the backing of President Xi, however, the blockchain-oriented focus could be of a different magnitude. China explained to the world how this technology will be one of the core pillars of the future. There is also plenty of capital to power innovative research ventures, including blockchain technology.
Several research and development projects have already launched in the country. It is believed over 500 of these projects have been registered with the Cyber Administration of China. Not all of these ventures are created by aspiring developers. Even major corporations such as Tencent and Huawei are throwing their weight around.
There is also the Hainan blockchain pilot zone. It is a region in China where the development of this technology is fostered and encouraged. This has attracted the attention of various companies, including Baidu and Huobi. Many people see Hainan as a new special economic zone, and one that could attract a lot more attention in the years to come.
Nudging Other Countries
The current blockchain push in China is a clear warning sign for other countries. Any region looking to become part of the next technology revolution will need to pay attention. It is not unthinkable to see other countries speed up the drafting of policies pertaining to this new technology.
Blockchain Valley Ventures partner Sebastian Markowsky adds:
“I would say that for the rest of the world, this is an emergency call since with all the good things that blockchain theoretically promotes, like transparency, staking (rewarding right behavior in societies), interaction in a trustless system, etc., if applied towards a society in shape of the social scoring that is underway in China, it can be a fairly dangerous technology if it is used to cater the needs of a specific country.”