China’s Dive Into Blockchain Spurred The Rest Of The World Into Action

China’s dive into blockchain made the rest of the world run faster towards the blockchain bandwagon. Soon after the Chinese President Xi Jinping called for embracing the blockchain technology in the country, things are speeding up as we are about to see in the latest blockchain news today.

Xi identified multiple use cases that could be promoted including health care, anti-counterfeiting, charity, and loans and emphasized that the blockchain development could ‘’China gain an edge in the theoretical, innovative and industrial aspects of the emerging field.
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’’ This was considered a green light for the Chinese blockchain startups and projects that needed further acceleration for their development.

A few days after the announcement, China launched a blockchain-based smart city identification system that is able to support the interaction between the infrastructure, cities and data and the system was put into motion by the China Center for urban development and the academy of social sciences. The system which is developed and distributed in China is based on uniform issuing rules and analysis of distributed storage and protection against unauthorized access. The coding systems are not in uniform which means that the data could not be shared easily between different ministries and industries.

China’s dive into crypto seems to have a plan of how the blockchain technology can facilitate the workflow of different sectors of the economy and thereby bring more economic benefits. China is, however, not the first country to start looking in the direction of putting IDs on a blockchain. The first step towards blockchain was made in 2016 when the Ministry of Industry of china published a whitepaper on blockchain technology and further application development with the benefits listed and explained how the application can be regulated in different sectors of the economy.

Both the private companies and Chinese authorities have been working on how to apply the technology but were extremely precautious towards the government systems and distributed registries and especially cryptocurrencies. But in 2019, the situation started to change and multiple blockchain projects emerged especially in the ID systems. For example, a huge number of public affairs management systems based in the Guangdong province and Xiongan New District are now using blockchain technology. The consulting partner with Deloitte China Paul Sin noted:

 “China is very supportive on Distributed Ledger Technology (DLT), just not crypto. Digital identity is not crypto, hence very welcome.”