Is China On The Verge Of A Blockchain Revolution (Despite Its Crypto Ban)?

The government of China has banned a lot of activities related to crypto trading over the past few weeks. From social media accounts to events, exchanges and even news sites, it seems like China is tightening up the leash on the crypto world.

On the other hand, China’s plans to adopt blockchain technology have been more than just impressive. Over the past couple of months, the country said that it will continue to accelerate the blockchain development – and double its $3 billion investment in the technology until Q2 of 2018.

What many people are asking themselves right now is the following…

Is China ready to innovate with blockchain, at times when it has a clear ban on cryptocurrency-trading activities?

Currently, China sees multiple benefits in the blockchain network because of its operation and its potential to cut costs and increase savings. As you probably know, the blockchain operates without a central authority and is as such the perfect system that satisfies the country’s financial interest.

So far, China has invested more than $3 billion in blockchain-focused funds, despite its heavy crackdown on the crypto publications, news, exchanges, and trading altogether.

The country also encouraged local investment firms, tech conglomerates as well as government agencies to do the same and push the innovation that the blockchain brings – directly to the masses.

Some analysts predict that the blockchain could help China to secure the sectors such as finance, insurance, and supply chains, all thanks to its digital signatures and cryptographic timestamps. Also, the recent effort by the Chinese government to cooperate with Ethereum developers and develop dApps that can be used in the Xiongan New Area region definitely gives people hope that the country is ready for a new innovation – the blockchain innovation.