Chinese Companies Exploring Blockchain Initiatives: Many Chinese companies are exploring blockchain initiatives outside of the country, but what is the significance of this development for the industry? First, it could have a global impact. The rise of Chinese blockchain technology could help China establish itself as a leader in technology. A Chinese blockchain company may gain a competitive advantage when to trade bitcoin on the global market by leveraging its extensive network and resources. Chinese companies should explore blockchain initiatives outside of their home country to make the most of blockchain.
China’s central government initially viewed blockchain technology with concern, but it increasingly sees it as a potential business opportunity. The country’s thirteenth five-year plan, launched in 2016, highlighted blockchain technology and its potential. The Ministry of Industry and Information Technology has already released a White Paper on blockchain technology, with the first Chinese companies registering in 2017.
Chinese Companies Exploring Blockchain Initiative
China is launching a national blockchain platform, or BSN, as part of its grand strategy to lead the digital transformation of the world economy. Its state-sponsored blockchain initiative, called BSN, is expected to launch commercially in the second half of this year, with total development following in five years. Companies will be able to quickly plug into the BSN and build blockchain-based applications. Chinese companies should explore the potential of such a service before deciding whether to adopt it.
Currently, there are three types of blockchain conferences in China: the Global, the European, and the North American versions. While each of these conferences has its purpose and benefits, Chinese companies exploring blockchain initiatives outside are pursuing these events as a means to connect with the rest of the world. In addition to promoting the development of blockchain technology in the Chinese market, these events also help Chinese companies better understand their competitors’ blockchain offerings.
Although blockchain technology is increasingly essential in the global market, Chinese companies should consider the implications of blockchain for their operations in the country. While it might be hard to see the benefits of using it for payments and other transactions, it can help manage assets and verify identities. It can also be used as a database for internal transactions. It makes it more useful for companies than bitcoin as a payment system.
Another example is the emergence of the blockchain to track product data. A British company called DOVU has launched a project in this area, allowing users to track transit data and get rewarded with crypto-tokens. Using blockchain to track all transactions and track product origin could make the transportation system more efficient and functional. Further, a public ledger can record information about the efficiency and timeliness of the vehicles, which could allow for more efficient routes and a more reliable system.
Chinese companies exploring blockchain initiatives outside may consider the implications of censorship and privacy concerns. The Chinese government, for example, has already begun to use blockchain technology to manage staff data. It has even implemented blockchain-based platforms to collect evidence against dissidents online. Furthermore, blockchain can help ensure that data collected from social credit systems are always available and cannot be altered by unauthorized actors. In addition to promoting innovation, blockchain can be a powerful tool for public service management.
Another example of how blockchain can enhance healthcare is the development of smart contracts. Among other applications, smart contracts could automate service-level agreements with roaming coverage partners, a lengthy and tedious process.
Similarly, messaging platforms are integrating crypto-related features to improve user security. One popular encrypted messaging service, Signal, is reportedly planning to expand into cryptocurrency payments. There are many ways in which blockchain technology can transform healthcare.
A recent case in point is BASF, a German chemical producer. It is planning to launch a blockchain-based plastic recycling pilot in August 2020. The company’s keychain project tags plastics with chemical barcode tags to trace their lifecycle and incentivize recycling. The consortium includes Save-On-Food, NOVA Chemicals, and Deloitte. Another use of blockchain is in the oil and gas industry. A blockchain-based platform will automate the validation of contracts.