According to Forkast Insights which is the research arm of the Asia-based Forkast, blockchain is maturing at a rapid pace in China and the technology is integrated pretty well in many segments.
A report by the firm presented the details on how blockchain is being applied by the Chinese government and companies all over the country. The report shows that blockchain is maturing rapidly and has a slew of “real-world, practical use cases that are far beyond the experimental stage.”
Forkast Insights also included the in-depth analysis and insights from the top-level China blockchain insiders, academics as well as leaders, seeing how one of the world’s largest economies is experiencing this very innovative technology.
The blockchain news also show that this report takes a closer look at how blockchain implementation in China compares to the rest of the world, how firms use blockchain as well as how Chinese consumers experience the technology in their daily lives. Among the featured points, we can also see how China takes the lead in the blockchain patent race, and how The People’s Bank of China is racing to launch a digital token which will challenge the United States dollar, among others.
Knowing that China and its president Xi Jinping recently called to embrace blockchain technology, we can safely say that the country is in a good way to take the number one spot in dominating blockchain innovations and overshadowing the US. This is apparently something that is lagging behind quickly.
Xi also identified dozens of practical use cases which should be promoted. Blockchain is maturing well in China and as the update shows, loans, health care, anti-counterfeiting, charity and food security are all sectors which could “gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”
The adoption of blockchain definitely found some solid ground in China, especially as the government attached a high level of importance to the digital economy. Cautious but promising, the endorsements are signs that the government of China is truly considering further implementation of the technology all across the country.
Recent reports showed that even the Chinese army is now reportedly thinking about using the technology for helping its military.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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