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How Is China Working With Blockchain Technology?
China, one of the most powerful countries all over the world, is currently using blockchain technology. There are different industries such as Robotics or supply chains that are being enhanced by distributed ledger technology (DLT).
According to a recent report released by Forbes, China was able to build a “blockchain wall,” an ecosystem that is composed of three major layers or bricks. The blockchain nation is formed by institutional investors that are linked to corporate players.
There are Chinese projects that are connected with CEOs and venture capital firms. At the same time, there is also some marketing campaigns to secure larger support. Once the companies are able to gather financial support, then, they develop pilots and real-use cases and then they focus on strong marketing campaigns.
As per Forbes, the second layer of the wall is composed of a diversified network of universities and other incubators. This allows companies and projects to start growing and building their own ideas. In this way, it is possible to build a community of nodes that solves the main challenge of sourcing talent.
Finally, the third layer is related to a dynamic environmental and fast-moving regulatory framework. Although there are some regulatory gaps between the banking industry and blockchain projects, some financial institutions are considering implementing this technology and improve their overall efficiency.
In 2017, China was the country with the largest number of patents registered around the world. It registered even more patents that the United States, and in the future, the blockchain industry in the country is expected to keep growing.
There are several companies and projects settled in China and a large number of investors settled in the country that are ready to enter the cryptocurrency and blockchain market. It is worth mentioning that China completely banned digital currencies in its territory and also Initial Coin Offerings (ICOs).
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