Monday, November 29th, 2021

Top 5 implementation of Blockchain Technology

When Bitcoin became popular, Blockchain saw a rise in popularity as well. However, it was from a different perspective. Researchers have now found new uses for Blockchain technology which can not only be revolutionary in business but can also impact the economy of a nation. Blockchain finds application in various fields, from politics to financial transactions; Companies are now exploring new uses for this technology.

An important point to note here is that despite its multifaceted applications and uses, many countries are not in favor of this technology and one of the notable names that has emerged is China. China initially banned cryptocurrency, but now there is news that it is working on creating its own cryptocurrency and also encouraging startups that are developing Blockchain technology.

In this blog, I will highlight how China is promoting Blockchain and what important steps the nation has taken. But before we delve deeper into this topic, it is necessary to understand what is causing China to aggressively push blockchain development in the country.

1. Financial Transactions- Well, this is the primary and traditional use of Blockchain, and more and more countries are trying to explore this option. China is no different. The Bank of China, China Construction Bank and many other financial institutions in China have started making Blockchain a part of their infrastructure for various purposes such as e-commerce. Moreover, the Chinese National Audit Office has also suggested using this technology in big data audits.

2. Cryptocurrency Development – We all know that China’s ban on Bitcoin and other cryptocurrencies has led to a sharp drop in digital currencies. But the fact of the matter is that China is developing its own digital currency. China’s central bank, People’s Bank of China (PBOC), along with a team of researchers in 2014, have already experimented with a prototype Blockchain digital currency for use in their economy. Companies like QTUM, eChain, and NEO are getting the attention of citizens in the government. The government actively supports the rise of Blockchain

3. Intellectual property – This is another aspect of intellectual property and is an area of ​​great interest for many countries. Currently, the status and operation of this sector is traditional and has bottlenecks. The presence of Blockchain can help transform this industry.

By using this technology for online content such as novels, musical compositions can be copyrighted the moment they are created. After the development of this platform, the content owner can directly upload all the information to the platform directly, and it will be present in the ledger in chronological order. The platform grants the owner the right to grant access to reprint citations of their work.

Companies like Beijing Banquanjia Tech and Yuanben Blockchain are working towards creating solutions in this direction.

4. Adoption by big names – Amazon, Walmart, M, Infosys are some of the big names that are exploring the use of this technology. Chinese company Alibaba is exploring the use of Blockchain. Alibaba’s Ant Financial Service Group, part of the Alibaba Group, has teamed up with Globe Telecom, the Philippine telecom giant to offer real-time cross-border payment services. This service will be useful for both small and medium industries and individuals. With the help of this technology, the user can send and receive money quickly and easily.

5. Healthcare – It may sound a little unconventional, but Blockchain technology can be revolutionary even in the healthcare sector. The latest information in this area came when Ali Health or Alibaba Health Information Technology Ltd. will cooperate with the Chinese city government to establish a connection between the existing medical field. The goal is to bring all the information on the Blockchain platform, making the entire information easily accessible.

Conclusion-

The gist of the matter is that Blockchain is a multifaceted technology that offers many benefits. However, we cannot ignore the fact that it is a completely new technology and needs a lot of improvisation. Another important point to keep in mind is that China is actively promoting crypto and Blockchain startups. The goal is to create a simplified process of business operations that will help China gain a competitive advantage in the market.

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