A consideration of China’s adoption of Blockchain Technology
China’s recent adoption of Blockchain Technology had many in the cryptospace wondering what is coming next for blockchain technology. E-CryptoNews reached out to blockchain experts and here is what they had to say concerning the issue.
When Xi talks of blockchain, he sees the benefits of technology across the spectrum – from governance to supply chain to financial services, he doesn’t mean crypto. Personally, I don’t think U.S. is doing too badly with blockchain. Without the noise and the hype, some of the biggest initiatives in the blockchain space are happening in the U.S., whether it’s Walmart’s supply chain, JPM Coin, or Libra. So mainstream usage of blockchain will still be driven by U.S. and with CFTC and others, even the regulatory regime is favorable.
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It was always going to be the case that China would be powering ahead with blockchain implementation as they are typically fast to adopt new innovations and have resources in terms of talent and skilled technical resources to make large leaps of innovation. But more than that, they have the right mindset. They know that in order to secure a market it’s always beneficial to have first-mover advantage. Whilst other countries such as the UK and USA do have blockchain-related activities and initiatives, they are far slower and risk-averse to implementing changes that could fundamentally cause a lot of disruption. China’s policies in place foster creativity and new innovations and we may now see other countries racing to launch their blockchain projects in an effort to catch up with China but it may already be too late.
I think that China’s adoption of blockchain technology is a welcome development. This will increase the rate of adoption of blockchain technology at an exponential rate. When you have about a quarter of the World’s population doing something about a particular piece of technology then you know that that technology is going to be huge further down the line. The west has to wake up and put it’s act together fast else they will get left behind as far as blockchain technology is concerned. This again is dependent on how best the Chinese implement blockchain solutions. If the recent advancements the Chinese have shown the world so far are anything to go by, we are going to see them leapfrogging everyone else in this exciting new world of decentralization.
Christopher is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.