While China is known for its rather hostile position towards cryptocurrencies, the situation is significantly better when it comes to blockchain technology. Many companies, influential individuals and even the country itself recognize that this is the technology of the future. As such, they are of great help and eager to expand further and compete with other nations that are doing the same.
In an effort to do so, the largest Chinese retailer, JD.com, has decided to partner with the NJIT's New Jersey Institute of Technology (Ying Wu College of Computing). Furthermore, the two entities are supported by the ISCAS (Institute of Software at the Chinese Academy of Sciences).
Although blockchain technology is already accepted and supported in many countries around the world, this technology can not yet experience wider application. This is due to various problems, such as stability problems, efficiency problems and the like. These are problems like these that the three entities will try to solve, in addition to exploring other aspects of this technology. The research should last several years and inspect more areas of blockchain to extend it and discover new cases of use.
This represents only the latest move that China, or a company based in China, has done to further develop blockchain technology. So far, there have been many reports of blockchain companies that have been much more successful. Some reports even claim that China is always funding startup blockchain, wishing to be the leading country when it comes to this technology.
China supports blockchain
Blockchain technology is still quite young and there are numerous problems and vulnerabilities that have yet to be solved. However, blockchain is also a technology that has already grown far beyond its original purpose. Even those who have been skeptical about cryptocurrencies for years have welcomed the blockchain with open arms, like Jack Ma of Alibaba.
Since then, many startups have appeared with a focus on the use of this technology, such as VeChain. This is a commercial blockchain platform that uses blockchain capabilities to track the importation of red wine. Shipping companies have discovered that blockchain technology is an excellent way to track international shipments at all times.
Furthermore, it is not just startups that have developed a strong interest in this technology. Chinese plants such as Tencent, Baidu and Alibaba compete in its development, not only with the world but also between them. Since they are all established companies, they have more developers and funding that can dedicate to the expansion of this technology.
While enthusiasm and enthusiasm for this technology are still very strong, many companies involved in the blockchain are trying to keep a low profile. The regulations are not yet clear, ICOs are completely banned and exchanges are not allowed to provide services in this country. Although China does not appear to have problems with blockchain technology, many of these companies are not willing to risk and announce their progress.
For now, it seems that the Chinese authorities are aiming to maintain control over this technology. However, they are also more than willing to extend it further, which is why they encourage innovation through the launch of their initiatives.
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