Top 5 Blockchain Implementations by China

As and when Bitcoin became popular so did Blockchain saw the rise in its popularity as well. However, it was from a different perspective. Researchers have now found new uses of Blockchain Technology which can not only be revolutionary for a business, but it also can influence the economy of the nation. Blockchain finds application in different fields, from politics to financial transactions; companies are now exploring new uses of this technology.
An important point to note here is that despite its multifaceted applications and uses, many nations are not in favour of this technology and one of the prominent names that emerge is China. China had initially banned cryptocurrency, but now there is news that it is working on creating its cryptocurrency and also promoting start-ups that are working towards the development of Blockchain Technology

In this blog, I will be highlighting how dogcoin China is promoting Blockchain and what are the significant steps taken by the nation. But before delving deep into this topic, it is essential to understand what makes China so aggressively push Blockchain’s development in the nation

What makes Blockchain inevitable for China?
It’s not only about China, but we need to understand the fact that technological development is the key ingredient for an excellent recipe for success. Blockhan is a digital distributed ledger technology and is also known as DLT or Distributed Ledger Technology. It promotes peer-to-peer transaction without the interference of the third party. Its hallmark is decentralisation. These key features of Blockchain make it inevitable technology for the growth of any business and the growth of business directly influences the GDP of the nation. China is a major influencer of the world economy. With it making an effort to develop Blockchain, it will not only gain a competitive edge in the world market but at the same time, it will also promote better job opportunities for growth

In the coming three years Blockchain will gain acceptance in various sectors. Some of the prominent ones include the supply chain, bill verification, energy, healthcare, precision marketing and financial transaction in China.
Top 5 implementation of Blockchain Technology

1. Financial Transactions- Well, this is the most basic and conventional use of Blockchain and more and more nations are trying to explore this option. China is no different. The Bank of China, the China Construction Bank, and many other financial institutions in China have started to make Blockchain as a part of their infrastructure for various purposes like e-commerce. Moreover, The Chinese National Audit Office has also proposed the use of this technology for big data audits.
2. Cryptocurrency Development- We all know that China’s ban on Bitcoin and other cryptocurrency led to the plummeting of digital currencies. But the fact of the matter is that China is working towards the development of its digital currency. China’s central bank, People Bank of China (PBOC), have collaborated along with a team of researchers in 2014 have already run the trial of Blockchain prototype digital currency to use in their economy. Companies like QTUM, eChain, and NEO are garnering attention from the national in the government. The government is actively supporting the rise of Blockchain