7 ways China is boosting blockchain

alexwinkler

Well-known member
351 5
Nice article. The Chinese Crypto stocks are rally super hard. NEO went up 105% since the news before a healthy pullback.
Also talked about this in my Monday Live Stream
 
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GMoore87

Junior member
46 6
Nice article. The Chinese Crypto stocks are rally super hard. NEO went up 105% since the news before a healthy pullback.
Also talked about this in my Monday Live Stream
China's central bank will win the race to create the first digital currency.
 

Nuadarne

Member
85 10
Blockchain is a wonderfull technology, that shoud be implemented in real life. Why, in fact, the Chinese blockchain? In China, there is a project of its own cryptocurrency - the digital renminbi. Experts are already openly saying that the Chinese are likely to be among the first to complete this project by killing the rapidly aging SWIFT interbank information exchange system. China is solving a strategic task, because whoever controls the international exchange system also controls international trade. But its the main problem of Chinese project, that won't let china to become the international blockchain giant. Blockchain is wonderful technology for three reasons: speed, accuracy and decentralization. But if China will create cryptocurrency or another blockchain project and will try to control it, then that's will kill attractiveness of such idea. Beijing want to become a pioneer in natonal currency digitalization, but the ultimate goal is total control of financial flows. That isn't positive for blockchain or cryptocurrencies.
 

cindyrose

Newbie
5 0
What-is-the-Technology-behind-Cryptocurrencies-Resize

Blockchain is creating buzz all around the world. The potential of blockchain technology is so immense that it is soon going to cause a revolution. More and more investors these days are drawing in attention and are encashing huge amount of money because now they know that it is going to go a long way and the future is pretty bright.
What is A Blockchain Technology?
Blockchain, the distributed ledger technology is a time-stamped, immutable series of record of data that is managed by several computers across the world, and not just by one supercomputer. Each block of data is secured with a cryptographic reference to the preceding block.
In 2008, the technology was invented to create Bitcoin, the original digital currency by a group of people or person known by the pseudonym Satoshi Nakamoto. When the bitcoins were first introduced in 2009, the blockchain technology did not immediately catch the attention of the tech industry. However, it did not even take too long for it to fire the imagination. Now, the technology that forms the basis of cryptocurrencies is seen as a breakthrough invention, with immense potential.
Moreover, Blockchain Technology is a combination of three technologies and they are:
  • Cryptography of private and public key
  • Public distributed ledger (Peer to Peer Network)
  • Program or protocol (rules)
To understand blockchain technology we will now understand the sub-components of blockchain in detail.
1) Cryptography of private and public key :
  • Public Key: As per its name it is open for all. It is available for everyone through publicly accessible directory
  • Private Key: Private key needs to remain confidential w.r.t to its owners.
Below diagram represents a digital signature
Digital-Signature-final
2) Public distributed ledger (Peer to Peer Network):
A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) is a database, i.e. continuiously shared, and synchronized across multiple sites, countries, or institutions. No middleman required for monitoring and controlling the system.
3) Program or protocol (rules):
The way Blockchain works are determined by a protocol. They exist in different places. Whereas cryptocurrency protocols allows working of several apps like the crypto app itself. It gives security and access to the blockchain
Technology Underpinning Cryptocurrencies
Blockchain is the technology underlying virtual currencies. It is the technology that makes the cryptocurrencies’ peer-to-peer transaction process secure, fast, and free of regulatory control. Moreover, it ensures that the transactions can be verified by both the involved parties, and the record of the transaction is kept in a decentralized, public ledger.
One of the key features of blockchains is, the data can never be erased or changed, although anybody can enter it in the ledger, at any point of time. This makes the cryptocurrency exchange process transparent. Moreover, the ledger keeps the record of every transaction from start to end. Therefore, the biggest advantage is that, the data can’t be tampered.
Blockchain also eliminates the need for trust in the cryptocurrency exchange process. Trust is the foundation on which the conventional trading and payment methods operate, but blockchains works on the principle of “trustlessness.” The distributed ledger technology ensures that the integrity of the cryptocurrency system is maintained and the data is not manipulated. There is no middle authority to oversee “trust” when a cryptocurrency transaction takes place.
 

Malordana

Junior member
49 2
Indeed, blockchain is a promising technology that all countries will have to develop to dominate the global market. China is no exception, and the country is looking for breakthrough points to equalize with the countries of the first world.
Blockchain is mentioned twice in the thirteenth five-year economic plan of the State Council of the People's Republic of China, which was drafted and issued back in 2016. President Xi Jinping called blockchain a breakthrough technology. He stressed the need for China to focus on technological development and become a global center for science and innovation.
China can develop blockchain for domestic operations, but China will be inferior to Western companies in international blockchain integration and promotion. Blockchain is aimed at the lack of state control, that doesn't fit Chinese ideology.
 

Mirardana

Junior member
42 2
Blockchain isn't everything that China is developing, by the way.
Along with the Blockchain, the components of China's information infrastructure will become: 5G, satellite Internet, artificial intelligence, cloud technologies, data centers and so-called ""smart computing centers"".
The authorities plan to support research and development projects related to the above mentioned technologies, provided that these developments can be applied to energy, public transportation and freight and industrial sectors.
The other two links of the new infrastructure will be the integration infrastructure (which will include a smart public transport and freight system and smart energy) and the innovation infrastructure (which will include networks of scientific, technological and industrial centres).
The share of funds that China plans to spend on blockchain technology isn't reported. However, it is known that total investment in infrastructure projects by 2020 may reach 22-26 trillion yuan ($3.1-3.7 trillion).
In early December 2019, the international rating agency Fitch Ratings released a report in which it reported that China is faster than other countries in the world developing blockchain technology for securitization.
 
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