China may have long banned the activities of cryptocurrencies but evidently has been a breeding ground for blockchain as it leads the world by as much as 25% in a niche of select blockchain projects.
As reported by an English online publication China Daily, citing Beijing-based data provider Blockdata, back in November last year, China had led the world in new blockchain projects accounting for 263 progressive projects offering solutions targeting the financial services, public services, healthcare, supply chains, smart manufacturing, and logistics.
The report indicated that blockchain had inspired many industries outside the scope of fintech, and while from the get-go it had been associated with cryptocurrencies, at its core, it has real value beyond digital assets.
One illustration of the use of blockchain as described by the leader of the Asia Pacific Blockchain Lab at global advisory company Deloitte, Paul Sin, is its ability to cut through geographical boundaries and maintain data security and integrity between companies. He said:
“Whenever there is a need to synchronize data, especially sensitive information, across companies, industries, and geographical boundaries, blockchain can offer a great solution due to its cryptographical protection of data.”
As it appears, blockchain has the ability to seam economic diversities as it brings financial inclusion to both micro and macroeconomic entities. Small and medium-sized enterprises now have access to sources of funds which were unattainable before the advent of the blockchain. This in itself is “a solid example of blockchain supporting financial inclusion and macroeconomic growth”, according to Sin.
The growth of blockchain presence in China has gone beyond theoretical foreplay and extends to a more practical hands-on approach to integrating blockchain into the economic system. The report also cited a survey carried out in 2018 which revealed 50 percent of respondents in China saying the technology is currently being used in their organization. Comparatively, the US had only 14% attesting to the integration of the technology in their organization.
Earlier this year, Bitcoin News reported how China could play a big role in Bitcoin’s growth in 2019. More so, it appears that both the technology and the asset class have intertwined destinies. As one member of the Blockchain Research Center of China said, “the easing of cryptocurrency investment will be conducive for the healthy development of blockchain”, inferring that it will allow capital-flow to blockchain applications with real-world values.
It’s common practice for cryptocurrency enthusiasts to speculate on the value of the technology based on the market situation, however, price speculation without real-world applications can only do so much. Meanwhile, blockchain developments continue to expand at the enterprise level with explorative intents on how best to exploit the power of the technology, as Sin finds that “some cases of use will be better supported with other technologies such as Open API”. Overall, Sin clearly seemed objective and optimistic about blockchain’s role in China’s economy suggesting that:
“When all the noise, hype and speculation dies down, we expect an increasing focus on the real application of the technology in solving real business problems to create solid synergetic values.”
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