China and blockchain technologies develop at an incredibly fast rate. There are 263 blockchain-related projects in China. Read more about what to expect.
n our modern world, politics, law, medicine, finance, all depends on the use of contracts, transactions and the records they produce. We rely on these records for almost every function of our society.
However, in our fast pace digital world, contracts, paperwork, government documents, all have failed to keep up with the ever-changing society and digital breakthroughs. The system today in many places municipal and federal are a quagmire of forms and unorganized paperwork.
That is why implementing blockchain technology is so important. The potential benefits are enormous and nations and companies a like benefit from the drastically improved efficiency and speed of processes.
China is continuing to see the benefits of blockchain and in Beijing and welcomes the first blockchain-enabled notary offices (The service reportedly opened April 12).
A professor at the School of Business of China University of Political Science and Law, Hu Jiyu is quoted to have said in the report by local media People stating the advantages of blockchain to be its low cost, high efficiency, and its stability.
Director of the Beijing CITIC Notary Office, Wang Mingliang stated during the launch event, that he believes the blockchain based notarization has both the value of notarization and the legal significance of blockchain certification.
The new service allows the certificate holder to verify the information or contents of a document in question by scanning a QR code on the document. The integration of blockchain in the industry should prevent the forging of documents and additionally prevent fraudsters from taking advantage of informational asymmetries.
Despite a recent ban on cryptocurrency mining, and regulators banning any crypto exchange from operating within its borders, China has seen an influx of blockchain projects.
Citing a report by Blockdata, China.org.cn stated there are 263 blockchain-related projects in China, making up a total of one quarter of global projects. Guangzhou province has become a “blockchain hub” in the country, alongside the cities of Shanghai and Beijing.
Numerous blockchain focused start-up’s have come up. One recent announcement was in the city of Guangzhou where blockchain is being used in tandem with Artificial Intelligence (AI) to issue business licenses.
The license issued at the administrative center of Huangpu District, Guangzhou, represents the first blockchain and AI-powered business licence in the country. The city of Guangzhou also has been selected as the HQ for a new local blockchain alliance. The alliance will include 54 companies focusing on blockchain use in: finance, trading, and funds.
Before blockchain and AI, applying for a business licence can be an exhausting and overwhelming task for anyone with the high volume of paperwork and documentation needed.
By using blockchain, the process is simplified, bidding submission time is reduced, repeated submissions overall are avoided, and companies all have an easier way to complete forms and paperwork.
In public transport, blockchain is used with a blockchain based invoice for subway rides in the Shenzhen Metro through a project developed by the Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent.
Tencent’s provided blockchain system can be used on the WeChat application, the indisputable default application for all Chinese citizens, young or old, wealthy or poor. Many Chinese outside of China use WeChat for many services as well, including payment.
Donald Tapscott, the executive chairman of the Blockchain Research Institute, has predicted that looking at the progress of technology in China, the country might ironically, see its national currency turn into a cryptocurrency soon.
However, the government has repeatedly stated its dislike of cryptocurrency and has encouraged investors not to put too much of their investments in crypto. If the prediction comes true, it would only be because the country has time and time again been able to adapt and change in response to technologies.
The government holds all the power in China and can quickly and effectively make sweeping changes and decisions. As China and blockchain technologies develop at an incredibly fast rate the only question left to be answered is in what sector will blockchain be able to prove its worth next?