Blockchain technology is a futuristic technology that holds a lot of potentials. Countries across the globe are venturing into blockchain applications. There are many ways that a country can support blockchain technology. There is a need for proper infrastructure, governance, laws, and the most important, a proper supply chain for mining.
China’s Grand Plan
One of the countries that are progressively moving towards blockchain technology is China. China is always known to be faster than its peers and to build a robust infrastructure. China had created a ruckus recently when it stopped mining for a while, but now it has revealed the grand plan.
China is working on an integrated blockchain system that will cover many areas. It is hoping to include almost all functional domains like healthcare, law, taxation, capital markets, and whatnot. Every possible domain is being considered for a role in this system. The government of China has tied up with top-notch organizations to work on this system – expansive across 15 working zones.
This is a bit contradictory to the previous dislike shown by China. Chinese authorities have always shown a negative response towards the use of cryptocurrencies and NFTs. Despite this, they are actively testing different technologies – which include blockchain applications. Not just limited to this, they are also working on building platforms. These platforms will help China to provide a more reliable medium for trading and exchanging digital assets.
So, it is a matter of time before China emerges as a powerful force in this domain. It is rapidly testing and employing digital systems to control and regulate. It might even be at levels of the global cryptocurrency leader – North America.