Sunday, December 3, 2023

China is testing blockchain technology in real-world scenarios around the country

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.

China’s Statements

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.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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