Komal Joshi · Oct 24, 2020 . 6min read
China ahead in the crypto space, launches first blockchain with 140 government applications
The Chinese have started using blockchain technology in order to improve their functionality. Over 140 government services are now using blockchain.
By Shilika · Jul 16, 2020 . 6min read
According to the Beijing Daily News, a local news portal, China announced the launch of its first blockchain application. On 15th July, China announced that it would begin testing it’s Central Bank Digital Currency, the digital yuan. Following this, it has emerged as a first-mover by implementing blockchain technology across its government applications. The main aim is to improve functionality across government departments.
“Beijing Government Service Blockchain Application Innovation Blue Book (First Edition) organized by the Beijing Blockchain Working Group Expert Group will be officially announced”, reported Beijing Daily news. The Beijing government is planning to release it’s blockchain application bluebook on government services soon. According to the bluebook, 140 government services are already on the blockchain technology. Together, 11 government sectors are currently using it. The Chinese government further announces that some matters can be handled without carrying paper certificates.
The applications are split into three categories which are ‘data sharing and exchange’, ‘business collaborative processing’, and ‘electronic certificate and certificate storage’.
Plans to utilize blockchain,were underway in early 2020
Earlier this year, the Chinese government stated it’s intentions to harness the power of blockchain technology in the medical field. This is due to the problems posed by the pandemic. Their goal was to use blockchain for storing and sharing information about patients safely and securely.
They did, however, run into opposition from certain stakeholders. The reason behind this was the stakeholders were unwilling to share privately-owned data. Since the data is valuable, the stakeholders prefer that the government pay for it.
The benefits as stated by the Chinese include :
a) Saving time in opening bank accounts
b) To provide financial aid and loans to small and medium Chinese enterprises
c) Medical assistance and Insurance reimbursement
According to the Bluebook, the sectors currently equipped with blockchain are :
- Municipal Planning Self-Commissioning Committee
- Housing and Urban-rural Construction Commission
- Taxation Bureau
- Public Security
- Market Supervision Bureau
- Civil Affairs
- Banking and Insurance Supervision
- Provident Fund Center
- Electric Power
- Gehua Cable.
China’s increased acceptance of blockchain is a sign of changing government perspectives across the world. However, the Chinese have been keenly interested in this space for a few years, hence they are ahead of the curve. Therefore, the rest of the world will be tempted to follow the suit if the Chinese scenario proves to be successful.
Billion-dollar blockchains including Bitcoin forks, Tezos and Ripple only reported less than $1,500 transaction fees combined
Atleast 7 among other blockchains it reports in terms of fees worth a combined $25 billion only generated less than $1,500 in transaction fees.
Victor Ugochukwu · Oct 22, 2020 . 6min read