Cryptocurrency News Today – Headlines for November 25

  • China finds more use cases for blockchain technology
  • President Xi Jinping talks about the potentials of Distributed Ledger Technology
  • China takes it blockchain development up a notch

Cryptocurrency News Today – Recently, China has been making the headlines more often for digital currency and blockchain technology-related news. The news started coming in abundance in late October this year when the President of China called for an increase in the use of blockchain technology in the country.

China Finds More Use Cases for Blockchain Technology

Xi Jinping – the President of China – identified many use cases that should be promoted: healthcare, loans, charity, food security, and anti-counterfeiting. He also said that the development of blockchain could help “China gain an edge in the innovative, theoretical, and industrial aspects of this growing field.”

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China took a bold step a few days after the announcement. The country launched a blockchain-based smart city identification system to support the interaction between data, infrastructure, and cities. The system is developed, distributed, and managed in China. It is also based on uniform issuing rules, protection against unauthorized access, and analysis of distributed storage.

Until now, the systems were not uniform. This means that they cannot easily share data between different industries and ministries. However, the Chinese government of how blockchain technology could ease workflow in several sectors of the economy and thereby bringing economic benefits. Nevertheless, China is not the first nation that conceived the idea of putting IDs on a blockchain.

China Is Taking Its Blockchain Development up a Notch

China took its first step towards blockchain in 2016 when its Ministry of Industry and Information Technology released a whitepaper on the blockchain technology and application development of China. The whitepaper entails the benefits of blockchain and how to regulate its applications in various sectors of the economy. The whitepaper mentioned several industries where the technology can be applied, but they paid more attention to the financial sector.

Since China took its first step, both private firms and the Chinese authorities have been working on where and how to apply the technology. The implementation of blockchain-based solutions over the past years is very few. However, in 2019, things have begun to change as many blockchain projects have emerged, especially in identification systems.

According to a report, even the Chinese army is now thinking of using blockchain technology to aid its military, possibly using it to manage personal data and to stimulate the workforce.

Paul Sin – a consulting partner with Deloitte China – said that he believes China is welcoming blockchain just to facilitate data transfer and its uniqueness between participants in various fields:

“China is very supportive of Distributed Ledger Technology (DLT), just not crypto. Digital identity is not crypto, hence very welcome.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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