China Trying To Speed Up Blockchain Technology – Using It In Guangdong Pilot Free Trade Zone
China, as populated as it is is also one of the topmost countries that have developed a positive outlook towards the Blockchain technology.
The blockchain technology is a secure distributed ledger database which is shared between multiple parties. All the parties that are established can share this technology as it is distributed between a set of computers.
The reason why blockchain technology has become popular is that it came with the Bitcoin currencies.
However, through the months, it is revealed that many other applications can leverage this technology apart from the cryptocurrencies.
Recently, China has been showing a keen interest in the development of blockchain technology. The State Council of China has demanded that the authorities should work and speed the technology up.
The central administrative branch of the country has even issued his first order in May 2018. This order has also managed to address various issues and strategies that are required for the constant reformation of Guangdong Pilot Free Trade Zone.
As a result, the nation is so buckled up about applying the blockchain technology for various sectors so that it can improve the socio-economy of the nation.
The Guangdong Pilot Free Trade Zone is a free trading zone located in the province of Guangdong. China has developed this zone for free trade, as it located near Macau.
The Zone covers an area of 16.2 Sqkm and contains three different zones in four areas including the Shekou Industrial Zone, Nansha New Area located in Guangzhou, Hengqin Subdistrict in Zhuhai and Shekou Industrial area in Shenzhen.
Building a vast market for free trading, this zone is authorized by the State Council back in 2014 but is launched in 2015.
The issued official document, however, says that, in order to build a regional market with equity in Guangdong, timely introduction of international investment facilities should happen in Hong Kong and Macau based on the blockchain technology.
As the opening of the capital market started, these institutions can develop the financial technology of the nation and also can contribute to the acceleration of the blockchain and big data applications along with the legal compliance.
As we went through the document, it did not reveal any details on how far the blockchain technology will be used in this zone. According to the latest report by Ministry of Information and Technology in China, the Guangdong division is known to have 71 startups.
The cryptocurrency is introduced to the nation as a part of blockchain technology in the 13th 5-year plan, ranging from 2016-2020. The Bank of China has also announced a poverty irradiation initiative which includes Blockchain technology in order to clean the poor regions of Tibet and few parts of China.
China is one of those countries which is not scared of implementing the new technology. The population keeps on turning this to their own copy technology.
I guess Crypto is not going to be any different. The Chinese are going to run the coins and put in WeChat so that millions of people can use it, instantly.
Unlike China, the biggest mistake that Indians and Russians made was allowing the western internet to their country people.