New statements by China’s President Xi Jinping about the country taking the lead in developing technology or blockchain solutions, should bring the discussion on the technology to another level in global context. He affirmed that blockchain should be considered an important advance, and that its development should be accelerated. The statement was given at a meeting of the Politburo, the Central Committee of the Chinese Communist Party, held in late October.
However, discussions on the uses and possibilities of the blockchain in China go beyond President Xi Jinping’s speech, both in country and internationally.
One of the expressions took place on Twitter, on the cnLedger profile, specialized in the cryptoeconomy of the Asian country. The account showed that the blockchain technology has been widely disseminated in the local media by the government. Besides, cnLedger also indicates discussions amid Xuexi Qiangguo, the country’s most popular app, in which there is a recommended course focused entirely on blockchain, with lessons on bitcoin and ethereum.
It is worth remembering that the app was developed by the Chinese Communist Party. It aims to help people learn about their political doctrines.
Soon after the Chinese president’s statement, it was the turn of David Marcus, the head of Facebook’s cryptocurrency project, to speak out. He warned the U.S. government about the dispute with the Asian country. “If we don’t have a good answer, in five years China will be relinking a large part of the world with a digital renminbi (Chinese currency) running on its controlled blockchain”, he said.
Will China boost the blockchain technology?
According to Gustavo Robichez’s analysis, PUC-Rio university, the Chinese leader’s statement indicates that there will be a deepening of this technology use for more robust and potentially more relevant cases in the global context.
“We need to take advantage of the opportunity to integrate the blockchain technology in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency and building a reliable system”, he said.
Robichez cites the customs area as a potential example of the application of blockchain for the purposes mentioned by the Chinese leader. “There is enormous potential for application in customs processes. China is without a doubt a watershed in this area, due to the importance of its economy in international trade”.
At the same time, the professor mentions that the Chinese attention on blockchain technology should boost its discussion. According to him, the impact will take place both locally and globally. “In addition to technological improvement, I would add that the discussion of international standards tends to gain force with this kind of support. Not to mention that the creation of digital assets can gain more relevance in a global scenario, with acknowledged standards”, he said in an interview to the Bitcoin Portal.
“In addition to technological improvement, I would add that the discussion of international standards tends to gain force with this kind of support. Not to mention that the creation of digital assets can gain more relevance in a global scenario, with acknowledged standards”