- Chinese firms are leading in blockchain patent fillings at 68%.
- The private sector is embracing blockchain and using it in several sectors, including health.
- Blockchain has triggered excitement globally as everyone is embracing the technology.
For a long time, the government of China has handled cryptocurrency with contempt. The central bank had previously outright banned exchanges and ICOs. However, the tables have turned as the government now fully supports blockchain and its adoption.
The Chinese government is encouraging both citizens and industries to utilize it well. This change in strategy has seen China rapidly emerge as a leading force in the industry. According to CryptoMonday.de, Chinese firms hold 68% of global blockchain patent filings.
Commenting on the data, CryptoMonday CEO Jonathan Merry said,
There is a joint effort in China to adopt blockchain wholesomely. The president is vicious in calling the tech firms to embrace it. He believes blockchain is the key to the industrial revolution, and China must lead the process. Blockchain is a national priority in China. As most countries consider it the future, it is the present in China. They are there already.CryptoMonday CEO, Jonathan Merry
The application of blockchain has seen an increase in efficiency and transparency in different sectors. The private sector has also started to utilize blockchain in various businesses fully. For instance, the health sector is using blockchain to keep patient data secured and immutable. Also, the food industry uses it in the supply chain to ensure that the food items are not tampered with.
Blockchain Use in China
Around 260 enterprise blockchain projects have been initiated in the country this year. Walmart China has been using blockchain to manage the food supply chain. The company uses VeChain's tool to track imported meat products. The firm can track meat from farms to stores using the blockchain platform.
The Chinese government also uses blockchain in several aspects, including taxation and social welfare assistance. The Shenzhen Municipal Taxation Bureau has been using blockchain to streamline tax collection.
Residents can now pay their taxes using a mobile app that utilizes blockchain technology. The app allows for real-time payment monitoring and transparency of the process.
The Chinese government's adoption of blockchain significantly boosts the industry. Blockchain will become more mainstream with more firms and citizens utilizing the technology. The country is already reaping the benefits of blockchain adoption, and the future looks bright for the sector.
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