China sees the opportunity of winning the blockchain race as an important goal. If China could apply blockchain technology to their One Belt One Road Initiative, it will allow it to reduce America’s global influence. As a result, President Xi is giving clear direction to China’s Central Bank to make sure that the country will win the blockchain race.
Besides that, People’s Bank of China submitted 41% applications for blockchain patents in the last 12 months alone, and it is the largest holders of blockchain patents in the world. China’s Communist Party has even released a book titled “Blockchain—A Guide for Officials”. And the cabinet-level ministries are working on a blockchain standardization for the tech’s development in the country.
No one in western government is doing anything similar or at that scale to this at this point.
Chinese government believes that if the country could win the blockchain race and dominate the new digital domain, it will be worth more than the entire U.S. Stock market (which is $30 trillion).
USING BLOCKCHAIN TO BUILD SMART CITIES
The blockchain race is happening in the smart city scene in China.
In 2017, the Chinese government teamed up with the country’s largest companies to create a special economic zone and build a smart city. They use blockchain to improve social programs and infrastructure, and blockchain will be an integral part of China’s new bureaucratic centre.
In the meantime, Chinese government is working hard on to make cities like Xiongan a smart city and a blockchain city, it will incorporate the most advanced technology for interconnection, data management, and environmentally friendly software solutions.
Most important of all, Chinese government gives $380 billion in funding and special economic benefits to Xiongan, and expect it to become a hub for the nearby Beijing-Tianjin-Hebei region. And Xiongan is not the only smart city applying blockchain solutions in China, there are so many of them over there, in different areas in China.
ASIA LEADS THE GAME OF THE SMART CITIES
Although smart cities are a global phenomenon, it is the Asian continent that is becoming quite innovative with smart integration and design. On top of it, China is at the forefront of building smart cities and is a major proponent of the blockchain.
Chinese giant companies like Ping An, Alibaba, Tencent, and Huawei recently announced a smart city initiative in late August with 500 Chinese cities on board. Besides that, JD.com has already implemented several blockchain solutions in various verticals of its business, including supply chain and the issuance of asset-backed securities via a blockchain, it is clearly making a major push into both the blockchain technology and smart city space.
According to Orvis Research, the global smart cities was valued at $529.6 billion in 2017 and is projected to reach $1944.7 billion by the end of 2023, and a lot of this amount will happen in China. Parksen has joined the revolution, and we would like to invite you to join too!