The People’s Bank of China (PBoC) is all set to launch its own digital currency with an aggressive approach especially after they had a plenary session of the 19th Central Committee of the Communist Party of China in February 2019 where approximately 400 delegates including top leaders, local governors and military top brass attended and discussed the use blockchain and cryptocurrencies by year end.
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The policy-setting plenum is mapping out the way forward and President Xi Jinping is expected to use any celebratory occasion to further strengthen the party’s power and rally officials behind him. The President has called for more research and investment into blockchain technology with an urgency for the development of blockchain technology. Analysts believe this could open up a new front in China’s growing rivalry with the United States. Blockchain technology could play an important role in the next round of technological innovation and industrial transformation and China is definitely in pursuit of this emerging technology as a key part of their innovation program.
Certainly, most advanced countries are stepping up their efforts to plan the development and implement blockchain technology into their economic and administrative structures. More effort can be taken to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field. Xi said blockchain technology could be applied to many different fields including finance, education, employment, elderly care, poverty alleviation, health care and food security, as well as infrastructure management and public services.
Jenny Yang, the founder of BlockGlobe, a portal for news on blockchain and other related sectors, has stated that an instance of the use of this technology could provide evidence of a company’s business operations, which could also help it to secure financing and reduce risk often faced by lenders.
The technology behind “immutable records” that blockchain provides is already being implemented to track the supply of food from farm to store by simply scanning a quick-response code. Yang believes this technology could further empower industries, increase their efficiencies and lower costs.
A number of developers in China are working on creating the basic blockchain solutions for different industries, and according to a report by The Financial Times, Chinese companies have filed more patents on blockchain than anywhere else in the world. Xi said that China plans to increase its influence and “rule-making power” in the global arena through blockchain technology, and it seems that as standardized blockchain solutions become more and more the basic infrastructure for future global economic activities, Europe, Asia, and even the U.S. would have to turn to the Chinese for innovative solutions. For China, Huawei is a success story despite the U.S. stance. And being that these two super powers are already engaged in a war on trade and economic superiority, any advancement of China’s expertise in blockchain could open up a completely new front in the conflict.
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