China considering the use of Blockchain Technology

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Quote from: coupable on February 02, 2022, 04:28:44 PM

Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.

Personally, the only use case i know for the blockchain technology is creating cryptocurrencies or running a smart-contract also to create a cryptocurrency. If anyone knows about other uses then i will be glad to know.
Based on this, what should be the use of the blockchain? The proposed blockchain if it's not to create a cryptocurrency or to run a smart contract, China should consider that it's not a way to store big volume data.

The use of blockchain other than in crypto is sorta limited till this date. Lots of people never heard of them and they are rarely being talk about on this forum but for you sake to know if what are them, I can give you some hint.

Blockchain technology is said to be applied in politics field as it can provide transparency and transparency is very important in politics because there are many anomalies going on there. Other than in politics the recent would be the use of blockchain on crops or on farming. There is a thread on here before about this one if what is its benefits. As we can see, the use of blockchain is not limited on crypto alone but there is more to explore with it.

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

This is kind of a joke but, for fun:

CCTV camera - London: We use it at airports and cities to catch terrorist and identify criminals.
CCTV camera - Washington: We use it to prepare blackmail material for politicians.
CCTV camera - Romania: We use these to film porn.
CCTV camera - China: We use this to monitor our people and make sure they are "good citizens".

This is the same, I am sure that the CCP will eventually find the way to pervert the blockchain concept to further cripple the people of China.

coupable

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.

Personally, the only use case i know for the blockchain technology is creating cryptocurrencies or running a smart-contract also to create a cryptocurrency. If anyone knows about other uses then i will be glad to know.
Based on this, what should be the use of the blockchain? The proposed blockchain if it's not to create a cryptocurrency or to run a smart contract, China should consider that it's not a way to store big volume data.

laredo7mm

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to the latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

For being the world's largest global product exporter china could face a supply chain crisis and this could be the reason they are thinking about using blockchain technology in their larger cities. Also, this could boost up healthcare, education, bank, and governance as well but I am not expecting any positive outcomes about bitcoin or other cryptocurrencies from them. Instability in the crypto market gives them more confidence in their decision and pushes them for a digital version of yuan.

Sterbens

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Don't trust China anymore even though they seem to come back asking for support for their decision to test Blockchain technology in which China was the one who was responsible for the crypto market crash last year. So what should we appreciate? would never say it's amazing to know such kind of adoption of blockchain technology for China. It's all just provoking the wrath of the market. So leave China and leave them unresponsive.

ven7net

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

This information from China indicates that the Chinese authorities are interested in blockchain technology itself, without those crypto assets that already exist on the market. This is primarily due to the fact that China already has its own digital Yuan. But the use of blockchain technology itself, for example, for an administrative resource, is very beneficial, as it makes it possible to automate many processes, make them secure and fast.

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Considering they banned bitcoin and so forth, miners leaving their nation and all of that, the fact that they want to use blockchain technology is a bit hypocritical. I mean you do not have to take crypto with blockchain but if you are not then you are saying that the tech behind crypto is awesome and you want to use it but you do not want crypto that this technology is used for, that is really a stupid move and I do not know why they are doing something like that at all.

I would guess that they are just losing their senses at this point, they stopped using crypto and banned it because they were afraid of losing their dictatorial powers. Now they are trying to use that blockchain technology that gave people freedom, to probably imprison them even further by putting them in blockchain ledger.

Ozero

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There is nothing unusual and surprising in the calls of the Chinese authorities to introduce blockchain technology in various spheres of human activity. China has always pursued a policy of maximizing the adoption of blockchain technology, and this has been repeatedly called for by the President and the Chinese Communist Party. China has been the leader in issuing licenses for inventions using blockchain technology. Blockchain can be applied in various areas of human activity, and cryptocurrency is only one of the areas of such activity. Therefore, there is no contradiction in stimulating technologies using blockchain and prohibiting the circulation of cryptocurrency in China.

bittraffic

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Once the Chinese sees a technology works, theyre going to find ways to improve it, make it more effecient and cheaper thats how they compete in any aspect. So you can expect that they will built similar product but a lot better and cheaper as well.

They'll do the same in utulizing blockchain technology. The Metaverse they may come up will be much sophisticated but usually its for ther market alone.

Flexystar

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Quote from: mk4 on February 01, 2022, 12:42:57 PM

It's just nothing but China exploring more and more ways to further tighten their grip unto their people; and having increased surveillance over the money is definitely one of them. It's going to be a typical centralized platform, but on steroids.

Rolled laughing. :-)

China is just country with uncertainty and without any open visions for the rest of world. We would never understand their methods as they will always work in confidence. It’s good but it’s hampering to their own populations because the decisions are always strict and most of the time not in favour with them. The mix of dictators and presidential influence is not successful in china anyways.

First they block the mining, use of crypto and now they are exploring use case of blockchain.

It’s a fortune cookie joke.

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Quote from: Zilon on February 01, 2022, 01:17:28 PM

China adopting Blockchain might not be geared towards digital currency or crypto related innovation because what I can relate with at the moment is china incorporating Blockchain technology into their data sharing servers, streaming cooperate operation and reducing operational expenses. china can't go into crypto currency the clearly banned in their country it would be a sabotage

Basically the Chinese government really likes the development of innovation and technology such as the presence of blockchain technology and they realize that this technology can simplify their performance when applied to their government system because it is more transparent and resistant to hacking, previously in 2019 the Chinese government had stated in a press conference that he hopes that the people of his country should learn and adopt the presence of blockchain technology.

Leviathan.007

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That's a good point for the people belave the blockchain and bitcoin are both bounded together as we can see a country can do not accept bitcoin and even suspend any bitcoin transactions but on the other hand they can accept and use blockchain technology in their country and their banks I leave just like China is trying to localize everything but want to do the same thing with bitcoin and use the blockchain technology as well.

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Quote from: 24Kt on February 01, 2022, 05:52:54 PM

Quote from: tabas on February 01, 2022, 05:02:55 PM

It's old news. I've read that somewhere I think a year or two ago. It's known that China has always been manipulative with their actions toward the market and that's why they're making the moves even without really touching the market by just releasing a FUD or any news that will certainly catch the attention of everyone in the market and that's no good at all. Just like the usual trend about them, they'll like this and that and then eventually going to release the news of 'ban'.

As we have known about China, they want total control over their jurisdiction and people. So this blockchain tech, I believe is more on how to learn the movements of their people. Though they can reap benefits such as transparency and easier traceability. But don't know about the situation of bribery here because this practice is still very rampant in their business scenario. But this would do good in terms of transparency even if it is centralized. Will businesses favor this initiative?

They want to get control to almost everything. But with what I've said, it's always about that they'll announce something positive about blockchain and cryptocurrency and later on they're going to take back what they've said. As for the businesses in their country, they have no choice. Whatever the CCP announces and implements, they're just going to agree no matter what it is. If they're connected to that implementation and upgrade, they should adopt it forcefully.

fiulpro

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As a country this will definately help them grow. Blockchain technology as a whole is amazing in so many aspects. It can not only help in a simple Library setting but it can also help with complex governmental jobs. Am glad that it's getting recognized. I understand the fact that China is not allowing bitcoins which is stupid since they would have to do it in the future when all other countries are keen on making bitcoins big, But finally being able to use the Blockchain technology the right way can give them an idea of how things can be made simpler and more secure, they can even integrate it with their own CBDC's and other projects. I do not think we should downgrade their efforts to use it, it was supposed to happen sooner or later. Soon we will see the world adapting this technology with all their heart as well.

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Quote from: 5W-KILO on February 02, 2022, 03:10:53 AM

So China's own CBDC isn't enough for them now is to build crypto projects of their own and allow their people to adopt such projects? Well done china you've eventually forced people into full centralization. Power is what china is after they don't want full freedom for their citizens.

China really wants to take advantage of everything when something new technology out they will adopt it and make it better that's how they take the current market, Although Bitcoin is still illegal in their country they acknowledge its technology. Let's see from the positive perspective, even if they're not making Bitcoin legal at least they teach their people about the current technology blockchain and it will bring their curiosity to Bitcoin.

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Quote from: 5W-KILO on February 02, 2022, 03:10:53 AM

So China's own CBDC isn't enough for them now is to build crypto projects of their own and allow their people to adopt such projects? Well done china you've eventually forced people into full centralization. Power is what china is after they don't want full freedom for their citizens.

Nah, China doesn't proposed to build new crypto projects... they're only build blockchain projects, blockchain is just technology and you can implemented it on any project which have large database.

If you read the above article there's an another article pointing out use case of CBDC is pretty weak, but they don't give a shit with that. Same like how banking system consumes more energy than Bitcoin mining, they only shut down the Bitcoin mining... not the bank.

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So China's own CBDC isn't enough for them now is to build crypto projects of their own and allow their people to adopt such projects? Well done china you've eventually forced people into full centralization. Power is what china is after they don't want full freedom for their citizens.

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.

A blockchain is just a database and
- doesn't have to be public
- doesn't have to be decentralized
- doesn't need a coin or a token to run.

I could store my own photos on a blockchain-type database, in private, running my own does, having no currency whatsoever, and with no public access. It's still a blockchain. Think of it more like an engine and a car, a car needs the engine to run but you can fit the engine to anything other than a car for a specific job.
I wonder why after so many years poeple still think blockchains are just about some tokens or coins, sometimes I think that either greed or despration is making poeple see only one line and one color around here, blockchain implementation means price up and nothing else.

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Blockchain technology is definitely applicable to multiple types of industries and it could be the solution towards the decentralization and the transparency of data, depending on how they want to use it but it's definitely recent why Bitcoin has been successful. I think it should be done by every country and transparency is the key to a better life in any country.

They probably were making bans because of the usage of the currencies, possibly in the black markets or stuff. If that makes sense.

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Because Blockchain technology is an innovative and revolutionary technology, where people can make transactions more quickly and securely and free from manipulation. Blockchain technology itself can be applied to various sectors, not only in the financial sector. So that China's decision to allow Blockchain technology in their country will have various advantages. And this will not have a significant impact on their economy.

Zlantann

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China centralizes everything thing they own. Intact if given the opportunity they would want to control the entire world. Blockchain technology is like a moving train that cannot be stopped. Maybe they have realized that they stand to loose more if they keep the ban rolling.

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Quote from: tabas on February 01, 2022, 05:02:55 PM

It's old news. I've read that somewhere I think a year or two ago. It's known that China has always been manipulative with their actions toward the market and that's why they're making the moves even without really touching the market by just releasing a FUD or any news that will certainly catch the attention of everyone in the market and that's no good at all. Just like the usual trend about them, they'll like this and that and then eventually going to release the news of 'ban'.

As we have known about China, they want total control over their jurisdiction and people. So this blockchain tech, I believe is more on how to learn the movements of their people. Though they can reap benefits such as transparency and easier traceability. But don't know about the situation of bribery here because this practice is still very rampant in their business scenario. But this would do good in terms of transparency even if it is centralized. Will businesses favor this initiative?

tabas

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It's old news. I've read that somewhere I think a year or two ago. It's known that China has always been manipulative with their actions toward the market and that's why they're making the moves even without really touching the market by just releasing a FUD or any news that will certainly catch the attention of everyone in the market and that's no good at all. Just like the usual trend about them, they'll like this and that and then eventually going to release the news of 'ban'.

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

China has been pushing FUD whenever it suits their cause. I would not take anything China has to say as serious or even, god forbid, the truth. Everything coming out of China is fake and has zero credibility.

Even if it were to take a more crypto friendly stance, I would not believe it.

Blockchain itself is not illegal in China and has more uses than just for making cryptocurrencies. And as I understand it, its just the cryptocurrency part that China seemingly has a problem with.

A case could perhaps be made that more blockchain adoption will lead to higher cryptocurrency adoption.

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

The use of blockchain itself is a recognition of the technology which means China is beginning to drop it myopic thinking and fight against bitcoin. Soon it will welcome bitcoin and use the blockchain as well. IMO I already see it as a positive adoption news whether partial no matter how it appears. In 2017 China displayed a ban on the technology and if they have started welcoming it using blockchain, that is a good thinking because it will benefit there economy through the mining etc.

royalfestus

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Seeing China in the new with anything blockchain or cryptocurrency is very annoying. They were responsible for the May, 2020 crash and more influencial in the inability to 100k benchmark of the bullrun cycle. There were new in the space about the plan for the country to relax the law when bitcoin make another new ATH after the May, 2020 announcement. Cryptocurrency is the most successful part of blockchain and all the news are just distraction even with the high interest of the citizens

Cornia

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China sought to stifle cryptocurrency last year. But failed. Now it is clear to us. I think this is the initiative to accept cryptocurrency in China. The spread of cryptocurrency is increasing day by day. The Chinese government does not want to be deprived of its benefits.

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

It makes sense and the blockchain is truly the magic ingredient that made everything work about cryptocurrency. Having an unbroken and transparent chain of records that doesn't necessarily on a single centralized source is an extremely powerful tool. It's surprising that more institutions haven't picked up on it already, but I guess it takes a long time to come up with the productive and appropriate uses for it, along with infrastructure that can support it without being compromised. There is always the vulnerability of a 51% type of attack, which is probably the primary limiting factor - being able to trust all the sources that are feeding into the ledger.

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China has got other plans for Crypto currencies.....

They could not monitor transactions and control their citizens financial freedom with Crypto currencies, so they banned it. They now saw the opportunity to do this with their own permissioned Blockchains where every citizen using it has to identify themselves ..so that they can follow EVERY transaction that was done by that individual or group.

China has a obsession to control their people and they going to use Blockchain technology to do that now. (Mark my words)

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China adopting Blockchain might not be geared towards digital currency or crypto related innovation because what I can relate with at the moment is china incorporating Blockchain technology into their data sharing servers, streaming cooperate operation and reducing operational expenses. china can't go into crypto currency the clearly banned in their country it would be a sabotage

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It's just nothing but China exploring more and more ways to further tighten their grip unto their people; and having increased surveillance over the money is definitely one of them. It's going to be a typical centralized platform, but on steroids.

Nhazwrath

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one this i know is this, when it comes to china and tech. Be Absolutely sure that what ever china does with blockchain is to have it totally under china's control.

It will be blockchain in name only.

_act_

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Quote from: Dunamisx on February 01, 2022, 11:59:47 AM

But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

But China latest development did not make cryptocurrencies legal, it is about blockchain, not about cryptocurrencies. Blockchain can be applied in many other fields.

Dunamisx

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The decision by China to conduct a trial use of blockchain technology in it major cities of Guangzhou Shanghai and Beijing giving the permission to about 164 organizations to run the trial test of the blockchain technology, this was made known as a report from China Central Cyber Space Administration makes the approval.

Quote

“The notification requires that capacity-building be strengthened. All pilot units (regions) should give priority to adopting blockchain software and hardware technologies and products with interoperability and sustainable development capabilities; actively guide blockchain applications to develop towards value, scale, and industrialization; accelerate the formulation of relevant technologies and application standards,” the notice said.
https://finbold.com/china-sets-certain-conditions-for-blockchain-use-within-the-country/

As it was generally known that China has a total ban on cryptocurrency last year and it decision has remain steadfast as the government took drastic measures to bring to an end existing crypto firms, mining rigs to shutdown, stating that it imposed a danger to their economy. But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?

Topic: China considering the use of Blockchain Technology (Read 251 times)