China Looking to Spend $2 Billion on Blockchain by 2023 - page 2.

piebeyb

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

$ 2 billion is not a small amount of money, I think they want to develop something bigger and better than the blockchain technology that ever existed, I want to see what they develop in the next 4 years, no matter about the US which is far behind now by China

If asked what is the effect on the crypto currency market, it will certainly have a good effect on the crypto market as well as Facebook who wants to launch Libra, sometimes people don't have to know other crypto currencies like bitcoin, there are other things they might have to know and finally leads to bitcoin and other cryptocurrencies

Youghoor

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For my analysis, there are two sides of this statement "China Looking to Spend $2 Billion on Blockchain by 2023" . I think China is very interested in the blockchain technology rather than cryptocurrency or Bitcoin. This might not really have any significant impact on cryptocurrency and bitcoin. I think China is looking forward to use blockchain technology in a different way rather than a platform for cryptocurrency or Bitcoin.

garyrowe

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

China, the country that has recently jumped hard onto the blockchain train, will spend over $2 billion on blockchain technology come 2023.

According to a report from the International Data Corporation (IDC), a global market intelligence firm, the country will see an estimated increase of 65.7% in “annual growth rate” from 2018 to 2023.

Here is the source link for the news

I would honestly say that since China censors anything that is anti-blockchain, this is a very good sign that they would finally adopt the blockchain technology in their country. Not only that, they removed cryptocurrency mining from the list of banned industries in the country.

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

From the day the news on china president stand on blockchain broke out, according to https://www.google.com/amp/s/www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain%3famp a renewed hope for mass blockchain adoption was born. With China taking a lead role in exploring the opportunities inherent in blockchain tech, more and more countries will definitely follow and this will no doubt mark the beginning of mass adoption we have been expecting.

Kakmakr

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They are spending that amount of money on developing the competition for Bitcoin and not in Bitcoin it self. The global trend these days are for people to develop their own Blockchain based technologies and not to use the Bitcoin token. The main reason for this is control and the Chinese government are control freaks.

So, you can understand why they are not simply using Bitcoin for these projects, because they want to control the whole project. This is a tragedy for the Chinese people, because China will soon eliminate cash with it's anonymity and replace it with a Blockchain technology that would give them full control over their citizens wealth and financial data. Angry

smyslov

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

I would honestly say that since China censors anything that is anti-blockchain, this is a very good sign that they would finally adopt the blockchain technology in their country. Not only that, they removed cryptocurrency mining from the list of banned industries in the country.

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

They are really dead serious and it started since Facebook plan to launch their own coin, and since they have all the resources they need and of course the money to go with it, I'm sure they will make a huge impact in the Cryptocurrency community, it will only validate that blockchain and Crytocurrency are here to stay because two of the soon to be big players are coming now into the picture, Facebook and China.

ttcsalam

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If the news is implemented. It will have a nice effect on the market. The cryptocurrency market will gain a lot of growth. Not everyone believes that China is technologically advanced. Therefore, if China is associated with this market, the market will develop a lot.

Murat

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That's a good step from China government. Since this type of step will not bring any positive effect on the cryptocurrency market but it's almost near to the ultimate victory of Cryptocurrency platform, I think it's not about blockchain system it's all about this technology, If really China will donate 2 Billion on this purpose then Bitcoin will face a little bit competition because of not having any legal status of this platform, on the other hand, China will try to impose so many restrictions on Bitcoin and cryptocurrency platform, that's why it's not all about a good news for this cryptocurrency system. in the future, in China, it would be a difficult task to carry out the related task of cryptocurrency.

CryptoBry

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market? Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

China has the money to spend on anything the government thinks has a good future and can be helping the country in its quest to soon kick USA on its butt from the global leadership. Soon we can see China rising into the sky and claiming the whole world for itself as far as economic clout and influence can be concerned.

Now, the country is fully realizing that the blockchain technology can be one of the many tickets it can use to arrive at the kind of future it envisioned. China is an entrepreneurial country that can sense a good opportunity miles away and it won't stop until it gets what it wanted and that is global domination in many fronts.

The turnaround with the use of the blockchain technology and the plan to release the gargantuan funds necessary for the development and research on the blockchain technology plus the softening on the policy for the many Bitcoin miners can be heralding a new era...and many are hoping that this era can be able to produce the cream on the top: that of China officially recognizing Bitcoin.

The world is about to ride the China train. And it is to be fueled by the blockchain technology.

dothebeats

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They’d probably be looking to capitalize on them being the leader of blockchain development to establish rules and regulations that are aligned to their goals/aspirations that they want to achieve. Having said that, I don’t think that everything will be open and decentralized as they can be, or at least what we know how blockchains work. I’m still keen to know how would China oversee anything and how would they be able to facilitate and use the $2B investment on the said aspect of technology.

goaldigger

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Quote from: sehoon on November 11, 2019, 03:48:10 PM

As one of the world's largest economy, it is not surprising that China is looking to spend this huge amount of money to one of the top technologies of this generation. Doesn't really mean they are into bitcoin but they want the technology behind bitcoin to provide better surveillance or services for their people.

They need to conquer everything for them to become stronger, and spending a lot of money on this project is a very serious work for them. They have the money to support this project and we know that China wants to control the market and if they did a better job on this, their people will still be using a centralized technology that is under the government of China. I just hope that they don't control the whole market, we still need to be decentralized here but this is good progress.

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Quote from: btc_angela on November 11, 2019, 05:55:35 PM

But they don't have that backward mentality that other communists country that still exists to this day. They have grow so big right now that US is really threaten, so I wouldn't be surprised if they are in the forefront today. But yeah, we all know that this move has nothing to do with cryptocurrency, blockchain ≠ crypto. They just see blockchain technology as something that can really improved their efficiency say for example, in their mass production, "Made in China", thingy.

As always, China is always one step ahead in cryptocurrency matters. Since Xi Jinping has said that China will explore research on the uses and opportunities that exist on the blockchain. And I'm sure people will not be surprised by China's move to spend billions of dollars to develop a massive blockchain in China.

btc_angela

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Quote from: ChrisPop on November 11, 2019, 06:55:23 AM

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.. They'd better step up their game or China will take the lead if it is not already leading.. Blockchain is just a more efficient way of doing things that also adds transparency, immutability, etc. to the process. Blockchain doens't mean cryptocurrency though.

But they don't have that backward mentality that other communists country that still exists to this day. They have grow so big right now that US is really threaten, so I wouldn't be surprised if they are in the forefront today. But yeah, we all know that this move has nothing to do with cryptocurrency, blockchain ≠ crypto. They just see blockchain technology as something that can really improved their efficiency say for example, in their mass production, "Made in China", thingy.

squatter

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

This spending has very little to do with cryptocurrency. The mantra "blockchain, not Bitcoin" comes to mind:

Quote

In the current year, the majority of blockchain spending focused on the banking sector. Elsewhere, the manufacturing, professional services, and retail industries also attracted funds for DLT projects.

According to Xue Yu, a researcher at the IDC and author of the latest report, the official recognition of blockchain will push adoption and drive spending growth in the sector.

Interestingly, this morning, Bitcoin made the headlines in Xinhua, a publication backed by the Chinese government. Nevertheless, the article, titled ‘Bitcoin: The First Successful Application of Blockchain Technology,’ doesn’t praise cryptocurrency.

As such, it's difficult to say what effect (if any) this will have on the cryptocurrency market.

sehoon

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As one of the world's largest economy, it is not surprising that China is looking to spend this huge amount of money to one of the top technologies of this generation. Doesn't really mean they are into bitcoin but they want the technology behind bitcoin to provide better surveillance or services for their people.

Willitivity

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China has been on the sideline as regards to Blockchain technology, its adoption and application. But with the move they made recently, they are really creating much waves at the moment. I won't be surprised if China turns out to be the world's Blockchain Power in the nearest future. This will surely shake other countries up, maybe the massive adoption we are predicting is gradually getting started

Darooghe

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China is going to make own Crypto for the reason it's government feels threatened by the coming revolution. It is exactly the same with Facebook(Libra), Venezuela (Petro) and the banks(Ripple). also China Government loves blockchain, now you can't stuff paper money under your mattress, to be apart of society you will have all your money on a public governmental China's Communist Party blockchain.

It's good and bad. Implementing blockchain in society helps people understand the underlying principle of how the BTC ecosystem works. However, this is not the way that paves to mass adoption. Now every citizen will be assigned a wallet on their blockchain and every purchase will be monitored by the government. So we continue to wait as politicians slowly come to light with FIATs epic collapse. The fact that they are still ignoring the problems we face with our currency just means the crash will be that much more epic. China will be the first.

tsaroz

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China is looking up to be the leader in blockchain technology the same way it wants to lead in every technology and innovations.
But the blockchain being talked would have no virtues like anonymity or financial freedom. It would be a public ledger and all the information shared to at least CCP.

joinfree

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it's such a great relief to see the Chinese country finally adopting the blockchain technology with such a huge investment. I think the government of Chinese has now realized the huge impact and economic growth that blockchain technology can offer to them hence the reason for spending such a huge amount of money on this initiative.

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Quote from: ChrisPop on November 11, 2019, 06:55:23 AM

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.

Communism in China is adapting, it is the only way for China to compete with Western democracy. The government has nothing against technology if it is the one who controls it, and blockchain is obviously something that is recognized as a technology that will be of great use to such a large country.

The problem for the USA or EU is in what we call democracy, decisions are difficult to make, and there are too many conflicting interests which are slowing progress in some areas. In China there are no such problems, the Communist Party makes its decisions unanimously, and people just have to accept it.

Some may say that the EU is not doing anything when it comes to blockchain, but that is far from the truth. Maybe China just reacted to the move of EU.

Quote from: https://ec.europa.eu/digital-single-market/en/blockchain-technologies

The European Blockchain Partnership, created in April 2018, joins at a political level all EU Member States and members of the European Economic Area (Norway and Liechtenstein). The signatories of this declaration will work together towards realising the potential of blockchain-based services for the benefit of citizens, society and economy. As part of this commitment, the Partnership is building a European Blockchain Services Infrastructure (EBSI) which will deliver EU-wide cross-border public services using blockchain technology. In 2020, EBSI will deploy a network of distributed blockchain nodes across Europe, supporting applications focused on selected use cases.

TGD

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This is very bad news for Bitcoin and Blockchain Technology Altcoin holders like ETH,EOS,ZIL and many more. With this funded research about blockchain. I sure that they will come up to the most fastest and advance blockchain in the world by 2023. This will be another breakthrough for China to advance there economy standing against their leading competitor USA that still don't support blockchain. I'm sure that USA will make a big move soon and will not let China on this economic war. Maybe they will approve already Bitcoin ETF.

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