Topic: Why is China giving importance to Blockchain? (Read 2550 times)

Chine is one of the biggest players in the world.

because Chinese citizens, understand that blockchain technology is indeed very good to use and with bitcoin they can benefit. therefore. chinese giving importance to Blockchain.

That might be right, China is trying to test whether this new innovations can help their economy or the other way around, if blockchain technology penetrates and successfully being embraced by this country surely more will do the same, the influence of china to the other side of the world are getting wider, using blockchain and enhance more will give them some advantages in terms of payment transactions.

There is another flip side of accepting bitcoin blindly, it may cause some damage to their economy thats why china govt has not accepted cryptocurrencies openly yet and not even China many other countries have done the same, this phase may be their testing phase for creating and accepting blockchain technology for future planning.

the importance of the country of China is inseparable from the size of the community in that country contributing to the investment and development of the blockchain, so in my opinion it is only natural if China has an important meaning in the Blockchain.

I don't see your personal opinion about what you think about the material written in the article.
I think that China has a form of government that prohibits personal development beyond the control of the country, which is the reason for the prohibitions on the trading of crypto currencies for citizens. At the same time, the Chinese government is smart enough to understand the prospects for blockchain technology. Therefore, they are trying to integrate this technology into their banking system. In addition, we all know that many developers of different platforms and crypto currencies come from China.

China at the beginning of the XXI century is the first world industrial superpower in terms of industrial production, as well as space and nuclear power - it leads the world in the extraction of various ores, as well as wood. In the territory of the China, oil, gas and uranium are also being extracted on a significant scale.
China has 37% of the world's reserves of rare earth metals. As a result of significant investments in the 1980s in the extraction of these minerals, China now owns 95% of their world production.
China is the world's largest producer of the absolute majority of industrial products. In addition, China is the world's largest automaker. (description and translation from https://ru.wikipedia.org/wiki/Экoнoмикa_КHP )

if you look closely what is achievable by using blockchain technology you will realize the multiplicity and diversity in functions of the blockchain technology. I ones explain about blockchain technology to a banker who only knows about crypto but have little knowledge about the blockchain. he told me that with his 10 years experience in banking he can boldly tell me that the world will go towards adopting blockchain technology for almost all sectors of the economy, banking, education, hospital, tourism etc. And when we are talking about technology, we all know that china has always been quick adaptor. other countries always join them later.

Chinese has been known for their imitation skills,they are very popular for making things originated by others,in fact most of the fakes that circulating in the whole world came from china or made by chinese

This same reason why they dont support cryptocurrency but instead they are now starting to use the technology behind cryptocurrencies that may bring them more profit than virtual coins

Despite of many negative issues about cryptocurrency in China, I still believe that they will adopt this whole system soon. Their population is very huge, and if they use blockchain technology this can help them to be more efficient especially in their businesses. Chinese people are paying their transactions through mobile phone, using the App Alipay, and maybe soon they will become more digitalized and don’t use their fiat money anymore.

There is no point in your question. In fact, any country attaches importance to the blockchain, not just China. I believe that the United States, Europe, Japan, India, and Russia all attach great importance to blockchain technology, because blockchain technology may be a revolutionary technology that changes the future. Whoever does not value it may be lagging behind.

China, as an influential state in the world, has grown practically on the use of various technologies, and sometimes simply by copying them, bypassing international copyright law. Therefore, they are now widely using advanced blockchain technology, now investing about six billion dollars in it. In terms of introducing advanced technologies, China is a very flexible state, and this brings it success and huge profits. In this regard, you can only learn from China.

China is one of the most advanced countries in the application of technology, one of which is exploring blockchain technology that can be applied in all sectors of life. Blockchain is very efficient and effective in industry and commerce, so China is very powerful in its efforts to increase competitiveness in the world of commerce.

I believe that the reason China is giving importance to Blockchain is because they know its real value, they are open to this idea, and are aware of how helpful and convenient it is. The core value of a blockchain is that it enables a database to be directly shared without a central network or administrator. Blockchain technology promotes transparency, security, improved traceability, increased efficiency and speed, and reduced costs. It's very important that we know what we prioritize into and be safe at the same time, and I believe that's what blockchain is all about, safety and security.

ISnt it obvious?China is a advance and progressive country,they know whats the importance of this technology for people and for future so what do you think why they are giving importance for this technology?Just like why other countries doing same,and why banks now are adopting this technology to their own tech and system

The country is well know to be very good in investing. Lots of great business man is Chinese and i think they saw what the technology will bring or is now bringing to the table. Korea and China are among the Asian countries who embraces innovation along with Japan.

 
There’s a lot of advantages through blockchain .All participants in blockchain can open the database. Can not easily alter anything on database . Extreme security for recorded datas. It can  Avoid hackers . You can view if someone visited your ads online. Easier, cheaper and faster transactions. This is a modern underlying technology of etherium, bitcoin and cryptocurrencies

China has a love and hate relationship with crypto, but when they discovered the the value of blockchain and how they can leverage it, they change their view .

There is no doubt that blockchain will be there in the future. No government hates the technology, but the cryptocurrencies that come with it. With blockchain, they can refine their systems even more and make them decentralized for the end users. However, I do suspect, if it will be a hybrid blockchain at work. They will always want a centralized control with blockchain capibilities.

 I think blockchain is a very advanced technology and it will be very useful for the future and progress.

China understands the importance of developing innovative technologies. China has long become a space power and has all the latest technology in its own. Blockchain is one of these technologies, so China seeks to maximize its benefits for the development of its country.