China considering the use of Blockchain Technology

[Dunamisx]

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.

“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?

[_act_]

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.

[Nhazwrath]

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.   

[mk4]

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.

[Zilon]

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

[Kakmakr]

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)

[Fortify]

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.

“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.

[Cornia]

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.

[royalfestus]

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

[Gozie51]

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.

[goldkingcoiner]

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.

“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.

[tabas]

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'.

[24Kt]

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?

[Zlantann]

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.

[lumbanrang]

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.

[crwth]

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.

[stompix]

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.

[5W-KILO]

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.

[Jawhead999]

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.

[LastKiss]

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.