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China Is Ready For Blockchain and Cryptocurrency
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China Is Ready For Blockchain and Cryptocurrency

China is moving forward with the adoption of blockchain technology. According to Derwent, in 2019, China is in first place for the number of blockchain innovations (62%) and patent filings (49%). Second place for both categories is the US at 22% and 16%, respectively.

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Through the development of government projects and public blockchain projects, the country has become the world’s leading country for blockchain development. 

Mu Changchun, Deputy Chief in the Payment and Settlement Division of the People’s Bank of China (PBOC), stated that China’s CBDC prototype does exist. Furthermore,  PBOC’s Digital Money Research Group has fully adopted a blockchain architecture for this currency. The bank has decided not to utilize a pure blockchain.

Instead, choosing to go with a hybrid architecture will ensure that scalability requirements needed for mass adoption in retail.

This initiative will utilize a two-tier system, with the PBOC at the first level and China’s commercial banks at the second level. China’s CBDC addresses key issues in modern commerce. A few examples include expensive cross-border transactions, long transaction completion times, and inefficient legacy payment systems. 

China’s decision to launch a digital currency backed by its central bank might not come as a surprise to many people; however, it is important to note that it is one of the first nations to successfully test a digital currency. This project is actually the culmination of five years of research and development.

The earliest adopters of CBDCs include Venezuela, Senegal, Tunisia, and the Marshall Islands. Researchers in the UK, Canada, Norway, Sweden, Israel, and Thailand are also working towards the creation of their own CBDCs.

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As one of the world’s top public blockchain projects, NEO is another excellent example of innovation happening in China’s blockchain scene. NEO has ambitions to not only increase mass adoption in China but also throughout the world with its ambitious NEO3 Roadmap, a complete revamp of its current NEO2 blockchain architecture. By accelerating the development of NEO3, NEO is creating the foundation for next-gen Internet. Built to enable enterprise-grade innovations, NEO3 promises to deliver optimized stability and throughput in addition to various features and tools built to empower and accelerate developer innovation. 

NEO•ONE is an end-to-end framework for developers to build dApps on the NEO blockchain. NEO Blockchain Toolkit for .NET and NEO Express aims to simplify smart contract development by allowing accessibility through existing tools like Microsoft Visual Studio. The third product, NEOFS, provides a decentralized data storage system designed to handle data on both public and private dApps built on NEO. 

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  1. […] China expedites the development of a government-backed digital currency, it is very likely that more media outlets around the nation will push content about Bitcoin and […]

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