China has joined hands with various tech giants in the country to form a national blockchain committee that aims to set the standard for blockchain adoption in the country. The committee includes the country’s tech giants such as Tencent Holdings, Huawei Technologies, Baidu, among few others.
The committee called the National Blockchain, and Distributed Accounting Technology Standardisation Technical Committee would also include 70 researchers and experts with the aim of setting a standard for the country’s blockchain adoption.
These 70 researchers and experts belong to various local governments, state-led think tanks, universities, and other computing centers. As of yet, none of the companies included in the national blockchain committee have spoken about its formation.
However, China has been pushing blockchain adoption in the country since last year as it recognized it as an emerging technology. China has invested many resources included human resources, on its blockchain push, as well as the development of a central bank digital currency (CBDC).
Currently, it seems like China has a handle on its COVID-19 situation and therefore wants to focus on developing emerging technologies. Many countries have been exploring and investing in blockchain, but none surpass China, which has been working on a state-backed cryptocurrency since mid-2019.
Furthermore, China’s struggle for blockchain adoption was encouraged by President Xi Jinping, who encouraged the development of technology for administrative purposes.
However, this is not what blockchain and distributed ledger technology (DLT) are about. Blockchain has always been about transparency and decentralization that focus on removing the middleman. However, China’s blockchain push is a far cry from it, and whether that’s good or bad can only be seen in the future.
Featured image by pixabay.