January 3, 2023
By Tsering Namgyal
The mainland China currently has 1,400 blockchain companies at this time, according to a blockchain whitepaper released by the China Academy of Information and Communications Technology (CAICT) on December 29.
Here is what we know so far:
- As part of its development agenda, the CAICT also said that 49 postsecondary schools in China have started offering degrees and certificates associated with blockchain engineering.
- Four different kinds of blockchain technology with various possible applications were covered in the report.
- These include settlement chains on blockchain that would permit transparency and disclosure of telecom fees for businesses like China Unicom and China Mobile.
- Second, the “Zhejiang Cold Chains” will allow customers to scan the QR codes on the product packaging to confirm the origin and provenance of food.
- Third, buyers and sellers get monitor the information about their counterparties using its cross border payments platform.
- Finally, the tools for blockchain monitoring can assist authorities in identifying order discrepancies between various exchanges. For their activities, major China tech leviathans such as Tencent, Ant Financial, Huawei, and Alibaba have all formed blockchain partnerships in recent years.
- While the nation has outlawed digital exchanges, initial coin offerings, and cryptocurrency mining, ownership of cryptos and non-fungible tokens (NFTs) are permitted in China.
- Despite controversies regarding cryptocurrencies, it is clear that the Chinese government puts the development and advanced of blockchain technology on the top priority of official national agenda.
- In particular, Chinese officials announced on December 28 that a national exchange for the trading of NFTs and copyrights for digital assets would debut on January 1.
About the author
Tsering Namgyal is the chief content officer of NFTmetta.com.