Blockchain: Beijing wants to make its mark on crypto
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China has recently taken a very hard line against cryptocurrencies, but now authorities are looking to make their own digital currency. Officials from the People’s Bank of China and the country’s top online payment service, the Alibaba affiliate Ant Financial, are currently working on blockchain technology to create a new digital cash, according to local news site Caixin. If successful, China will allegedly be the first country to launch state-backed cryptocurrency (although Venezuela released their cryptocurrency, called the Petro, which is allegedly backed by oil reserves, in February). ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
The latest news on blockchain technology in China was reported by Coindesk.com. The article is written by Wang Pengbo and was published on the 8 th of May, 2018. The headline is “Beijing wants to make its mark on crypto”. The article is about Chinese government’s effort to develop national cryptocurrency. To read the full article, click on the link https://www.coindesk.com/beijing-bitcoin-mining-industry-blockchain-pilot-project
Summary of the situation
– Beijing wants to improve blockchain technology with an automated project.
– Support for the BSN is strong and Beijing may have time to finish it.
China has made attempts to get into blockchain technology. Beijing has taken the initiative to clean up the technology running on cryptocurrencies. There have been many operational problems with this technology and the country wants to give it the right technical standard.
With a very low server to launch the proposal, Beijing is urging the blockchain community to consider its proposal. If the method proves successful, China could become a promoter of the new technology. It will also transform transactions in China and make that country the new face of decentralized trade.
China is introducing its initiative as the Blockchain Service Network or BSN, with a self-sustaining structure to support high demand. The proposal will provide models for the standardisation of cryptovaluta transactions, programming tools, auxiliary servers, etc.
The blockchain serves as a processing point for cryptocurrency transactions on the network. This network mediates the process; it is open for use and works with the ledger.
He Yifan, an engineer at the Massachusetts Institute of Technology, thinks the Internet needs an overhaul. Yifan supports China’s initiative to streamline the cryptocurrency market.
BSN project under way
In more than a year, the BSN project has over 2,000 users and several blockchain-related systems. The project shows its potential, and American companies such as Boeing Co. have had no trouble testing it. Walmart Inc. has also been using new technologies to track groceries.
According to Gartner Inc. new applications of technology could generate up to $3 trillion by the end of the decade.
Blockchain since its introduction
The popularity of Blockchain was started by the inventor of Bitcoin, who has not been identified to date. This technology was created in 2009 to create cryptocurrency units in their early stages. Since its inception, blockchain has performed several functions that help stabilize the cryptocurrency market.
The lack of a standardized system for blockchain has led to a delay in its potential. BSN’s promise is that it will help change this pattern in blockchain and bring the Internet to maturity. Alan Pelz Sharp, founder of Deep Analysis, says the cryptocurrency community is excited about BSN because it improves the blockchain.
BSN leaves the Beijing Planning Office, China Mobile Ltd, the National Development and Reform Commission. This corporate merger will allow Blockchain to reach new horizons and improve the existing cryptocurrency market.
The news about this technology and its innovation by the Chinese government may become noticeable in the near future. The standards have already been approved; there is good support and sufficient technology and resources to get started. Beijing could be the engine that cryptocurrencies need to grow in the financial market.