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Why China is Embracing Blockchain But Shuns Cryptocurrency

  by David Drake     For more than 18 months now, China has waged war against cryptocurrencies. About a year ago, the country placed a ban on the sale of initial coin offerings and just weeks ago, it increased pressure on cryptocurrency activities. But even as the country suppresses any efforts of digital asset trading by limiting speculation, it is increasingly embracing blockchain technology. The technology is known to facilitate secure transactions between parties, eliminate the need for intermediaries,such as banks, and provide a faster way of transferring funds at a more affordable rate. New Opportunities As a result of these capabilities, the technology has captured the attention of numerous developers. This has resulted in the creation of blockchain-backed companies which utilize this technology to address real problems across sectors. Such companies include web mining monetization platform, Gath3r, peer-to-peer crypto trading firm, BQT, and portfolio optimization platform LiveTradr. At the ... Read More »

China Surges Ahead of US and South Korea in Blockchain Use

  by David Drake   China has become one of the largest supporter of blockchain technology. Even so, it is well known for steering clear of cryptocurrency trading and mining. According to information provided by the World Intellectual Property Organization (WIPO), China holds 50 percent of all blockchain related patents. Two-thirds of the most influential companies globally within this sphere are from China. If this pattern holds, China could easily become a leader in blockchain technology without embracing cryptocurrencies. The country has banned all crypto exchanges in light of recent scams that have robbed investors of millions. China’s approach sheds light on the diversity of blockchain technology. Many startups and investors are intrigued by the investment and potential payload that could come from investing in digital coins. In many countries, the technology underpinning cryptocurrencies has taken a back banner. However, China has filed over 550 patents since 2008, placing it ... Read More »

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