Towards the end of last year, China’s president announced that the nation was going to form a core part of China’s innovativeness. According to Xinhua, a Chinese news outlet, the blockchain holds potential in various industries in China, including education, finance, and the food sector. Since the statement by China’s president, various private and government organizations have been planning to incorporate blockchain into their operations.

Baidu’s Xuperchain

Baidu, which is often compared to Google by many in the west, recently unveiled Xuperchain. The program is a blockchain-powered network designed for businesses in China. It is currently in the beta stage. Xuperchain is going to make it possible for small and medium-sized businesses to build and deploy blockchain apps that help them improve the efficiency of their businesses.

According to Baidu, using Xuperchain will be quite affordable; the price has been set at just 1 yuan, which is about $0.15. It is worth noting that while Baidu just recently announced the project to the public, it has been around for a while now. The company claims that about 3 million people have already processed over 450 million transactions using the network. However, this is the first time the project will be made available in all corners of China.

Chinese Firms are embracing the Blockchain

Baidu is not the only large corporation in China that has embraced the blockchain. For instance, the Bank of China, which is one of the biggest commercial banks in China, recently announced that it would use blockchain technology to issue bonds. The bank has already issued bonds worth about $2.8 billion using the blockchain. It’s important to understand that the Bank of China is not referring to the Chinese Central Bank. These are 2 separate entities.

Another major Chinese company that plans to use the blockchain is ByteDance. According to a Bloomberg report, ByteDance, which owns the TikTok social media app, plans to invest in the blockchain alongside a Chinese-owned state media organization. The report claims that ByteDance obtained a stake in a firm focusing on AI and blockchain technology. ByteDance will apparently have a 49% stake in the firm while a Chinese state media outlet will own the rest of the shares.

Chinese Digital Currency is Almost Ready

A recent report indicates that a lot of progress has been made in the development of the Chinese state digital currency. This digital currency will partially run on blockchain technology and is in line with China’s ambitions to become a leader in the blockchain sector. However, not much else is known about the digital currency.

Most of the technical details about the digital currency remain under a shroud of secrecy. For instance, even the exact date of the launch is unknown. However, it is known that the first roll-out of the digital currency will be in Suzhou and Shenzhen, which are China’s technology hubs.

Summary

It is quite clear that the blockchain will play an integral role in the future of China’s economy. Various other nations and corporations are slowly beginning to realize that the blockchain holds many potential benefits. However, progress in other nations has been hampered by lack of government support and at times conflicting legislation, which confuses the blockchain with cryptocurrencies. Aside from the Baidu news, it will be interesting to watch the ByteDance developments. TikTok has become one of the most popular social platforms among millennials of recent. Implementing blockchain technology into apps like TikTok could really jumpstart interest levels with other competitors globally.

Image Source: Flickr 

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