While the Chinese government may have banned cryptocurrencies, in other areas blockchain technology is welcomed with arms wide open. Several major Chinese companies are exploring possible use cases to enhance their services with blockchain.
First, ICBC, the largest bank in China, has announced its new venture into blockchain technology. ICBC founded 184 serves over 5000 corporate and 530 million personal clients. They are also an institution with an innovative approach and a frequent introduction of novelties. IC
BC has recently announced its intentions to implement an array of technologies like IoT, big data, artificial intelligence, cloud computing and ultimately blockchain.
Chinese companies are also leading in terms of patents issued for blockchain technology. Only in 2017 from the 406 patent applications worldwide, 68 were filed by People’s Bank of China and 43 by Alibaba. This means that a quarter of all blockchain patents around the world last year can be associated with China.
Alibaba, the retail giant, is not stopping there. They are boosting their reputation as blockchain leaders and exploring use cases with several subsidiaries. Their solutions help fight food fraud, track international shipments and secure medical data.
One of their most exciting ventures is in finance, where Alipay constitutes a key service in China and beyond. Alibaba’s financial arm has recently released the Ant Financial Blockchain 2.0, an open platform for self-operation and decentralization.
Alibaba’s subsidiary, Lynx International, was also upgraded with a blockchain. They have implemented a solution for tracking cross-border shipping services. Lynx now boasts an immutable record of shipment information, like production, transportation, third-party verification, and customs.
Alibaba has also partnered with the Chinese government to help build a blockchain database for medical information. The new system would allow a secure and efficient record of data, which could be used to share patients’ medical data with doctors.
Looking at blockchain the rest of the world might still be blinded by skepticism. After all, the technology is barely scalable, and there is plenty of uncertainty around use cases. China instead is striding ahead in blockchain development and implementation. At this pace, they are likely to become one of the first nations to leverage massive benefits using blockchain.