China is Now Ahead of the U.S in Blockchain Technology
The Position So Far
In February 2019, the United States’ government issued a broad plan for that will facilitate the development of AI (artificial intelligence). However, there is still no government strategy for Blockchain technology. Meanwhile, the United States competitors, China has progressed seriously in its Blockchain efforts in recent years.
The Chinese Twofold Blockchain Strategy
China has maintained a twofold Blockchain strategy: heavily investing in Blockchain development, innovation and cracking down Blockchain systems not under its control. The government has invested billions of USD in Blockchain partnerships. In 2017, China filed the most Blockchain patents. Last year, China Development Bank went into a collaborative process with Brazil, Russia, South Africa and India to facilitate Blockchain research.
China’s Regulation of Blockchain Not Just for Indigenous Repression
Experts have warned that China is regulating Blockchain for internal repression and to exert its influence abroad. While the Westerner governments envision the Blockchain as an open system, the Chinese government could build a closed Blockchain system that it can control for its own purposes.