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Blockchain Adoption: China Outpaces U.S. and South Korea

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Blockchain is quickly revolutionizing the way business is done.

UPS just filed a new patent that uses it as part of a distributed system to send packages. Capital One filed a new patent application to use it with user identification. It’s being found in the boardrooms of Apple, IBM, Microsoft, UBS, Deutsche Bank and also Facebook. Companies are beginning realize its benefits.

It’s just beginning to revolutionize the global community., China’s largest retailer and e-commerce provider is using blockchain, too.

In fact, it just launched Blockchain-as-a-Service (Baas) this month.

That will help them to improve transparency, efficiency, and the security of operations. Additionally, it will allow them to track product movement, property assessment, and digital copyrights.

Even Chinese shipping companies, including Yuanben and also Maritime Silk Road Platform are using the technology, too. They’re using it to make freight tracking and management safer and more efficient. “By building nodes around the world, the Yuanben project has become a highly scalable chain of trusted alliances,” notes Cryptovest. “The use of smart contracts and encrypted algorithms enables sustainable interaction of data within the chain, including the security of data transmission.”

China Aerospace and Industry Corporation says blockchain could the solution for its troubled electronic invoicing systems. The current problem is that electronic invoicing system is subject to over-reporting, false-reporting, and also problems with chain of custody.

They believe blockchain can better track their invoices and ensure accuracy.

Consider this. More than 1.31 billion Chinese electronic invoices were in circulation in 2017. By 2022, the number will hit 54.55 billion. If not handled properly, the problem can become worse.

Over the last decade, Chinese companies submitted 550 patent applications on blockchain technology. That far surpasses the applications of U.S. and also South Korea so far.

To drive some of that, Beijing announced $9.5 billion in tax cuts to drive innovation.

Furthermore, that’s a clear sign from the Chinese government that such technology is essential.


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