Chinese companies continue to invest in blockchain applications despite the pandemic

Interest in the technology continues to soar despite the threat of the coronavirus

Chinese factory
The new normal has not deterred entrepreneurs from viewing blockchain as the next big step for their businesses

A survey distributed to 350 Chinese companies revealed that their optimism surrounding blockchain before the onset of the pandemic remains alive in the region.

According to local news outlet Xinhua, the study, entitled Blockchain In The Post-Epidemic Age, showed that 70% of the companies surveyed prior to the outbreak of the coronavirus have remained optimistic about the opportunities found in blockchain technology. Almost 20% have responded that they are willing to invest even more to mitigate the effects of the crisis.

Many businesses believe that implementing blockchain technology across different industries could help the national economy recover from the financial challenges caused by the pandemic.

The researchers also agree that blockchain technology is considered as the most effective way to mitigate the effects of disasters.

The respondents of the survey came from ten different industries, such as commerce, manufacturing, blockchain-related specialist firms, finance and supply chain management.

“Industrial blockchain deeply serves the core body of social production-enterprises (…) As a trusted data network between enterprises, blockchain solves the problem that traditional centralized databases cannot generate trust among enterprises and solves the trust problem of multi-party collaboration.”

Despite the sudden outbreak of COVID-19 and its devastating effects to both citizens and the economy, the study states that the confidence of businesses in blockchain has not faltered.

In May, a higher education institution that trains officials of the Chinese Communist Party published a book on cryptocurrency. The Party School of the Central Committee of the Communist Party of China, more commonly known as the Central Party School, published the book as part of a series on disruptive technologies. Previous books in the series were entitled “A Dialogue With Party Leaders About AI” and“ A Dialogue With Party Leaders About Blockchain”.

This book series aims to become a reliable source of information that party officials and the general public can refer to when it comes to emerging new tech trends. The prologue contains content from central bank executives, commercial banking executives and regulators from around the country.

The latest book begins with an introduction to fiat currency, followed by an overview of the current credit currency system. This precludes a section on cryptocurrencies and digital currencies.

An entire chapter of the book is dedicated to Central Bank Digital Currencies (CBDCs), explaining the strategy of the Digital Yuan and how it would impact the current payment system.

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