As commented before, blockchain technology is being adopted by many different countries, enterprises and governments. China’s Largest newspaper, The People’s Daily, published a feature article about blockchain technology. The article described the many different potential benefits of blockchain technology.
The People’s Daily Newspaper Embraces Blockchain Technology
According to the feature, blockchain was described as “the potential next internet,” and that Chinese authorities should embrace the technology in order to improve infrastructure, and strengthen laws and policies.
The newspaper makes an important difference between cryptocurrencies and blockchain technology. According to the publication, blockchain has several use cases in real world and it is not just used to power cryptocurrencies.
The article did not comment about the government’s stance towards cryptos, but it did warn investors about the risks associated with investing in projects from abroad. Indeed, the government is working in order to spread the risks about Initial Coin Offering (ICOs). In September 2017, China, and later South Korea, decided to ban ICOs. The main reason behind this decision was to protect Chinese investors from losing their money.
At the moment, the cryptocurrency market around the world is not completely regulated. Countries are taking different measures to control it, but at the moment there are no clear global regulations. In March, governments will discuss about possible worldwide regulations around cryptocurrencies at a G-20 summit.
Bank of China Patents Blockchain Scaling Solution
One of the most important banks in China, the Bank of China, has filed a patent with the Chinese State Intellectual Property Office (SIPO) to register a solution to scale blockchain technology.
The bank has applied for the patent on September the 28th, 2017, but the SIPO gave information on February the 23rd, 2018. According to the bank, the patent inventor is known as Zhao Shuxiang.
Apparently, the patent would allow the amount of data stored in the blocks to be substantially reduced. How does it work? A node receives a compression request from a client, it compresses the transaction data from multiple blocks and transforms it into a single data block.
Then, the data would be run through a hash function with the data block has value. In this way, the compression transaction would be able to map the relationship between the compressed block, the data block and the compression event.
Even when China is taking hard and strict regulations towards cryptocurrency exchanges, investors and the market, the government and important enterprises keep embracing Blockchain technology. Just to mention some companies, Lenovo or JD.com, are working in order to promote blockchain in the country and abroad.
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