Chinese blockchain dominance will be something to watch for in 2020. Even though trade war with the United States has affected the Chinese economy significantly, they are still making big strides in the technological realm. Despite the challenges, the Chinese are moving forward to achieve their long-term goals that will make China a leader in blockchain and cryptocurrencies. China is following disruptive and innovative technologies that will help it catapult towards the rank of the world’s biggest economy.
Blockchain and decentralised currencies play an important role in China’s global dominance. The communist regime doesn’t like Bitcoin much, but it is making efforts to embrace digital currencies especially its homegrown Chinese digital Yuan. This will help it becomes a dominant force in the digital currency market since Chinese mining pools already control around three fourth of the total hash power related to the bitcoin network.
2020 Chinese blockchain dominance will also feature 5G
In 2019, the Chinese economy slowed down a little due to some lingering industrial issues, US-Sino trade war and the global recessionary trends. The country’s export slowdown has also had an impact on the downward trade scenario. However, Chinese megacities and other global-scale projects do support the country’s long-term growth.
The supercities will go a long way to support the upcoming growth wave for Chinese blockchain dominance. The migration of people from rural to urban areas will help the widespread industrial ecosystem attain much higher growth. This will also help tackle the ageing population problem.
The blockchain revolution in China will be powered by an upcoming boom in mining and cryptocurrencies. China is setting up crypto regulations and guidelines faster than any other country. Western countries are not even close when it comes to the strategic advantage held by Chinese firms. The blockchain potential in the Chinese industry, once implemented, will present a range of opportunities locally.
5G technologies is another realm that China wishes to dominate. It is already a superpower when it comes to Bitcoin mining. Chinese miners carry great influence in cryptocurrency mining. Sichuan is a global mining centre since it offers cheap electricity and land.
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