China has stated that they desire to be the world leader in AI technology by the year 2030. A decoupling between Chinese and American economies looks to have pushed everything towards self-sufficiency. China’s economy is fighting with a slowdown and they are also in the midst of a trade war with the US. China’s ambition is remarkable, and they are looking at blockchain, 5G and artificial intelligence right now. This could be more urgent now more than ever. This is particularly the case when you look at the fact that it is in a tariff war with the United States.
There are several industries who not only rely on tech, but also flourish on it. Look at NetBet casinos, the finance industry or even the gaming sector. Of course, it’s important to recognize that this creates a lot of competition. This is one of the many reasons why China wants to get ahead, so that they can solidify their presence and hence that they can also surpass everyone else before they even get a chance. The Chinese are trying to drive to be a self-sufficient country and a great deal of this comes down to decoupling. The topic was very prevalent throughout the conference and China are very ambitious about everything.
When you look at the tech rivalry that is occurring between China and the US, you will soon see that a lot of it comes down to the development of 5G. Huawei is under a bunch of focus right now, but things could change. Huawei is a key developer when it adds up to 5G tech and they have been blacklisted by the government. Washington have also cited various security concerns regarding their equipment. They have expressed that they could actually open up a backdoor which would enable them to spy on the US. China have continually tried to deny these claims.
Blockchain is a technology that essentially underpins cryptocurrency. Take Bitcoin for example, a few years ago, it absolutely blew up and everyone began investing. The blockchain that powers this is now being used by everyone, from finance to food. If someone was able to take control of this then this would place them in an incredibly strong position. Blockchain really does hold the potential to change the way that companies conduct business. A number of areas are ready to improve because of the blockchain infrastructure. China have thrown their weight behind this. President Xi Jinping has stated that China is being urged to capture the opportunity and they are also being called upon to advance the development in the field too. This would be incredible for the country if they were able to pull it off. A great deal of this comes down to the trade war, but right now it looks like China could be in a very strong position. Could things be looking up for blockchain?