Blockchain cryptocurrency technology is becoming a hot topic between the rival traders of Asia, India, and China. There has been a consistent trade fight between the two nations to claim the best possible development strategy within various domains. One such sector is technology which has played a major role in the significant growth of both the countries. Both the countries are readily adopting and endorsing the use of new ledger technology to transform the conventional working methods.
According to Analytics India Mag, it is stated that Indian Prime Minister Narendra Modi emphasized the need for rapid acceptance of blockchain technology. In the same way, Chinese President Xi Jinping also endorsed the transformative potential of blockchain earlier this year in a public conference. In fact, the Communist Party later went on to publish a book in August this year tilted as “Blockchain — A reader for cadre leaders”.
As per the current scenario, it seems that the blockchain cryptocurrency technology is more pertinent in the Indian context as compared to any other country in the world. The reason behind if that about 80 percent of Indians work in the informal economy that means there is more importance given to interpersonal trust rather than formal contracts which probably can end in the vulnerability of the funds. There comes the role of this new technology which offers transparency and security within the network that will reduce such type of breaches.
In a recent update, Mumbai-based National Stock Exchange has announced its plan to implement blockchain in their systems and they are currently preparing Proof of Concepts (PoCs) for the same. (Via IBS Intelligence)
China’s Stance Blockchain Technology
Chinese firms have announced blockchain investments of about $3.57 billion; it includes both government and local government bodies. As more industries adopt blockchain cryptocurrency technology more chains, jobs and technological breakthroughs will be created. Chinese companies have indeed identified the need and benefits of this technology and are taking significant steps towards the transformation.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]