Blockchain Race:The Difference Between China and U.S.

By August 2019, there are 2450 blockchain enterprises all over the world, 23% of which focus on technology research and development. Among them, enterprises in China and the U.S. account for more than half of the total number of global blockchain field.

In the end of 2019, China has adopted the blockchain as the national strategy to accelerate the practical application of blockchain technology.

Both China and the United States attach great importance to traceability and finance in the implementation of blockchain. In terms of traceability, the United States attaches great importance to food safety. In contrast, in China, more is e-commerce platforms like Alibaba and JD track commodities by blockchain. For the financial industry, the United States tends to focus on the inter-bank business clearing exploration. In China, like L / C settlement, it tends to explore the marginal business of the financial industry.

However, the United States attaches great importance to the application of KYC, which refers to digital identity. This is particularly important in cross-border transactions. Both parties who have never met can learn more about each other based on this technology, such as nationality, credit which was previously held in the hands of different financial institutions.

The application of blockchain in court is unique to China, which is rarely seen in the United States. More than 73% of civil cases in China involve electronic evidence, and judicial evidence collection has entered the era of electronic evidence from the era of material evidence. The unique characteristics of blockchain technology, such as non-tampering, non-repudiation, multi-party participation, are naturally consistent with the needs of electronic data storage.

At present, Beijing Internet court’s “balance blockchain” has 18 cross-chain nodes, and has completed the data docking of 9 categories and 25 application, including copyright and Internet finance. All 40000 cases accepted have been put on the chain, with more than 9 million electronic data on the chain and millions of cross-chain data stored.

In fact, the development of mobile communication in the United States has been slower than that in China. This is because there are more network cables in the original layout of the United States, so there are fewer 3G and 4G layouts, while China did not have a layout in this area before. This logic is also applicable to the development of China’s blockchain as the U.S. credit system is better than China’s, and the demand for blockchain is not so urgent, which makes China promote blockchain faster than the U.S. in various industries.

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