China tipped for blockchain surge

August 02, 2018
Chris Wheal

Fake cosmetics. Fake luxury goods. There’s no limit to Chinese ingenuity when it comes to counterfeit products. That may be one major reason why blockchain succeeds faster and harder in China than in other places – possibly. 

US business magazine Forbes today said the grip of Chinese counterfeiting had turned the Chinese consumer into one of the least trusting on the planet. 

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“Blockchain is the first tracking standard that is receiving widespread acceptance from consumers, businesses and government in China,” the article said. “Alibaba and JD are investing large sums into blockchain and President Xi Jinping calls it a ‘breakthrough’ technology.” 

Forbes claims 41% of Chinese startups who received funding in the first quarter of 2017 were blockchain-related. That’s a revealing statistic, if accurate.

Writer Mark Tanner added that the growth in blockchain tech was one of the most discussed topics at the Davos World Economic Forum in January. It was estimated there that 10% of global GDP will get stored via blockchain within a decade.

The Chinese blockchain interest isn’t down to just lack of trust. Forbes claims 10% of all freight invoices contain inaccurate data. 

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“By powering leaner, more automated and error-free processes, blockchain can achieve cost savings across the supply chain and provide benefits spanning as wide as healthcare to legal contracts.”

Some of the blockchain trust even extends to premium chickens where health, production and cleaning information is available on a ledger. 

“We are building long-term trust, beginning with products customers really care about. They’ve never had real visibility into the supply chain before, so this is a big deal,” Josh Gartner, VP, International Corporate Affairs at JD told the magazine. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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