China May Soon Dominate Blockchain Market: Aims To Overtake USA
Move over, USA? China may soon be the big dog on the blockchain market. China is positioning itself as the dominant player in blockchain after taking over the number one spot for the most number of blockchain patents.
“This technology has the potential to have a great impact on everything we do and will definitely be threaded through all technology in the future,” blockchain executive David Marshall of 08Capital told Forbes. “Blockchain is, quite simply, disruptive tech with massive potential given global adoption.”
China Pours Money Into Blockchain Startups
This bullish outlook on blockchain tech is one shared even by the most ardent cryptocurrency skeptics and bitcoin bears, so it’s no surprise that several countries are racing to stake their claim in this niche.
China has already started pouring money into the space. OneThing Technologies, the cloud computing arm of Xunlei Limited, recently launched a high-speed blockchain platform called ThunderChain, which can conduct millions of transactions per second.
ThunderChain is being developed for use in food supply-chain management, entertainment, and other sectors.
Moreover, China is already using blockchain in industry. For example, Chinese insurance company ShineChain is currently using blockchain technology to sell insurance.
USA Throws Cash Behind Blockchain
But in the United States, billionaires are also throwing cash behind the blockchain, as BTCManager has reported.
Case in point: the Rockefeller family (estimated net worth: $1 trillion) recently announced that it will make long-term investments in blockchain-based businesses through its venture-capital arm Venrock.
The Rockefeller family is investing in blockchain startups. (Pixabay)
“There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology,” said Bart Stephens, co-founder and managing partner of Blockchain Capital.
With these kinds of deep-pocketed investors backing blockchain tech in the United States, experts say it won’t be easy for China to overtake the West in this crypto arms race.
“China has a massive domestic marketplace, has seen what works and what has failed, and a willingness to protect state industrial champions to make sure they have a chance to succeed against the best in the world,” Marc Ross, a former communications director for the U.S.-China Business Council, told Forbes:
“But no other nation on the planet hosts the power, influence, innovation, entrepreneurial culture, and creativity of America’s tech companies. The ecosystem of universities, investors, and coders is a deep moat and can’t be built overnight or forced on a culture. So I don’t see China’s tech companies a threat in the next 20 to 30 years in any sub-sector.”
Tech Titans: Blockchain Tech Will Transform The World
Regardless of who’s the market leader, the fact is there’s a growing consensus that the blockchain, the technology underpinning bitcoin, is revolutionary. Need convincing? Check out what these business magnates have to say.
“Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets.” —Patrick M. Byrne, CEO of Overstock.com
“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself.” —Abigail Johnson, CEO of Fidelity Investments
“Blockchain is the perfect bureaucrat. It’s the perfect government official. It’s incorruptible, it’s fair, it’s honest. It gets the job done. It’s the most efficient thing ever.” —Tech billionaire Tim Draper