Most recently, EMURGO co-hosted a local blockchain community meetup event with blockchain services firm TEAMZ, to have an informational discussion on the status of the blockchain industry in China as we head into 2020. The overall objective of this meetup was to offer the local blockchain community greater insight into the sentiment and development of blockchain technology in China on the heels of the Chinese government’s public advocacy for blockchain development, by leveraging EMURGO’s network of industry partners and information resources. With growing recognition of the potential benefits of blockchain technology in mainstream business and government circles around the world, this meetup event attracted a diverse crowd from the local blockchain community including those working in the industry, those planning to offer blockchain-related services, and others wanting to learn more about the blockchain market in China. EMURGO strongly believes in providing the useful, foundational building blocks of blockchain education for developers and also to the general public to highlight the utilities of blockchain and onboard interested parties into the Cardano ecosystem.
The other co-host for the meetup event, TEAMZ, is a Japan-based blockchain services firm with ties to the Chinese and greater Asian region. The firm provides business strategies and solutions to innovative blockchain companies around the world, with a team of international and experienced members who support the expansion of customer brands in Asia and worldwide.
Insights Into the Chinese Blockchain Industry
EMURGO Group CEO Ken Kodama opened the event with a quick introduction of EMURGO and the strategic objectives to drive the global adoption of Cardano. With a solid and growing presence in Japan, Singapore, Indonesia, and India, EMURGO is uniquely positioned with a strong network of blockchain industry partners and resources in the Asian region. EMURGO is firmly supporting the Cardano ecosystem with tailored systems development, education & academy, investment & acceleration, and advisory services.
Next to speak was Yanying Deng, TEAMZ COO. Yanying is a Chinese entrepreneur, speaker, and a big supporter of young women in business and leadership. She is a professional solutions manager and has led many projects to success while previously working as a consultant at IBM Japan. Yanying gave a brief discussion on the services offered by TEAMZ.
Blockchain Activity in China Continues To Progress & Press Forward
To offer a deeper understanding into the Chinese blockchain industry, Mari Morizono - Business Development Director at TEAMZ - gave a presentation about the blockchain industry’s timeline of activities in the Chinese market. Mari provided the audience with information about the latest movements in the Chinese blockchain industry and the gradual shift in the Chinese government’s stance from objection to an embrace of blockchain technology adoption over the years. The Chinese government has also stated an intention to explore and take steps towards implementing the issuance of China’s Central Bank Digital Currency for its own national interests which would give rise to the international status of its national currency, the Chinese yuan.
During the early years in 2013 & 2014, investment in the Chinese blockchain industry started to become active and the government started researching the risks of cryptocurrencies. Chinese exchange companies such as BTCChina, OKCoin, and Huobi began expanding their businesses while traditional Chinese technology enterprises Baidu and Suning Electronics started accepting Bitcoin payments for retail purchases. At the time, the Chinese government took a cautious stance to this move.
Then, in 2015 & 2016, the Chinese government expanded into more research on cryptocurrencies and the underlying blockchain technology. The term "blockchain" was first publicly used in the government's 5-year plan, while the Chinese central bank started to explore the possibilities of issuing digital currencies.
Moving into and throughout 2017, major IT companies in China made swift progress in developing blockchain-based solutions during this time period. While a total ban on cryptocurrency trading and ICOs was also established, China’s Tencent released a blockchain white paper in April 2017 to build blockchain services. A formal statement to position blockchain as one of the foundational blocks of next generation technology was announced by the Chinese government in 2018, and most recently Chinese President Xi Jinping's remarks on investing into future technologies such as blockchain once again attracted worldwide mainstream attention.
Chinese Provincial and Local Governments Pouring Investment Into Blockchain-based Ventures
As the final speaker, EMURGO Japan CEO Yosuke Yoshida gave his detailed insights into the Chinese blockchain market. Also as Chief Business Officer of EMURGO Group, Yosuke and others at EMURGO, travel frequently to other markets including China to speak at conferences about EMURGO’s drive of global Cardano adoption. He talked in detail about the overall positive sentiment coming from China towards the adoption of blockchain technology by enterprises and the government.
Yosuke started by presenting several pieces of important positive blockchain-related news in China that was announced in the past several months, such as the Guangzhou government’s intention to invest approximately $140 million into blockchain-related enterprises, the creation of a formal blockchain alliance to support the Chinese government, the establishment of a $140 million fund by Hainan Province to invest into local blockchain companies, and the Bank of China announcing their plans to implement blockchain technology to issue about $2.75 billion worth of loans to support local small and medium-sized enterprises.
As China offers one of the largest markets for blockchain implementation and blockchain technology develops at a rapid pace, both the Chinese government and local enterprises of all sizes are serious and active in blockchain adoption. Identity management, streamlined services with smart contracts, and blockchain-based accounting are likely to be adopted significantly next year, and China’s own digital currency is also planned for launch in 2020 or 2021.
In recent years, China and other countries around the world have shown increased interest in the adoption of blockchain technology for various verticals. Technological innovations continue to be developed and projects like Cardano continue to focus on building real products & solutions as our blockchain industry advances. While there is a wide range of interest into the usage of public or private blockchains, the blockchain industry as a whole is still nascent and working to grow awareness at the highest levels in government and enterprises. As one of our core units, EMURGO strongly supports opportunities to educate the community on blockchain technology and the solutions provided by Cardano as the first third-generation blockchain to evolve out of a research-driven approach.
EMURGO drives the adoption of Cardano and adds value to ADA holders by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem. EMURGO leverages its expertise in blockchain R&D as well as its global network of related blockchain and industry partners to support ventures globally.
EMURGO is the official commercial and venture arm of the Cardano project, headquartered in Singapore, with a presence in Japan, the USA, India, and Indonesia. EMURGO works closely with IOHK and The Cardano Foundation to grow Cardano’s ecosystem globally, and promote its adoption. Learn more about the project at https://emurgo.io
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