China is Now Ahead of the U.S in Blockchain Technology
The technological competition between the U.S and China will either be won or lost depending on who controls the offerings that govern 21st-century security, commerce, and communications. The United States can’t ignore the fact that China is now ahead of the U.S in Blockchain technology.
The Position So Far
In February 2019, the United States’ government issued a broad plan for that will facilitate the development of AI (artificial intelligence). However, there is still no government strategy for Blockchain technology. Meanwhile, the United States competitors, China has progressed seriously in its Blockchain efforts in recent years.
The Blockchain is an open, DLT (distributed ledger technology) that efficiently records transactions between parties in a verifiable, permanent model.” For Western nations, technology is transformative. It can be used in power distribution, promote the rule of law, fight crime and corruption, and help in privacy and digital identity protection.
It has to be said that China doesn’t see the Blockchain technology as it is described here. If China becomes the first nation to build a self-controlled Blockchain system, the Asian giant will use this technology to repress its citizens, widen its influence across the world and suppress the Western system that has been in place for centuries.
It is absolutely critical to freedom and personal power that we continue to hold up the western brand of government and freedom. With the types of suppression that China is currently moving torwards, this is an even greater step down the road to a dystopian nightmare which can easily set mankind back quite a bit.
The Chinese Twofold Blockchain Strategy
China has maintained a twofold Blockchain strategy: heavily investing in Blockchain development, innovation and cracking down Blockchain systems not under its control. The government has invested billions of USD in Blockchain partnerships. In 2017, China filed the most Blockchain patents. Last year, China Development Bank went into a collaborative process with Brazil, Russia, South Africa and India to facilitate Blockchain research.
The Asian giant has launched a crackdown on Blockchain user privacy and freedom of speech. In January of this year, the government reportedly issued regulations requiring that Blockchain firms collect users private data and make the data available to the authorities. The goal is to censor user content.
As we can see, China has no intention of using this technology for the betterment of humanity as a whole. It is used to advance their agenda, power and control. Add in other technologies like AI, quantum computing and networks, we see a tight grip on people, technology, commerce and military forming. This is a grip that will be extremely difficult to overcome if the US does not stay on par or ahead.
China’s Regulation of Blockchain Not Just for Indigenous Repression
Experts have warned that China is regulating Blockchain for internal repression and to exert its influence abroad. While the Westerner governments envision the Blockchain as an open system, the Chinese government could build a closed Blockchain system that it can control for its own purposes.