chapter  Chapter 7
14 Pages

Blockchain in China

WithJian Gong, Wei Xu

Blockchain technology is considered to be the most disruptive technological innovation since the invention of the Internet. Without the intervention of any third-party center, participants can reach a consensus and solve the problem of reliable transmission of trust and value at a very low cost. The security characteristics and trust mechanism of the blockchain is becoming an important technological engine for the development of the digital economy. There are plenty of successful cases of blockchain used in different industries, and they already brought obvious economic and social benefits. China officially stresses upon the key values of justice and fairness. The blockchain is based on decentralization and traceability, and can be transparent, so it can create a traceable system and an “unbreakable” food safety chain. The Chinese government is also concerned about the functional aspects of the blockchain. Chinese government agencies have taken the lead in understanding blockchain projects at the public and corporate levels.