China Turning Hard to Blockchain – Focus on Fraud Reduction

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According to a new report from Reuters, China is turning to Blockchain to make markets clearer and cleaner – the regulators have been pushing banks to modernise outdated systems and processes by adopting Blockchain technology.

China’s Blockchain push is to its belief that the technology can help to reduce fraud. The nations’ Ministry of Industry and Information Technology made that determination late last year, echoing the assessments of other international regulators. Meanwhile, the Chinese central bank has become a Blockchain booster and has been actively exploring the technology’s potential benefits.

For the Chinese banking industry, Blockchain technology would not simply help to control fraud. It would also provide a way for the industry to quickly leapfrog past its current systems which often rely heavily on paper-based transactions and record-keeping. However, some observers wonder whether China’s antiquated legacy banking systems might prevent the type of rapid adoption that the government seems to prefer.

More from Reuters:

“To be sure, many Blockchain projects globally are still in their infancy, but the complexity of Chinese bank legacy systems could make it even tougher to apply the technology successfully,” said Zennon Kapron, founder of market research firm Kapronasia.

“China is really interested in Blockchain,” said Brian Behlendorf, executive director of the Hyperledger Project, one of the biggest global blockchain projects, and a former technology adviser to the White House. “They’re looking at this as a leapfrog technology. Can you take a very backward, very paper based market, and reinvent that using blockchain?”

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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