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Home News China Turning Hard to Blockchain - Focus on Fraud Reduction

China Turning Hard to Blockchain – Focus on Fraud Reduction

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is turning to Blockchain to make markets clearer and cleaner – the regulators have been pushing banks to modernise outdated systems and processes by adopting Blockchain technology.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?”

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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