Blockchain technology continues to blossom even as China cracks down on cryptocurrency.

Ansteel Group, a steelmaker, and Tianneng, a lithium battery manufacturer, are the latest enterprises to embrace blockchain in accordance with China's national goal. While China continues to crush the cryptocurrency business, the country's blockchain technology advances in line with its national policy and 14th five-year plan.

Ansteel Group, a state-owned iron and steel producer, is one of the most recent companies to use blockchain technology. According to a corporate statement posted Thursday, its foreign trade section recently granted blockchain-based electronic credit certificates worth 260 million yuan (US$40 million) to Rio Tinto Group, an Anglo-Australian multinational and one of the world's major iron giants.

The company's attempt at blockchain demonstrates its desire to use the technology for cross-border transactions.

According to the statement, Ansteel issued its first US$34 million credit certificate on blockchain through a partnership with China Baowu Steel Group, which maintains a cross-border trade financial settlement platform in collaboration with the Industrial and Commercial Bank of China.

Meanwhile, Tianneng Co. Ltd., a Shanghai-listed electric vehicle lithium battery manufacturer, announced a cooperation with AntChain, Alibaba affiliate Ant Group's blockchain unit, in a statement released Thursday.

Tianneng and AntChain aim to use more blockchain technology to log data onto the blockchain to help Tianneng make and distribute batteries as part of their strategic cooperation.

In a statement, AntChain stated that it plans to enter the battery trading industry in the future, using its internet of things (IoT) and blockchain technology to collect data from Tianneng's battery modules.

China's national plan for developing emerging technology is reflected in the corporations' actions.

President Xi Jinping of China began highlighting the importance of the country developing blockchain technology in 2019, pushing for greater study, investment, and legislation. The phrases blockchain and digital money were formally placed into the country's roadmap for the near future for the first time in March of this year.

China's 14th five-year plan, which runs from 2021 to 2025, features an entire chapter dedicated to digital transformation in all aspects of Chinese society, from real estate to government administration.

The government promised to "strengthen the innovative applications of key digital technologies" and "accelerate digital industrialization" in a chapter titled "Accelerating digitalization development and establishing a digital China." In a five-year plan, the national government also used the term "blockchain technology" for the first time. The statement stated, “We will encourage and strengthen emerging digital industries like AI, big data, blockchain technology, cloud computing, and cybersecurity.”


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