China is a growing power that in the future may challenge the US economic power. But if the the Asian country will have to heavily invest in R&D and infrastructure if it wants to pose a threat to the US. One of the technologies of the future is blockchain, and China may soon be the biggest player in the market.
China Could Overtake USA as the Biggest Blockchain Player
China has taking over the number one spot for the most number of blockchain patents. Blockchain technology can globally spread and change the way different industries work, as mentioned several times at CryptStorm.
David Marshall, Founding Partner, 08Capital, explains:
“I think this particular space has something way more powerful behind it than just the technology or innovation. It literally has a real, live energetic movement of human emotion. This technology has the potential to have a great impact on everything we do and will definitely be threaded through all technology in the future. Blockchain is quite simply, disruptive tech with massive potential given global adoption.”
Of course, all over the world, big enterprises and investors are investing in different blockchain projects. But the market will have few strong players, and just one will control the first position.
The clash between the US and China is not just related to military and economic power, but also in the technological one. Some companies like JD.com, Carrefour, Walmart or Alibaba, have already blockchain products in the market.
It will be important to follow the trend. Will the United States be able to take the first place in blockchain patent filling? China is a big power and several enterprises are working in the Asian country. It will be a difficult task for both nations, but only one will be able to guide the rest of the world.
The European Union, another important economic power, is also investing in blockchain technology. But the results are not as good as in the United States and China. The EU has decided not to strongly regulate the technology, neither virtual currencies, due to increased fears that enterprises could move abroad. The effects of this decision are yet to be seen.