Move over, USA? China may soon be the big dog on the blockchain market. China is positioning itself as the dominant player in blockchain after taking over the number one spot for the most number of blockchain patents.
“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 executive David Marshall of 08Capital told . “Blockchain is, quite simply, disruptive tech with massive potential given global adoption.”
China Pours Money Into Blockchain Startups
This bullish outlook on blockchain tech is one shared even by the most ardent cryptocurrency skeptics and bears, so it’s no surprise that several countries are racing to stake their claim in this niche.
China has already started pouring money into the space. OneThing Technologies, the cloud computing arm of Xunlei Limited, recently launched a high-speed blockchain platform called ThunderChain, which can conduct millions of transactions per second.
ThunderChain is being developed for use in food supply-chain management, and other sectors.
Moreover, China is already using blockchain in industry. For example, Chinese insurance company ShineChain is currently using blockchain technology to sell insurance.
USA Throws Cash Behind Blockchain
But in the United States, billionaires are also throwing cash behind the blockchain, as BTCManager has reported.
Case in point: the (estimated net worth: $1 trillion) recently announced that it will make long-term investments in blockchain-based businesses through its venture-capital arm Venrock.
The Rockefeller family is investing in blockchain startups. (Pixabay)
Similarly, — the blockchain-based payment network — recently of its XRP cryptocurrency into Blockchain Capital Parallel IV, a fund that will invest in blockchain ventures.
“There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology,” said Bart Stephens, co-founder and managing partner of Blockchain Capital.
With these kinds of deep-pocketed investors backing blockchain tech in the United States, experts say it won’t be easy for China to overtake the West in this crypto arms race.
“China has a massive domestic marketplace, has seen what works and what has failed, and a willingness to protect state industrial champions to make sure they have a chance to succeed against the best in the world,” Marc Ross, a former communications director for the U.S.-China Business Council, told :
“But no other nation on the planet hosts the power, influence, innovation, entrepreneurial culture, and creativity of America’s tech companies. The ecosystem of universities, investors, and coders is a deep moat and can’t be built overnight or forced on a culture. So I don’t see China’s tech companies a threat in the next 20 to 30 years in any sub-sector.”
Tech Titans: Blockchain Tech Will Transform The World
Regardless of who’s the market leader, the fact is there’s a growing consensus that the blockchain, the technology underpinning bitcoin, is revolutionary. Need convincing? Check out what these business magnates have to say.
“Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets.” —Patrick M. Byrne, CEO of
“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself.” —Abigail Johnson, CEO of Fidelity Investments
“Blockchain is the perfect bureaucrat. It’s the perfect government official. It’s incorruptible, it’s fair, it’s honest. It gets the job done. It’s the most efficient thing ever.” —Tech billionaire Tim Draper
The post appeared first on .
Morgan Stanley, the investment giant, has published a that examines the global cryptocurrency trading landscape. The report is part of the detailed research carried out by the company on the online exchange market of which has been in the midst of a resurgence since recent weeks. This revival comes after a difficult start to 2018 where regulatory crackdowns led to a massive decline in many digital currency prices.
Malta: The New Cryptocurrency Trading Hub
According to the report, accounts for a majority of the global cryptocurrency trading volume. The report identifies the announcement by Binance, the largest cryptocurrency exchange platform based on market capitalization and trading volume that it would be to the Mediterranean Island country.
According to Shah, if Binance is removed from the Malta reckoning then the country “would be further down the list.” The top five nations based on cryptocurrency trading volume as listed by the report are Malta, Belize, Seychelles, the United States, and South Korea (in descending order).
OKEx, just like Binance, has also announced a to Malta. The platform is the in the world based on market capitalization and trading volume. The Maltese government has in recent times been gearing itself up to be a . The government recently constituted the to oversee the creation of friendly cryptocurrency regulations. Regional authorities are thus offering tax breaks to prospective cryptocurrency enterprises that move to the country.
U.K. Has Highest Number of Cryptocurrency Exchanges
The report identified the U.K. as having the highest number of cryptocurrency exchange platforms, but it accounts for only one percent of the global cryptocurrency trading volume.
U.K, Hong Kong, and the United States have the highest number of legally registered cryptocurrency exchange platforms. The top five countries based on the number of exchanges are the U.K., Hong Kong, the United States, Singapore, and Turkey (in descending order).
India has six exchanges, but there are reports of shutdowns and relocations due to the central bank directive to commercial banks, instructing them to of these exchange platforms. The government in India, as well as the central bank, has historically taken a negative stance against cryptocurrency.
The report noted friendly, but well-defined regulations, are needed to sustain the industry.
Following a recent MOU with Uganda, Binance might be signaling their plan to set up an exchange there as well. Changpeng Zhao, the CEO of the exchange, plans to model Binance like a global network where if one node goes down, the others remain active as he hinted in his on Uganda’s crypto potential.
The post appeared first on .
A group of the U.K.’s leading cryptocurrency platforms are urging the Treasury to regulate the industry in the country. CryptoUK, a self-regulatory body set up to represent the sector, which is made up of eight members, is asking influential MPs to support its proposals to have the market regulated under the U.K.’s Financial Conduct Authority […]
The post appeared first on .
