China: Marketing Blockchain

December 2, 2019

For two decades, China has been referred to as a sleeping dragon due to its growing economic prominence. China has yet to overtake the United States as the world’s top economic power and there are many reasons for this. One reason is China’s authoritarian government and another is the country’s substandard business practices. Lying is an international business tool, but one is more likely to be held accountable in the US than China. The International Business Times shares one of China’s newest tall tales, “China’s Blockchain Tech Adoption Inflated? New Expose Reveals Truth Behind Tall Claims.”

As part of China’s desired economic dominance, President Xi Jinping wants his country to be a leader in computer technology, such as blockchains. Xi wants blockchain technology adopted into commercial, economic, and industrial practices, but most Chinese companies that claim to offer blockchain do not.

“According to the Global Times, which is a Chinese state-run media house, numerous companies in China seem to find it simpler to claim that they are utilizing blockchain technology than to truly practice its application. Various Chinese firms across a variety of industries reportedly state that they are employing the use of blockchain tech in some form or another, but lack real evidence to prove that they are doing so. Global Times in their expose report that out of over 3,000 registered businesses, about 500 firms claim to be incorporating blockchain tech in their day-to-day operations, but only about 40 of these companies have been able to demonstrate that they are actively doing so.”

One of China’s problems is that when the government makes demands, the people are forced to adapt or else. Companies say they are harnessing blockchain technology to appease Xi and other leaders, but also to appeal to clients due to its buzzword power. Another problem in China is the amount of “get rick quick” scams. All Chinese industries are loaded with them and due to the country’s lack of checks and balances, they are a lot easier to run. The National Emergency Center of China states there are 755 tokens in the Chinese crypto currency market (crypto currencies use blockchain to operate) and 102 are believed to be Ponzi schemes, while most of the crypto currencies do not have funding.

China’s government, corrupted businesses, and other factors are keeping the sleeping dragon in a long doze.

Whitney Grace, December 2, 2019

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