China invests on the Blockchain

China invests on the Blockchain

While in Italy attempts are being made to start the process that (hopefully) will lead to the Digital Transformation of the Public Administration and to the necessary simplification of relations between citizens and institutions, the highest levels of Beijing already think of stimulating investments for the development of the future 6G and the dissemination of DLT (Distributed Ledger Technology).

Thus it happens that during the last seminar of the Central Committee the president of the People's Republic of China Xi Jinping has spoken openly of the need to allocate large amounts of capital for the implementation of Blockchain, a certification system for the generation of smart contracts which finds application in various commercial and industrial sectors.

The intention should be to support administrations and companies so that they can use the technologies distributed in the provision of public services, in the fight against counterfeit products, in welfare policies, in food security, in finance and in all those sectors that could be improved and turned into by the Blockchain.

The Xi Jinping statements should be a wake-up call for Europe, where it is expected that the DLT will contribute to generating a turnover of 4.9 billion euros by 2023, because a China able to dominate the Blockchain implementation could also be the first nation to dictate the specifications to which, inevitably, the other markets will have to adapt.

For some years China has been investing considerable resources in the convergence of network infrastructures for ultrabroadband connections, solutions for Artificial Intelligence, IoT and Big Data processing and analysis. The risk is that other markets, which are particularly divided today, fail to create sufficient critical mass to propose alternatives to Beijing initiatives.

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