With President Xi Jinping recently announcing the importance of China adopting and embracing blockchain technology, the country is rarely out of the headlines for news in the blockchain space. In recent reports, the Chinese government introduced an identification system developed on the blockchain, as part of ongoing plans to drive forward the growth of a smart-city infrastructure, to support interactions between data providers and business.

A study from the International Data Corporation and data storage firm Seagate found that data created and replicated in China will outpace the global average by 3 per cent annually - China reportedly generated about 7.6 zettabytes of data in 2018. That number will grow to a phenomenal 48.6ZB in 2025.

The ID system is the brainchild of serious players such as the China Center of Urban Development, the Chinese Academy of Social Sciences, and the Zhongguancun Industrial and Information Research Institute for two-dimensional code technology.  The identification system would help bind data, allowing different ministries and sectors to share data with one another easily. Something previously unheard of as the coding systems between parties was not in correspondence to one and another, making the movement and sharing of data a cumbersome task.

Dragon CEO, Paul Moynan said of the ID system, “the amount of data China processes is almost inconceivable, and it is fascinating to see how fast China is embracing the technology and adopting of blockchain in both the private and public sectors. China will be the driving force for mass adoption both domestically and internationally, meaning western countries in a race to catch up.  We will surely see positive adoption and innovation globally, making 2020 a very special year for Blockchain and Dragon.”

In many ways, China has come a long way if you consider their bans on Initial Coin Offerings and multiple exchange closures in 2017 to the present date, with their President going as far as banning anti-blockchain sentiments and slurs online. November also saw China overtake the rest of the world regarding patent applications filed for related technology.  According to Tokyo based research firm, Astamuse, the United States, China, Japan, South Korea, and Germany collectively received close to 200 blockchain patent applications annually since 2014. Though the applications have since skyrocketed in the last few years cumulatively reaching 12,000 applications through 2009 and 2018, with China submitting about 7600 applications within that period, accounting a staggering 60% of the five countries total, and just about three times that of the American market.

As China continues its digital revolution, there is sure to be much more exciting news that we will be covering, be sure to stay tuned to the Dragon Blog for the latest in blockchain and cryptocurrency news from around the world!