We are living a new era in human history, thanks to the Fourth Industrial Revolution. What has opened the doors to multiple new technologies, among which the Blockchain stands out. Unleashing competition among the world’s leading powers, including China, for dominating this sector and using it in their favor.
The Fourth Industrial Revolution
Today, the barriers between the physical, digital and biological sector are collapsing around us. As the Fourth Industrial Revolution advances throughout the world. Bringing to the forefront new technologies that range from Artificial Intelligence, to block chains.
All these constitute fields of science where the countries of the world struggle to move forward. Trying to gain a strategic advantage over its rivals on the international board. Especially great powers like China, Russia and India. Which invest millions of dollars in research on Blockchain technology.
This has unleashed a true career worldwide. With the participation of private companies, organizations and developer communities. All of them competing to try to develop the best capabilities in the sector. And design products that can provide them with an advantage, whether economic or political.
China has a lot to gain
Thus, China would be the best example of this state of affairs in the international system. Being the Asian power, one of the countries that has invested the most worldwide. In the creation and development of national capabilities in the field of Blockchain. Being currently working on a virtual government currency of this country.
This is well known by analyst Byrne Hobart of CoinDesk. For whom China would have two simultaneous interests in the development of the blockchain. Being the first of them, the creation of a more efficient method for conducting financial records in the country.
Avoiding in this way that they continue cases in which a person requests credits for the same collateral. Delivering, for example, as collateral for several loans, the same property. A situation of which the borrowers have no news, until the person falls into default. Claiming several of them property at the same time.
Meanwhile, China’s second interest in Blockchain development would be to create a means for the Asian giant to avoid the financial system dominated by the US dollar. Which gives the United States a huge leverage power in the international system, against the Chinese government.
Therefore, the development of block chains in China would not be a government fad. But part of a long-term political strategy. Within which, new technologies would play a fundamental role in the development of the country as a world power.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.