Blockchain in China Is More Ambitious After COVID-19

Colin Baseman

Experts keep analyzing the latest changes occurring in the crypto market all around the globe. This, no doubt, includes China. The agriculture of the USA pins great hopes on trade and part of it covers almonds that the country exports to China. The trade brings profits and helps states like California earn billions of dollars each year.

Financial analysts and researchers admit that the so-called new trade trend known as ‘Phase 1’ may bring too much distortion. China agreed to purchase more agricultural products from the USA. As a result, the country would then have to inevitably divert its consumption of those products that they used to buy from other countries. China imported nuts from Brazil. Part of nuts came from New Zealand and even Australia.

Now China might switch to the states of Georgia and California and forget other providers. Chinese government is likely to decrease tariffs on more than seventeen thousand goods the country brings from the USA. More than that, it would need to apply stronger protection to intellectual property rights of corporations located in the USA. The trade battle ended before Phase 2 – that’s when negotiations will begin in the nearest future.

However, COVID-19 was the major reason why China made adjustments and changes. The authorities decided to establish a blockade around the province where the virus was intensively spreading. The crisis started at the moment when the country was ready to test a new payment system based on digital currencies. China was ready to begin an experiment and try out a blockchain approach.

Their expectations were quite ambitious and included many areas, such as healthcare and energy. Also, they considered finance and improvements in distribution of various goods – public and private alike.

Problems and Solutions

The system may work only if the nation is back to its regular life. People should again start working, making money and then spending it. Lockdown is the worst circumstance that won’t let the new approach be effective. Vacation period has never been this long ever before which cannot have brought a positive impact on the entire industry. Some of the greatest companies had to close their offices due to the coronavirus. Airlines suspended their activities.

Despite all the measures the planet got infected. Long after the crisis, there will be losses and economic pain.

The current situation is much more dangerous and risky. The virus has damaged thousands of lives and ruined hundreds of businesses all around the globe. China can still have some certain ambitions.

There are a few sectors where the nation may succeed and excel. Chinese technologies are improving and developing. Specialists are working on creating semiconductor chips. They focus on robotics and 5G. One of their greatest interests covers artificial intelligence. Specialists and analysts report that the country’s aspirations may lead to stronger bonds between the two countries. Blockchain projects and collaboration would definitely bring China and the USA on a higher level.

The most essential thing to do now is to use the blockchain to distribute medicine in a smooth way. If the nations take this step, the governments will win – there is nothing as important as people’s health and well-being and how soon the authorities prevent the virus from further growth depends on their actions. Ambitions that both countries have may help them move ahead and find out new ways to fight the issue and solve problems.