These are interesting times for the blockchain niche in China. Xiang Hu Bao is a blockchain-dependent mutual aid network that is run by Alipay, a payment processor. It just made a new impressive record with its more than 100 million customers.
Opened in October 2018, the platform offers a comprehensive health package that sees to the needs of those afflicted with more than 100 kinds of disease conditions. Apart from being a blockchain-dependent network, Xiang Hu Bao also has some other perks for those who want to make use of it. For example, the users on the platform do not need to cough out any admission fees or even make any kind of upfront payments. As far as risk is concerned on the platform, it is shared by everyone involved and the same goes for the payouts too. Now with more than 100 million customers on its platform, Xiang Hu Bao looks more than prepared for the future.
China Focuses on Blockchain
Apart from becoming the darling of private investors, there are other things going on very well for the blockchain community. Probably the most amazing of all these is the fact that the government of China is now placing a lot of attention to blockchain technology. This technology got a massive boost when it was loudly promoted and endorsed by President Xi Jinping. Ever since the announcement was made, the Chinese government has been making concerted efforts to consolidate the adoption of blockchain technology in its projects at every level.
The goal is to ensure that blockchain technology plays a very big role in the economic advancement of the country. This explains why the Bank of China is making aggressive use of blockchain technology all through its insurance sector. The goal of this is to improve and promote efficiency.
As it is now, it does not look like the Chinese government is going to reduce its efforts in this regard. On the 7th of November, the China International Import Expo was held and it was yet again another pointer to what the government of China has in mind. At the event, the Shanghai Customs, the Shanghai Municipal Commission of Commerce and representatives from six different banks appended their signatures to form what is now known as the Blockchain Alliance. This is a group that is going to assist in the use of blockchain at several levels to promote trade across international borders.
Chinese Government Means Business
That is not even all. The government of China is also ready to spend as much as $2 billion just to improve the blockchain network in the country. This is a goal that the government is planning to achieve by 2023. Things are really looking good for the blockchain niche in China at the moment. In addition to the fact that the government is interested, several private interests are also doing the same. These include big brands like Alibaba and Huawei and all these can mean just one thing – that blockchain technology has a bright future in China.