Blockchain technology is starting to gain momentum around the world but especially in China. Now the Shenzhen Stock Exchange announced the upcoming launch of a Blockchain solution to trade.
Blockchain solutions for the stock market
On September 30, a report was published by a local media revealing the official launch of a Blockchain registry and custody system.
According to the report, the platform was created as part of the Beijing Regional Trade Center and will be piloted with the Beijing Fourth Board Market, the city’s regional stock market.
Likewise, the media pointed out that the Blockchain will help reduce the cost of information asymmetry. In addition to standardizing the management of corporate actions and will better perform the function of financing of market shares.
It is not the first time that Blockchain technology has the ability to make processes more efficient; however, some are still skeptical of its potential.
China, the paradise of technology
Especially China has become a country that offers the welcome to the development of Blockchain technology.
In fact, in July, the China Securities Regulatory Commission allowed regional securities markets to work on building a Blockchain pilot. And, obviously, since then these stock markets have accelerated the construction of systems based on the Blockchain.
Ge Yimiao He noted that the Beijing Stock Exchange and the Shenzhen Stock Exchange will carry out blockchain application cooperation.
In this way, the momentum generated by China is so impressive that they have applied for more than half of all global blockchain patents.
Yes, this is how you read it. A study called “2020 Blockchain Industry Development” states that Chinese companies have applied for 4,435 blockchain patents.
Specifically, Alibaba Group is the company that has applied for the highest number of Blockchain patents in 2020, 200 to be exact. And, for context, Alibaba has 10 times the number presented by IBM.
Without a doubt, Blockchain technology is gaining traction in the world as it demonstrates its potential. What will be the next project to exploit the potential of Blockchain technology? We want to know your opinion!