Although the United States is currently at the forefront of exploring blockchain technology, it nevertheless remains primarily at the discussion stage in terms of commercial applications.
Meanwhile, China has underscored the importance of blockchain development to such an extent that it has become part of the government’s national strategy, as well as a potential area of contention as the two superpowers increasingly vie for global leadership.
The Communist Party of China (CPC) reportedly intends to establish a digital currency capable of rivalling and eventually replacing the longstanding dollar trading system, in a direct challenge to U.S. global financial dominance.
With the U.S. dollar dominating world markets, the United States holds a uniquely powerful position, able to obtain information on transactions while monitoring the flow of funds and, if necessary, impose financial sanctions with relative ease on foreign individuals or entities.
The dollar trading system nevertheless requires a dedicated network of banks and is both expensive and time-consuming in ways that global peer-to-peer (P2P) crypto-based networks can potentially compensate for. If a government with a sufficiently large economy were to successfully formulate a viable strategy for establishing a global cryptocurrency trading system, the ramifications could upset the status quo of American hegemony.
Blockchain technology has become an integral component of the CPC’s development. With government backing, various organizations have been established to promote the technology, with industry giants and blockchain startups joining the effort.
As stated in a headline on China’s Sina.com news portal, “For Americans, blockchain is a technology or a philosophical practice. But for Chinese, blockchain is an opportunity for China to change lanes and surpass competitors.”
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