Central bank digital currencies are a digital representation of a country’s fiat currency. They are effectively a government-issued cryptocurrency designed to replace the traditional, physical form of fiat currencies. The term CBDC is broad because its implementation involves several critical decisions on the part of an issuing central bank. The primary decision is whether a CBDC should be a general-purpose in that it’s available to be used by the general population. If not, then the issuing authority may decide to make it available for “wholesale” transactions, which means the CBDC is only used for settlements between banks. Finally, a CBDC …
China-based digital bank, WeBank, rose to third place for number of Blockchain patents filed globally in 2019. Alibaba and Tencent took the first and second places respectively. According to the report published on April 24, the digital bank has climbed from fifth place to third after filing nearly 632 patents in 2019. 80% of them were related to technologies like blockchain, AI, cloud computing, and big data. Blockchain patent categories WeBank’s patents have focused on open source consortium chain infrastructure (48%), middleware (40%), and other solutions (12%) related to algorithms, privacy protection, and cross-chain tech. The patents filed by WeBank …
Many startups, major conglomerates, supply chain operators, and distributors have attempted to integrate blockchain technology over the past two years, to increase transparency and reduce the power of central entities in data processing. With billions of dollars being invested annually by major corporations in blockchain development, the emerging technology has become the focal point of the long-term vision of many companies internationally. The exponential increase in demand and interest in blockchain technology has enabled multi-billion dollar markets for the blockchain in major sectors including manufacturing, agriculture, retail, supply chain, IoT, and payments. Blockchain in manufacturing to be $566 million by …
The Agricultural Bank of China (ABC), the world’s fourth-largest bank by assets, has issued its first loan on blockchain, local news outlet Financial News reported July 31. State-owned ABC, which counts itself among China’s “Big Four” lenders, revealed it had issued a loan worth around $300,000 backed by a piece of agricultural land in the Guizhou province. According to Financial News, the bank will “buil[d] blocks with local people, pilot land and resources bureaus, and agriculture and animal husbandry bureaus,” through the blockchain system, adding that the loan aimed to “support the local tea industry.” The blockchain project received participation …
89% of China’s blockchain firms have allegedly tried to create their own cryptocurrency, according to a senior exec at a local blockchain association. According to the state-run CCTV on Nov. 21, Yedong Zhu, the president of the Beijing Blockchain Technology Application Association (BBAA), revealed that the vast majority of blockchain industry in China is focused on tokens, not blockchain. In addition to Zhu’s remarks, the report by CCTV covered a new study led by the People’s Bank of China (PBoC). Co-authored by five local financial and technology authorities, the “Bluebook on Blockchain” report reveals that there are 28,000 blockchain enterprises …