China Welcomes the Blockchain Revolution

China Central Television (CCTV) recently announced in an hour-long broadcast blockchain has reached up to 10 times the value of the internet. The dominant state-controlled broadcast company went on to state that the blockchain technology is shaping ups as the next most disruptive and significant global technological revolution.

Recent research conducted by Quartz, analysing the effects of Blockchain for China and beyond, suggests that blockchain is gradually exceeding the importance of the internet. The landmark newscast featured several Chinese government officials and the renowned Canadian author of ‘Blockchain Revolution’ book, Don Tapscott.

The new position that China has taken on blockchain comes as a major surprise since the country has historically had an extensively ‘hostile’ view of cryptos. In the past 12 months, China banned initial coin offerings and crypto exchanges. Moreover, they also banned crypto mining.

Around the same time when China curtailed crypto, Hong Kong’s Securities and Futures Commission warned investors that all tokens issued via ICO are classified as securities. Moreover, the Hong Kong commission stated that they are overly concerned about an upsurge in the launch of ICOs meant to raise funds in the region.

Nonetheless, although there is extreme caution in the adoption of cryptocurrency, Chinese crypto advocates and technology experts were thrilled by the country’s new pro-blockchain perspective. The new technology has great potential to change China and the entire world in general when embraced correctly and extensively.

According to the broadcast, blockchain was described as the second era of the internet. The value of blockchain was also suggested to be at least ten times that of the internet. Blockchain was also described as a machine that produces trust among all its users and investors. The president of China, Xi Jinping, highlighted about the many potential breakthroughs that blockchain could produce technologically.

It is thought that blockchain will revolutionise and hasten the development rate of artificial intelligence inventions including the internet of things, mobile communications, and quantum information.

MATRIX AI Network

The Hong Kong-registered company is in the process of completing the development of an intelligent, open-source, new generation blockchain. This technology is designed to solve significant challenges that are currently limiting the development, understanding, and adoption of blockchain technology in China. MATRIX leverages the most current artificial intelligence (AI) technology to offer a safer, easier, faster, and more flexible blockchain.

A team of artificial intelligence distributed computing network topology, architecture, and latency experts came together to offer a fresh opinion to how blockchain has evolved to date. The results offered by MATRIX AI Network are quite impressive. They recently confirmed that the new system throughput speeds surpass 50,000 transactions per second (TPS).

MATRIX also differentiates itself from earlier blockchains by providing breakthrough technologies in the creation of AI-enabled autonomous and various self-optimising blockchain networks. The creation process features multi-chain collaboration and extensive decoupling of data and control blocks.

The MATRIX Main Network completed and released its Testnet in October 2018. It is expected to go online on 30th December 2018. Recently, China has been seen to offer a helping hand to several other domestic companies with a promising blockchain technology that include NEO.

NEO is a blockchain platform and crypto that is ideally designed to create a scalable network of many decentralised applications and QTUM. QTUM is a blockchain technology that bridges Ethereum’s smart contracts supported on top of Bitcoin’s stable blockchain while concurrently using proof of stake for verification.