Blockchain Technology

China And Australia To Deepen Their Blockchain Connections

Many reputable Australian blockchain startups such as AgriDigital, Beam and Labrys, are recently visiting Shanghai to work together on a trade mission followed by Austrade and the Australian Digital Commerce. According to an article published yesterday, the Australian blockchain startups are in China with an aim to strengthen their connections and links to China’s largest fintech companies.

Australian Startups Gaining Insight Into China

The Financial Review reported later that day, the startups were able to grasp China’s aim and role in the ever-emerging technological landscape. And how this country will be a key player in this new era of internet value.

Where the Chinese Government cracked down on cryptocurrencies and ICOs in September last year, they have been bullish when it’s about blockchain technologies.

When it comes to the highest number of patent applications in the areas of emerging technologies such as Artificial Intelligence and the Blockchain, China currently ranks top in the world. Sen in the Startup Genome’s 2018 report, China had three times as many blockchains-related patents last year as a comparison to the U.S., according to Forbes.

Australia – A Trustworthy Leader, China

Though China is ahead of Australia in the blockchain revolution, the Asian nations are paying more attention to Australia’s role as a Chair of ISO (International Standards Organisation) group, that is responsible for standards developed for the blockchain industry.

However, China sees Australia as a trustworthy leader in this sector than the US or Russia. They too expressed their concern about running the group beforehand.

Philippa Ryan, a barrister and senior lecturer in UTS law school said to the Financial Review, “Australia’s leadership in this global work being done to develop a global blockchain standard is respected by China, and there is an enormous amount of interest in how that will work.”

What the ties between the two will come up with is still awaited!