China has impressively paved its way in the blockchain space. In fact, the Chinese government and large enterprises in China are also making impressive innovations to include blockchain technology in their functioning. As per one of the biggest statements made by Co-founder of Etherium, Vitalik Buterin, China needs to do much more than just deploy and create over on private and semi-private Consortium blockchain to get international recognition for using the blockchain technology.
What did Buterin say?
As per a statement made by Buterin, the Co-founder of Etherium, he said that the steps taken by Chinese entities to boost the use of blockchain technology are pretty impressive. But, the best use of the technology can be made if the technology will be implemented internationally on different international platforms. Thus, it can be quite difficult for the Chinese administration and government to get the trust of other nations on international platforms to transect them in digital currency and the use of blockchain technology. Thus, until and unless the Chinese government has the plan to influence and encourage their trading partner nations and regions, it can be a difficult task to utilize the amazing benefits offered by Blockchain technology.
Thus, the basic point made by Buterin was that in an international arena, you could rarely see a government or a nation that is trusted by all. In fact, public blockchain technology and digital currencies like Etherium are widely accepted by the public and countries at large. This is because the public blockchain technology is perceived as neutral.
Additional points by Buterin
Buterin added another point in his statement that made clear why China should focus more on public blockchain technology development. As per Buterin, it can be a drastic step for China if they try to work on the development of more public blockchain technology that can be similar to the Blockchain Service Network (BSN).
Buterin also added that consortium blockchain is in the limelight these days due to its scalability, but the security they provide to the private entities tend to be highly conservative. But, he also made an important point and confirmed that public blockchain would surmount the safety and security features offered by consortium blockchain in the long term.
Buterin said that it would be too early to comment about the technology developed by China, and only time will decide the effectiveness of the projects built on blockchain technology in China.