DailyPost 2085

Blockchain has been making waves for quite some time now . Hyperledger project has given it push when it needed to get into the use case stage. Bitcoin, the cryptocurrency, came to the world riding on the blockchain technology. The technology solved the double counting problem, a distributed ledger, which was peer-to-peer and immutable, which could be used for applications in a variety of sectors. It had the vision to usher in a non-centralized digital world with the capability to transform the internet to an internet of value. As things passed blockchain started showing its true colors and projects both within the govt and private started happening in a big way. It was accepted the this would be the future of internet and as we see now, Web3 and the Metaverse world would be heavily dependent on it.

The reality is whosoever invests in the technology in a worthwhile and would be the leader in that application and use case in the days to come. From 5G, AI and battle for the chip, China is waging successfully, how can it be left behind the future defining blockchain technology. China has a state backed Beijing Academy of Blockchain and Edge Computing, working in its research to product development and in way execution as well. China’s first independent blockchain platform was developed and released way back in Jan 2021. A commendable feat. Making it better with continuous research has been the eternal motive of this organization and outshines others globally. The danger of Cyber Security in known to us all.

China is the king of blockchain and developed a new technology which has the capability to eradicate quantum attacks. The Chinese blockchain platform, ChainMaker, was put in production in Jan 2021, as their first independent blockchain platform. It was developed by state bakced Beijing consortium, Beijing Academy of Blockchat and Edge Computing. It has built a new technology that can withstand assaults from both conventional and quantum computers, making it free from the most potent threats. The technology waa demonstrated by Chang’An Chain. They are the developers of country’s blockchain network. The “new technology aims to secure information transmission between financial forms, making online transfers more efficient and secure.” China aims at blockchain independence.

Chang’an Chain Ecosystem Alliance is a 27 member-strong consortium that will integrate Chang’an Chain across government departments. The company uses some of the best blockchain algorithms. Following all standard blockchain principles this tech breakthrough provides the businesses the much needed tool to safeguard their networks, in the reality of growikmg quantum attacks. “The company has developed classical cryptographic algorithms called post-quantum cryptography, along with a quantum key distribution system.” Much stronger yet simpler algorithms is the dire need to battle robust quantum attacks. Consortium developers have installed 96 core blockchain processors. Signature verification becomes 20 times quicker and smart contract processing 50 times faster. This technology provides China a secure way to handle its dependence on blockchain networks.

Sanjay Sahay

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