We have been reporting on the progress of China’s digitized yuan for the past couple of years. While the progress has been steady it has been guarded or slow which ever you prefer.
Now it seems there is a clear path forward for implementation and release to no less than 10% of the nation by 2023. How this pandemic will impact the timeline is anybodies guess. COVID-19 (coronavirus) is putting the brakes on a great many day-to-day activities so, long term programs, blockchain development will have to be shelved, at least for the moment. Who cares about a digital currency when there are 760 million people in quarantine.
According to a report released by the International Data Center (IDC) over the next 3-5 years there will be a massive change in how the Chinese citizens conduct commerce. The Chinese government is moving their economic structure online. Listed below is are 10 predictions by IDC and what to expect during this very short timeline. If these deadlines are hit, this would mean that China has the “superstructure” in place and between now and 2025 is merely the testing and rollout phase.
- Cross-border payments: By 2023 40% of China’s first-tier financial institutions will use blockchain networks for node-to-node processing of cross-border payments, bypassing SWIFT and central bank infrastructure.
- Distributed administration: Blockchain-based solutions will be increasingly applied to legal and judicial matters. By 2023, IDC sees 5% of China’s judicial areas implementing tests of blockchain voting systems.
- Specialist service certification: By 2021 IDC expects medical and health service providers and clients to reach consensus on blockchain verification standards, and 10% of medical and health organisations to use these blockchain standards for public services.
- Blockchain services: By 2023 Chinese enterprises will invest USD$2.7 billion in blockchain services (consulting, maintenance, support etc.), accounting for 29% of enterprise management service expenditures.
- AI and the blockchain: By 2024 over 50% of Chinese companies surveyed will apply blockchain to explainable AI.
- Blockchain identification: By 2022 5% of Chinese adults will hav registered for digital identification based on blockchain technology, for a market of 50 million people.
- Distributed supply chains:By 2024, 85% of China’s container shipments will be tracked using blockchains, of which half will employ blockchain-supported cross-border payments.
- Digital rights management: By 2023 20% of Chinese digital rights will be processed by content creators and distributors using the blockchain. This will increase transparency, prevent piracy and illegal P2P sharing.
- Blockchain infrastructure: By 2020 over 90% of organisations in China will make use of BaaS platforms as their first choice for blockchain infrastructure during blockchain activities.
- Digital currency: By 2023 10% of Chinese cities will commence usage of digital currency based on blockchain, expediting the growth of e-commerce.
The timelines fit with what we have been saying, for the past 5-6 years, regarding the Federal Reserve Note losing it’s “world reserve currency” status. We have been pointing to 2025 as the timeframe for the changes to begin in earnest, a tipping point if you will, and there will be no turning back. The tide will have changed and nothing will stop it.
Maybe this is what COVID-19 (coronavirus) is all about. A bioweapon created to jump start the process of forcing the world into a cashless society. It is being reported that China is “cleaning and storing” (quarantine) currency due to it being a health hazard. What a great cover for pushing people into a cryptocurrency – the cash can not be used because it is a vehicle for carrying the disease.
by Rory from The Daily Coin