Major Chinese newspaper urges the US and China to work together in the blockchain

The developments and creations in the United States and China have been driving the financial market, and the mainstream race has also been reflected in the cryptocurrency industry. With China revealing new details about its positive push into the digital asset industry, the US has been trying to keep pace with the Red Dragon.

Movements on social media platforms have mostly created the general dislike surrounding the two political and technological giants. Still, some members of the community have also taken a positive spin on it.

In a recent piece written by Edward Tse for the South China Morning Post, the author explained how blockchain could help in solving a lot of finance and economics issues. He suggested that if companies from both countries worked together, then it could result in substantial growth in the overall industry. He stated that:

“According to PwC, 40 percent of food companies find food fraud difficult to detect with current methods and 39 percent believe their products are easy to counterfeit. Blockchain could be the answer to such supply chain frictions.”

China has been thinking big in the blockchain industry and has even recently published regulations on blockchain use to cater for a significant increase in applications. In 2018 a blockchain platform was launched in Shenzen to serve the Guangdong-Hong Kong-Macau Greater Bay Area.

The United States, on the other hand, has been watching its back as China continues its spree to the top of the industry. During February of this year, Donald Trump ratified an executive order to put America at the top, which was rebooted again last month by a group of experts who work to propagate public policy on technology, education, and homeland security.

The States have also banned companies such as Huawei from operating within its borders, and the author believes that such bans will only result in the zero-sum game. Tse further opined that collaborations are the key to proper sustainability and even cited recent examples that prove his point.

Companies such as IBM, Walmart, Tsinghua, and JD.com had partnered up on a blockchain project in December 2017 to create food safety solutions using IBM’s blockchain platform. Edward Tse concluded by saying:

“Though differences exist, and will continue to exist, the world will benefit if the two leading economic powers can seek commonalities, rebuild trust, cooperate on technological initiatives, and establish global governance and code of conduct on blockchain technology and its applications.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.