China has working “quietly” over the past few years to build a blockchain-based service network that facilitates the deployment of blockchain technology for businesses, particularly those operating cloud computing infrastructure, a report by CNBC says.
Yifan He, head of Red Date Technology, a Hong Kong firm working on the project, says they believe blockchain technology “is so powerful it will change the entire internet and almost all the entire IT system architecture.” However, some analysts say the Chinese government’s links to the project and the fact Beijing has banned crypto may limit the network’s chances of expanding globally, according to the report.
Read the full report: CNBC.
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