Blockchain Opportunities Between China and Australia Being Explored
According to sources in Australian Financial, several Aussie start-ups dealing with cryptocurrency are venturing for new business endeavors in Shanghai.
It is seen that Australian BC firms like Beam and Labry have begun venturing with Chin’s fintech sector as a part of the trade goals decided by Austrade and the ADCA. Australian entrepreneurs have also paid a visit to China’s biggest tech business such as Ant financial, one of retail giant Alibaba's subsidiaries.
With an estimated valuation of $150 billion, Ant Financial is a tech giant that is currently focusing on the technical development solution rather than paying heed to customer finance and payment methods. With this perspective, Jack Ma’s corporation obtained about $14 billion in funding to pursue various tech initiatives that incorporate blockchain projects as well.
Although there is a ban on crowdfunding and digital currency exchange activities within China, they are not overlooking the underlying BC tech that drives that cryptocurrency. China has taken a strategic step by incorporating blockchain in several other sectors.
The Promotion of BC Tech
For instance, the nation's tech ministry is leveraging BC technology in a niche such as SC management, finance, manufacturing, even reporting. The supreme court in China has also begun to allow using BC technology for authenticating legal evidence.
While keeping parity with BC technology, China has been looking forward to joining hands with their neighbor in the south. According to the various sources, Australia is playing a pivotal role within an industry in which China wishes to expand. In a similar way, Australia also requires Chinese help in developing international standards due to the Chinese significance of BC.