China is investing significantly to develop blockchain technology to reshape financial services. Digital currency and global payments may be the first applications.Information on nearly every transaction in the economy will be in the hands of the government. Peak totalitarian government and central planning failure lies ahead.
This technology allows parties to carry out direct transactions without using an intermediary by providing a means for people to share reliable and tamper-proof lists of information known as distributed ledgers.
The People's Bank of China said earlier this month that it would recruit personnel to develop digital currency.
"Blockchain technology can be applied to many areas, and digital currency and global payment systems may be the first applications," said Xu Mingxing, CEO of a blockchain payment company OKLink.
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