Bitcoin mining in China could threaten climate policies, new study shows

Without appropriate intervention and policy changes, the energy consumption and carbon emissions from Chinese Bitcoin mining will jeopardise the country’s climate goals.

These claims come from a new study carried out by researchers at the University of Chinese Academy of Sciences, Cornell University, Tsinghua University and University of Surrey.

Their research finds that the annual energy consumption of the Bitcoin mining in China is expected to peak in 2024 at 297...

12 April 2021 | Bitcoin

China’s 14th five-year plan: Blockchain and digital currency part of ‘new infrastructure’ investments

China has referenced blockchain and digital currency technologies in its latest five-year plan.

The 14th iteration of the five-year plan, which is a guiding document for the country’s future social development and economic growth from 2021 to 2025, places significant emphasis on ‘new infrastructure.’

In a chapter called ‘accelerating digitalisation development and building a digital China,’ the government pledged to ‘strengthen the innovative applications of...

1 April 2021 | Banking

Volvo owner Geely and Concordium announce joint venture for China blockchain services

Volvo owner Geely Holding and Switzerland-based Concordium have signed a joint venture deal that will provide Chinese customers with blockchain technology that can be used to build new business models and create decentralised applications.

The joint venture, which is expected to be operational later this year after regulatory approval is secured, will use Concordium’s blockchain technology to help customers build businesses focused on issues such as digital identity, as well as...

22 February 2021 | Automotive

Blockchain patents ‘skyrocketing’ in 2020 with Alibaba leading the way, says study

Blockchain patents are 'skyrocketing' in 2020 with Alibaba by far the leading publisher, according to a new study.

The research, from IP consulting provider KISSPatent, found Alibaba had published 10 times more blockchain-related patents than IBM, in second place, in 2020.

The study came about to better assess the number of blockchain innovations and patents across the spectrum. KISSPatent used multiple methods to identify them, primarily based around a mixture of...

21 September 2020 | Banking

Everledger, GIA and JD.com team up for diamond provenance ‘inter-chain collaboration’

Everledger and JD.com have announced the successful implementation of an 'inter-chain collaboration' with the Gemological Institute of America (GIA) to help increase trust and transparency in diamond provenance.

The Everledger blockchain platform syncs GIA diamond grading information to the JD Blockchain anti-counterfeiting and tracing platform, which provides customers with independently verified diamond certificates and origin information through JD.com's app, mobile and desktop...

25 August 2020 | Applications

China unveils blockchain committee with Huawei, Baidu execs and industry CEOs aboard

The central government of China has announced the membership of its national blockchain committee to help bring about standards in distributed ledger technologies.

The 71-strong group, according to a release published on April 13, includes various government staff, academics from technological institutes, as well as business. Senior executives from Huawei, Baidu and Tencent are on the list, as well as CEOs of blockchain and DLT startups in China, including Li Wei, CEO of Hangzhou...

14 April 2020 | China

Tesla among stakeholders in Shanghai blockchain cargo trial

Tesla has joined hands with CargoSmart, the China Ocean Shipping Company Limited (COSCO), and the Shanghai International Port Group (SIPG) to trial a new application that will transform the current cargo release process. This pilot is said to be the first of the projects wherein an ocean carrier is organising a real-time exchange of shipment data with a terminal operator through blockchain.

During the pilot, not just the benefits of having a single and trusted source of truth in...

9 April 2020 | China

China blockchain investments fell sharply in 2019 – but hope for ‘healthier development’ ahead

China’s blockchain startups saw cumulative funding to the tune of just under $3.5 billion in 2019, according to a new report.

The study, from Xinhua Finance and Rhino Data, found that a total of 245 investments had taken place with a total figure of approximately 24 billion yuan ($3.48bn, £2.66bn). The volume of investments, as well as the money raised, represent a roughly 50% decrease from 2018. The report notes hope for healthier development in 2020 with more rational capital...

21 January 2020 | China

Chinese courts are increasingly using blockchain to help settle legal cases

china blockchain court cases legal

According to a report from Xinhua news agency, smart courts in China are increasingly making use of a number of innovative technologies such as artificial intelligence and blockchain in order to settle millions of pending legal cases. 

The report also highlighted the fact that more than 3.1m litigation activities in China from March to October were settled through the blockchain and AI-powered smart internet courts. 

What happens in these ‘courts of the...

16 December 2019 | China

Analysing China’s about turn on blockchain – and what could come next

The past week has seen various significant developments in terms of how blockchain technologies will be perceived and developed in China.

On October 25, it was reported that Chinese President Xi Jinping had described the technology as an ‘important breakthrough’, with more developments needed to accelerate the sector, as well as greater interoperability between blockchain technologies, artificial intelligence (AI), and the Internet of Things (IoT).

Xinhua, China’s...

1 November 2019 | Applications