Tensions between China and the US are escalating again. China accused the US of provoking other countries to “attack China”.
Europe is being drawn into the tension and trade war between the two countries.
Access to blockchain projects can also be considered a part of this ongoing trade war. Blockchain continues to rapidly gain strategic importance for defense, and countries’ budgets are pouring into this technology in order to gain this crucial strategic advantage.
While blockchain is not the most prominent topic of discussion among these countries, the industry is affected by the share these countries have. For example China; It owns blockchain companies such as NEO Smart Economy, VeChain Tech, Pragmatic DLT, CargoX.
For the first time, China’s five-year economic and social development plan includes blockchain applications in supply chain management, e-management and fintech. Besides, the country; It is investing heavily in blockchain technology to take advantage of smart contracts, asymmetric encryption, supply chain management, and consensus algorithms.
Chinese military publications; announced that blockchain technology would give the People’s Liberation Army (PLA) an advantage in intelligence, personnel management, weapon cycle and information warfare.
China; sees blockchain technology as an advantage in intelligence, general management of weapons and personnel in war. It also sees itself as a leader in blockchain technology, even though it has competitors like the USA.
PLA sees blockchain as a way to combat disinformation within the country. He thinks that since the blockchain is built on a fixed ledger, it can also protect data integrity throughout military supply chains.
He is also doing research on blockchain technology and military applications especially for cyber defense systems in Russia. Both China and Russia continue to send large numbers of delegates to blockchain forums. A representative of the Russian intelligence agency (FSB) posted to the forum was asked to convey:
“The Internet belongs to Americans, but the blockchain will belong to us.”
Value Technology Foundation, Amazon, Deloitte and IBM’s 2020 report stated that if the United States does not increase its spending on blockchain research, it could expose itself to cyberattacks and lag behind its competitors.
The report notes that the current negative view of cryptocurrencies in the US creates a difficult regulatory regime for blockchain applications. Instead, the US should try to join its allies such as the UK and Australia to think more strategically about the economic and defense consequences of blockchain. If blockchain is expected to replace the current internet in the future, the US will have to keep up with its competitors and pay much more attention to this technology.
While many countries in the United States and Europe prefer decentralized or public blockchains, China’s BSN takes an almost central stance against cryptos, focusing on private blockchain.