In the past few years, during the world’s “Blockchain Hysteria”, China looked to take a very cautious “wait and see” approach. In a sense it seemed they were standing on the sidelines, the Chinese government stopped a lot of projects on the mainland, almost in an attempt to get their head around this new wave of technology. So, what has changed now? How come China seems to be changing their mind about Blockchain technology?
In recent months we’ve seen a lot of technological advancements in various cities across China, evolving into Chinese based tech-hubs. If we look at the recent events in Shanghai, the government welcomed Tesla production facilities with open arms, with Tesla production facilities set to open in late 2019. During the recent Tesla move to Shanghai, Elon Musk noted that “China’s progress in advanced infrastructure is more than 100 times faster than the US.” Now it appears the time has arrived, the Chinese government is banking down on Blockchain technology!
This step towards Chinese state backed Blockchain adoption is no more evident than the recent decision by the Shanghai government to award, not only a foreign company, but a Blockchain Token company the exclusive rights to manage all Public “Smart City” data. This honor was bestowed upon, not a Chinese based Blockchain company, but none other than the German based IoT Token, MXC which has been making serious waves in regard to fast and furious Token integration projects. Following successful agreements in New York City, and Korea, this is now, by farm their most ambitious move.
According to the Chinese Government release: MXC and the Shanghai Government will work on “the construction of smart cities”, “the development of the IoT industry”, this is massive news for MXC (Machine Xchange Coin). But not only for them, but the entire Blockchain industry. Is China warming to Blockchain? Tokenization? Or has MXC been chosen for other reasons?
MXC (https://www.mxc.org) is a Berlin based German token. First listing in December 2018, they impressively rolled out with some of the biggest exchanges in the world, including Huobi and BiBox, all listings were unexpectedly listed free of charge. MXC, although a German based IoT Token, has a very strong Chinese presence, MXC Founders Aaron Wagener (Australian) and Hu Xin (Chinese) strategically set out to focus on the Asian region from the very start, this was clear to see from their funding partnerships, which no doubt assisted them to have more influence in the Chinese market.
Adding to this is their impressive list of advisors and fellow Crypto world supporters, including QuarkChain and VeChain. This leads to a stronger influence in the Chinese mainland, however not a driving factor behind how they could close such a massive deal.
Whatever it took to close this deal the MXC team have pulled off a fantastic coup, a foreign Crypto Token receiving acceptance and the responsibility of handling massive amounts of data in mainland China. It’s token companies like MXC that are paving the way for others, the future of tokenization is definitely implementation, I personally can’t wait to see what other tokens receive such a stamp of approval from regions that have previously been hesitant to implement such technologies. If the government is changing their mind in China, is this the start of things to come? All of us in the industry can only hope that this is only the start of some very, very big things to come, not only for MXC but also for an entire industry.