Technology

China’s 100K TPS blockchain, Japan’s Minna Bank eyes Solana: Asia Express

Posted on by Minakshi

China’s Chang’an Blockchain Achieves 100K TPS; Japanese Bank Eyes Solana

China’s Homegrown Blockchain Claims Major Milestone

China’s Chang’an Chain, a blockchain infrastructure developed domestically, is gaining traction within the country. State media is highlighting the platform as a solution to bolster China’s digital sovereignty.

According to reports, Chang’an Chain, developed by researcher Dong Jin and his team, boasts the capacity to process over 100,000 transactions per second (TPS). This speed positions it as a potential competitor to traditional financial networks and other next-generation blockchains.

The blockchain is reportedly fully open-source and backed by the state, powering various national digital initiatives. After six years of development and 21 iterations, it is now being touted as a key component of China’s digital future.

Applications in Real Estate and Supply Chain Management

Chang’an Chain is currently being utilized in several critical sectors within China:

  • China’s nationwide real estate registration system
  • Digitizing supply contracts for companies
  • Facilitating banks in verifying supplier relationships and streamlining loan approvals

These applications showcase the potential of blockchain technology to improve efficiency and transparency across various industries within the Chinese economy.

Japanese Bank Considers Solana for Stablecoin Issuance

In a separate development in Asia, Japan’s Minna Bank is reportedly exploring the possibility of issuing stablecoins on the Solana blockchain.

This move could significantly impact the stablecoin landscape in Japan, potentially offering a more efficient and cost-effective alternative to traditional payment systems.

Summary:

  • China’s Chang’an Chain claims 100,000 TPS, supporting real estate and supply chain applications.
  • The blockchain initiative is seen as bolstering China’s digital sovereignty.
  • Japan’s Minna Bank explores Solana for stablecoin issuance.
Key Takeaways:

  • China is investing heavily in blockchain technology, focusing on state-backed solutions.
  • The Chang’an Chain project demonstrates China’s ambition to develop a robust domestic blockchain infrastructure.
  • Asian countries like Japan are exploring innovative uses of blockchain technology, including stablecoins.
  • The potential for increased efficiency and transparency is driving adoption of blockchain across various sectors.
  • Digital Sovereignty is a key factor driving blockchain adoption in China.