During 2017 and 2018, Blockchain technology was the subject of an international campaign by many companies to attract consumers. If this enthusiasm benefits the democratization of the new technology, it is not exclusively profitable for the consumer society. Recently, the Chinese government has investigated the effectiveness of these implementations in stock exchanges in China, and contrary to what one would have hoped, nearly half of these companies wear this name for purely advertising reasons.
Listed companies benefit from the wave
In China, new technologies rarely go unnoticed. Cryptocurrency and Blockchain have been very popular with the local population for a few years thanks to the rapid and widespread support of businesses and users.
However, the figures recorded for the actual adoption of Blockchain by listed companies seem to be getting darker as a result of a government investigation.
The reason the government has addressed this issue comes from inflation imposed by companies that boast of having implemented the DLT system . In the end, out of 80 companies, 23 were examined and half of them had no real application of Blockchain in their corporate policy.
An effective and devastating deception
Blockchain and crypto-currency shenanigans are numerous. Given that the regulatory and legal status of these technologies is still unclear, scammers benefit.
In this perspective, the use of the Blockchain as a commercial showcase is also a deception of another level representing a penalty in the image of technology, always seeking recognition.
This investigation led by the government may well discredit the Blockchain. These 23 companies mentioned search and information procedures, but the authorities finally concluded that it was only a marketing use to make its brand known.
What do you think of this Chinese government investigation of Blockchain? React in the comments section.