While the West has been mostly uncertain over the use of blockchain, China has been able to centralize the technology, giving the country a regional edge, and offering an alternative to an established financial order. As per the Xinhua report, Chinese officials are now hoping to build a science-driven and standardised trade port governance system, slashing operating costs and expediting transfers.
The blockchain technology will empower the island of Hainan as the would-be alternative to Hong Kong, including in economic power. Alibaba owner and founder, Jack Ma, also said that Hainan should now focus on overcoming Hong Kong in terms of economic might.
Establishing a new financial center could give the Chinese government a test bed to allow a more contentious technology, such as blockchain gaming. After Macau, which became the first special administrative region – and only one so far – to allow gaming, China may be tempted to consolidate its leadership in another segment that it can control fairly easy, while ensuring the safety of everyone involved.
Put another way, blockchain gaming is already happening. Blockchain gaming operators such as BitStarz and Bitcasino.io have already been playable to certain Chinese gamers. With the interest in the segment growing, the country might want to consolidate its positions into a promising vertical and internalise any lost revenues.
Besides, FunFair Technologies has already pushed with its first localisation project in Japan, bringing its unique blockchain gaming technology to the Japanese market with its CasinoFair brand. FunFair is looking to establish its own FUN token as the go-to currency, and it has been showing steady signs of progress.