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IOST: the blockchain chosen by the government in China - The Cryptonomist


en.cryptonomist.ch 2020-06-22 11:07
Reading time: ~2 m

The IOST Foundation has just announced that it will work with the government of China to accelerate the progress, education and related implementation of blockchain technology.

China has in fact decided to invest in technological development and in particular in the blockchain. The Chinese government, through its National Archives Administration (NAA) structure, which is directly responsible for historical data dating back to the imperial age, has invited for the first time a blockchain project, IOST.

The NAA invited IOST’s co-founder, Terry Wang, as an expert in the blockchain industry to give a speech on the development of the blockchain industry and current trends, the current state of the blockchain industry in China and how IOST’s blockchain, as well as its BaaS (Blockchain as a Service) platform, can preserve the sacredness and authenticity of China’s historical data.

As many as 350 people attended the event, including Chen Shiju, director of the Central Office, members of the National Archive Bureau and representatives from various departments in China.

Terry Wang’s speech focused on 6 key points of the blockchain:

  • Cloud support;
  • Support for multiple blockchains;
  • Consensus mechanisms;
  • Proper management;
  • Smart contracts;
  • Privacy protection.

This represents a real turning point for IOST, which has a little more than a year of life.

IOST, thanks to this collaboration with the Chinese government, has found fertile ground in the country, showing how its blockchain and its PoB (Proof of Believability) protocol are interesting and useful to be integrated into different fields.

This blockchain can also be used to create different types of tokens including NFTs (Non Fungible Tokens), and as a demonstration of their effectiveness, a dedicated event has been organized for collectors.

IOST in Japan

Japan had also recently chosen this blockchain to use in the medical sector to improve the management of patient data in order to provide useful information for everyone in a timely manner.

Looking at the value of IOST, the numbers are really impressive. 

Its price has doubled in a short time and is now at $0.006.


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