The Boom of Blockchain in China in 2019

China and Blockchain are not two words you would normally associate together, until recently. President Xi Jinping recently identified blockchain as “a crucial breakthrough point for indigenous innovation of core technologies” during the meeting of the 13th National People’s Congress (NPC) standing committee. The technology has for a number of years been surrounded by suspicion and controversy, especially regarding blockchain. However, China’s congress recently voted for more research to be conducted in the cryptography technology area, (including Blockchain) and the law will take effect from 1st January 2020.

Blockchain in China

President Xi Jinping recently said during the NPC meeting, that he regards Blockchain as one of the pioneering technologies of the cryptography generation. He emphasized the importance of China’s goal to become number one in this emerging area. Blockchain has always been credited for having the characteristics of decentralization, transparency, and unchangeability. The new law states that it is necessary to facilitate research into cryptography (particularly Blockchain) and find out how it can adapt to a number of the country’s industries.  China eventually wants Blockchain to be applied to the country’s priority projects such as education, employment, old-age care, reducing poverty, health care, and food safety.

China has heavily invested in technology areas such as big data and artificial intelligence. It doesn’t surprise us that China wants to be at the forefront of Blockchain technology. As President Xi Jinping has publicly endorsed Blockchain, this has resulted in a huge surge in shares in Blockchain technology companies. With this increase, we believe that a lot more companies will be looking to translate their White Paper.

What is a White Paper?

A White Paper is an informative, highly structured and technical report about the company. The purpose of the White Paper is to inform individuals about the company’s background, technical models and credentials. The White Paper job is to incentivize potential investors to invest in their company. A persuasive and informative White Paper can be critical in securing an investment.

White Paper Block Chain

How to set out your White Paper?

  • A brief history and overview of Blockchain
  • A brief history and overview of the industry your company is in
  • A clear and concise explanation of your company’s purpose in the industry globally.

Explain ‘how’ the investment will help:

  • Introduce yourselves
  • Clear explanations of how you will achieve your goals.
  • Diagrams and models of your platform architecture, the technology and methodologies used.
  • The team’s page should show the team member’s backgrounds including their resumes and experiences. This would showcase the team’s credibility.
  • Showcase previous credentials of supporters and early investors.

Map out your White Paper

  • This is where you explain in more micro-terms why you need the funding, what steps you will take using the money invested and how it will be applied (e.g. Legal, Operational, Marketing)
  • Set out a roadmap of milestones so investors know the schedule you are working towards

Disclaimers and Risk Warnings

  • This probably needs no explanation. Make sure you have consulted with your legal team to ensure this section is sophisticated and accurate in law, but not too legalistic.
  •  A well-drafted Risk Warning section will reinforce your credibility and will give confidence to potential investors.

Why is it important to translate your White Paper?

Global reach:

There could be a number of potential investors globally who can’t be reached through the language your company is set up in. For example, in recent news about how China is becoming more open to Blockchain technology. Although, it is to be expected that other companies will now start to translate their White Paper into Chinese. Translating your White Paper into a number of languages will increase global investment and bring about more global awareness to your company. Presenting your White Paper in key languages will also give your company invaluable access to new markets and investor bases.

What languages to translate your White Paper:

Your company should translate their White Paper into the languages of the countries they want to get more investment from. Based on a recent boost in share prices in Blockchain companies because of President Xi Jinping words, an obvious White Paper translation would be from English to Chinese.

Here is a list of the top 10 countries that are using Blockchain technology the most:

  • Japan
  • China
  • Singapore
  • UAE
  • Switzerland
  • UK
  • Estonia
  • Malta
  • USA
  • Sweden

There are other countries such as Australia, Denmark, Gibraltar, France, Korea, Denmark and South Africa who are rapidly embracing Blockchain.

If you need help with translating any documents then HI-COM is here to help! Drop us a line!

Zahra SAFDARThe Boom of Blockchain in China in 2019

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