Blockchain Plays a Part as China Claims 72% of SMEs Are Back to Work

Chinese authorities state that industry 4.0 technologies such as blockchain technology have helped almost 72% of the nation’s small and medium-sized enterprises (SMEs) return to work in the wake of the coronavirus pandemic.

Per Chinese state news networks the People’s Daily and the Beijing Youth Daily (via East Money), spokespeople from the country’s health authorities, as well as the Ministry of Commerce and the Ministry of Industry and Information Technology, confirmed that 71.7% of SMEs were now up and running.

The spokespeople stated that blockchain technology and other industry 4.0 advances such as Big Data, 5G and AI had helped speed up business recovery platforms, and were also playing a part in efforts to control the spread of the virus – helping to power virus diagnosis, prevention and treatment. These innovations were also being used as part of efforts to develop a COVID-19 vaccine, they added.

Blockchain and other IT advances, said the authorities, were helping companies operate unmanned production facilities, including those related to medical care.

A range of next-generation IT solutions is also helping teachers provide online education to quarantined or locked-down children.

Furthermore, blockchain solutions may be used to help the country’s police and army check the veracity of travel documentations as lockdowns continue to remain in place. Chinese stakeholders have also explored the use of blockchain technology in remote working platforms for companies adopting work-from-home policies.

As previously reported, Chinese public and private sector entities have rolled out a number of blockchain-powered solutions aimed at easing the economic fallout of the pandemic – particularly for SMEs.

The UN has recently singled out Alibaba affiliate Ant Financial’s blockchain-powered loans platform for SMEs for praise.

China’s SMEs generate 70% of the Middle Kingdom’s total GDP, and account for 80% of its export revenue.