Imagine a country with an army of techies, a government that supports AI and blockchain by setting a mandate and investing billions, large scale tech companies that are rapidly experimenting and implementing at scale, and an abundance of data to feed the application of these technologies. This just about covers the AI and blockchain playground that is China. The gloves are off, and over the coming years some of the greatest advancements will emanate from the east. Here’s why.
An ambitious AI strategic plan was laid by the China’s State Council in July 2017, aiming to create a domestic 1 trillion yuan ($150 billion) AI industry by 2030. Following this, Chinese president Xi Jinping called upon his country to take the lead in developing new technologies like artificial intelligence, the internet of things, and blockchain. Last year alone China’s AI sector received $28 billion in investment, and that level of investment is set to continue as all of the tech giants and banks are actively investing and up-skilling their capabilities. For example Baidu is betting big on developing smart home speakers, translation software, and self-driving cars. E-commerce giant JD.com has established a Smart City Research Institute that aims to facilitate the development of ‘smart city’ construction with the use of AI, big data, and blockchain technologies. Another example is SenseTime, which received $1 billion in investment from Alibaba to focus on facial and image recognition through combining computer vision and deep learning.
