HomeAsiaChinese government issues roadmap for blockchain development

Chinese government issues roadmap for blockchain development

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China’s blockchain stance continues as one government agency publishes guidelines to accelerate the adoption of tokenless blockchain solutions.

China’s Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology (MIIT) has identified four essential application areas for blockchain adoption.A document published on Monday providing detailed guidance on accelerating the promotion of new technologies for industrial growth, is part of the MIIT five-point blockhain adoption plan.

Presenting its argument for blockchain adoption, the MIIT document describes the novel technology as “an important part of the new generation of information technology.” According to the IT ministry, blockchain is among a raft of new innovations like big data and artificial intelligence that are critical to China’s continued progress.

In MIIT the priority for blockchain development in the country is the economy, finance, industrialization, and public services. According to the MIIT publication, traceability, data sharing and provide supply chain management are few of the use cirumstances for blockchain that would have a significantly optimistic impact on the acutal economy. In the world of finance, the MIIT publication referred to as for the promotion of a better intersection between blockchain and different emerging technologies like cloud computing, Artifical Intelligence and the internet.

The MIIT’s proposal for blockchain adoption for public utilities additionally included ideas like smart cities and the utilization of the novel tech in government services. The document leans heavily on the immutability of blockchain-based ledgers in improving evidence assortment mechanisms in areas like judicial deposit, civil registries and administrative legislation enforcement activities.

As a part of its developmental goals, the MIIT referred to as for the institution of at least three backbone enterprises and blockchain industrial clusters. The document additionally touched on worldwide collaboration particularly below the aegis of the “Belt and Road” initiative. The MIIT document, whereas leaning closely on blockchain adoption, made no point-out of crypto or tokens in general. Beijing continues to ramp up its cryptocurrency crackdown with Weibo reportedly banning the accounts of some “virtual currency influencers.” 

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