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China is planning to Embrace Blockchain

China Embracing Blockchain
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China is planning to embrace blockchain technology. However, the country’s government still holds ‘no crypto’ stance.

The blockchain adoption areas have been identified by the Central Cyberspace Affairs Commission and Ministry of Industry and Information Technology (MIIT). The MIIT developed a five-point agenda delineating the process of blockchain adoption.

China is at the helm of adopting new industrial technologies. The president of the country Xi Jinping called for speedy blockchain adoption in October 2019.

MIIT, in its guiding opinion, identified five key tasks. These include: empowering the real economy, improving public services, consolidate the industrial foundation, building a modern industrial chain, and promotes the development of financing.

The ministry also mentioned some of the use cases of blockchain technology like traceability, data sharing, and supply chain management.

As per the IT ministry, Blockchain falls in the category of innovations like big data, artificial intelligence, and cloud computing, etc.  Incorporating it is necessary for China’s progress. The adoption will take place in the arena of public utilities like smart cities and the use of new technology in government services. Moreover, the immutability of blockchain-based ledgers can assist judicial services with the utilization in evidence collection.

MIIT also called for the establishment of at least three backbone enterprises as well as the blockchain industrial clusters. In the document, an international collaboration under the aegis of china’s famous belt and road initiative was also highlighted.

China is considered to be one of the anti-crypto countries. The government of the mainland frequently brought laws and regulations against crypto in the past. Recently, the whole crypto market took a hit after China announced a ban on cryptocurrency. However, somehow the country is bent over the adoption of blockchain technology which is the backbone of cryptocurrencies.

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