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June 8, 2021

China's plans for blockchain

An interesting bit of news for you.

The Ministry of Industry and Information Technology of the Chinese Government has published the general plan for the integration of blockchain in the national economy and in the government's institutions.

The Ministry believes that technology might be used in administration, industry, security, development of "smart cities", etc.

The plan outlines five key directions for the adoption of blockchain by the civil administration and services:

  1. Empowering the real economy: deepening the integrated applications, promoting new techniques of the supply chain management, developing product traceability, and data sharing among various enterprises and civil servants.

  2. Improvement of the government services: promoting the application of blockchain in public service fields, establishing a government affairs data sharing platform based on blockchain, using the blockchain to establish digital credible certificates, and establish a new type of evidence collection mechanism and promoting the interconnection and orderly flow of production factors among cities in terms of information, capital, talents, credit investigation, etc.

  3. Consolidation of the industrial foundation: promoting the construction of blockchain standardization organizations and establishing a blockchain standard system, strengthening technical research in key areas such as distributed computing and storage, cryptographic algorithms, consensus mechanisms, and smart contracts, encouraging blockchain companies to strengthen quality management, promote advanced quality engineering techniques and methods.

  4. Building a modern industrial chain: integrating the professional forces of production, education, and research, coordinating resources such as policies, markets, and capital, cultivating a group of internationally competitive blockchain "famous enterprises", accelerating the construction of a blockchain open source community and cultivating a batch of high-quality open-source projects.

The plat is included in the country's development strategy for the year 2025. You can read the full guidelines here. China also adopted blockchain for the development of its CBDC (Central Bank's Digital Currency) - the digital yuan.

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