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June 08, 2021 @ 08:45 +03:00
China’s Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology (MIIT) have identified four essential application areas for blockchain adoption. The MIIT’s five-point agenda for blockchain adoption is part of a document issued on Monday detailing guiding opinions to accelerate the promotion of the emerging technology for industrial development.
As previously reported by Cointelegraph, China’s President Xi Jinping previously called for rapid blockchain adoption back in October 2019. 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.
The MIIT document lists the economy, finance, industrialization and public services as the main focus for blockchain development in the country. According to the MIIT publication, traceability, data sharing and supply chain management are some of the use cases for blockchain that could have a significantly positive impact on the real economy.
In the area of finance, the MIIT publication calls for the promotion of a greater intersection between blockchain and other emerging technologies like cloud computing, artificial intelligence and the internet. The MIIT’s proposal for blockchain adoption for public utilities also includes concepts 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 collection mechanisms in areas like judicial deposit, civil registries and administrative law enforcement activities.
Chinese government agency issues blockchain development roadmap, Cointelegraph, Jun 8