China has always been at the forefront of how they monitor and regulate blockchain technology, as it has been reported that it seems to be focused on blockchain patent applications and node communication.
While the nation focuses on distributed ledgers, it is possible that patent filings will be in the mix as well. These filings will have to adhere to strict standards, while patent applications for blockchain and other innovative technologies often require its own rules and guidelines.
However, most of these changes will apply to DLT, AI, and big data.
So, interestingly, blockchain node communication seems to be under the purview of these changes as well. Privacy challenges during the communication process are always a factor, and it seems some sort of certification will be used for communication requests between nodes.
It has been analyzed that this is another important step by China, as it seems very serious in their blockchain push.
A report by IDC indicates that China will spend over USD$2 billion on the blockchain by 2023. Most of the spending in the last year was focused on the banking sector.
Moreover, other industries of interest in China include retail, manufacturing, and professional services. A transformative technology that features an immutable record of data that can be used and shared within a decentralized and publicly accessible network, blockchain has various application scenarios including in the cryptocurrency space.
Thus, China’s top leadership underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.