Report said that 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.
It has been reported that 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.
However, as previously reported, 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.
The MIIT document listed the economy, finance, industrialization and public services as the main focus for blockchain development in the country. https://t.co/93LMxuedpc — Cointelegraph (@Cointelegraph) June 7, 2021
The report said that 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 (AI), and the Internet.
Likewise, 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. As part of its developmental goals, the MIIT calls for the establishment of at least three backbone enterprises and blockchain industrial clusters.
The document also touches on international collaboration especially under the aegis of the “Belt and Road” initiative.
While leaning heavily on blockchain adoption, the MIIT document made no mention of crypto or tokens in general.
Thus, Beijing continues to ramp up its cryptocurrency crackdown, with Weibo reportedly banning the accounts of some “virtual currency influencers.”