On 7th June 2021, China has officially released a guideline for blockchain development within the country with the aim to have the world’s most advanced blockchain technology by 2025.
The guidelines for blockchain technology development and innovation were issued by China’s Ministry of Industry and Information Technology and the Office of the Central Cyberspace Affairs Commission in a joint effort. With this guideline, China is promoting the integration of blockchain technology into the Chinese economy and society.
While China has a different viewpoint of cryptocurrencies and its recent move to ban financial institutions and banks from dealing with cryptocurrencies followed by cracking down on mining firms in the country had a huge impact on the crypto market that lead to the biggest crash of the market after 2017. Many mining firms also shut down or moved their shops outside the country in the past month.
However, when it comes to blockchain technology development and innovation, China wants to be ahead in the race. The same can be sensed from China’s telecommunication giant, Huawei’s move towards accelerated blockchain technology research and development and building blockchain-based services for government and enterprise following China’s five-year plan that mentions blockchain as the next-wave technology.
Also see - Huawei is bullish on blockchain technology
China’s future development is guided by Xi Jinping’s thoughts on socialism with Chinese characteristics for a new era that promotes the implementation of new concepts based on the new development stage. The pattern, centered on the strategic deployment of manufacturing power and network power, with the goal of cultivating internationally competitive products and enterprises and deepening the integration and application of the real economy and strengthening technological research, consolidating the industrial foundation, strengthening the industrial body, and cultivating good ecology, realizing advanced industrial foundation and modernization of industrial chain.
On the same lines, China wants to promote the integrated development of the blockchain and the Internet, big data, artificial intelligence, and other new-generation information technologies, and build an advanced blockchain industry system.
The guideline lists principles that will lead blockchain integration in China. They hope to bring traction by first integrating blockchain technology into key industries and fields via large-scale applications, and from there, companies can independently develop the technology further, while promoting collaborative research and enhancing innovation.
Their approach to blockchain integration into China’s ecosystem is more holistic in nature. For instance, regarding its ecological cultivation, they hope to integrate blockchain not only among businesses but also promote collaboration between government, enterprises, universities, and research institutions with high importance to the safety and security of the network.
China believes that by 2025, it will be able to make the most advanced blockchain industry in the world and by that time it would have also integrated many areas of the economy and society, and cultivated a number of well-known products in areas such as product traceability, data circulation, and supply chain management, forming scene-based demonstration applications. It also plans to build 3 to 5 internationally competitive backbone enterprises and a group of innovation-leading enterprises, and create 3 to 5 blockchain industry development clusters by that time.
Blockchain has become an important support for building a manufacturing power and a network power, developing a digital economy, and realizing the modernization of the national governance system and governance capabilities. By 2030, China believes that blockchain technology will be deeply integrated with new-generation information technologies such as the Internet, big data, and artificial intelligence, and will be widely used in various fields, fostering the formation of a number of internationally leading enterprises and industrial clusters, and the industrial ecosystem tends to be perfect.
