The Ministry of Industry and Information Technology of China (MIIT) has published guidelines for accelerating blockchain adoption in various industries without using cryptocurrencies.
MIIT has identified blockchain as an integral part of information technology that could be critical to China’s future development. Back in October 2019, Xi Jinping, Chairman of the People’s Republic of China, called for accelerating the implementation of blockchain in the country. The department named the key areas for the introduction of this technology: economics, finance, industrial production and public services.
The ministry believes that the ability to transparently track data, analyze and share it using blockchain can have a positive impact on the country’s real economy. In the financial industry, blockchain needs to be “combined” with cloud computing, artificial intelligence and the Internet of Things, MIIT said.
According to a document released by MIIT, blockchain is essential to streamline business processes, reduce operating costs, and create new business formats to support digital transformation and industrial development. The Chinese authorities are ready to use blockchain to transparently track food, medicine and various equipment in order to reduce associated risks and operational costs. Therefore, the department will direct efforts to develop platforms that use blockchain for supply chain management.
In addition, MIIT announced the need to create blockchain-based applications that will be used for digital identification, data storage, provision of government services and activities aimed at improving the quality of life of people. The Chinese government also does not rule out the creation of smart cities. To accelerate the implementation of blockchain in these areas of activity, the Ministry is ready to cooperate on this issue with industry firms, universities and research institutions.
Note that this initiative does not imply the use of digital currencies, since the Chinese government is actively fighting them. In addition to recent statements from local authorities about a possible ban on mining and cryptoassets, the Chinese social network Weibo began blocking accounts associated with cryptocurrencies, without explanation.
