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China to expedite development of Blockchain Technology

blockchain - shipping and freight resourceWhen the President of the 2nd largest economy in the world and the world’s factory China calls for the development of blockchain technology to be expedited, you know things are about to get real in the world of technology..

Addressing a Politburo meeting, Mr.Xi Jingping, General Secretary of the Communist Party of China, is reported to have said that “Blockchain would play an important role in the next round of technological innovation and industrial transformation.

Blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.” Xi is reported to have told committee members..

These comments and statements on blockchain is said to be the first in-depth remarks on the subject made by the Chinese President..

The Chinese President is further said to have argued for a top-down approach concerning implementation, calling for guidance and regulation and also the necessity to implement the rule of law into the existing and future blockchain systems..

As per news reports, plans are afoot to make Blockchain technology a key part of China’s innovation program and also to increase investment in the sector..

china blockchain development
Image : Shutterstock

Mr.Xi Jingping also called for the creation of “Blockchain+” a platform alluding to personal development such as education, employment and food and medicinal safety, among other basic needs..

According to The Financial Times, Chinese companies have filed more patents on blockchain than anywhere else in the world..

The meeting also recognised that major countries are stepping up their efforts to plan the development of blockchain technology and China should be putting in more efforts to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.

Jenny Yang, the founder of BlockGlobe – a portal for news on blockchain and related sectors said “Just like the Belt and Road Initiative’s railways and power grids, and Huawei’s 5G telecommunications networks, standardised blockchain solutions are a kind of basic infrastructure for future global economic activities. When Europe, Asia, even the US, have to turn to the Chinese for such solutions, there might be more Huaweis emerging.”

However analysts are warning that as the US and China are already engaged in a tech war over companies like Huawei, any advancement of China’s expertise in blockchain could open up a new front in the conflict..

Interestingly enough, the Chinese President did not make mention of cryptocurrency which is the best known application of blockchain technology..

China has banned bitcoin and all other cryptocurrencies based on a decision by the People’s Bank of China, although it is reported that a digital RMB (renminbi) is being developed by the central bank and is likely to be launched soon..

Can China excel in this area of technology and apply this to their already impressive arsenal of capabilities..??

Well, hot on the heels of this call by the Chinese President, The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on the 26th October that will be effective on January 1, 2020, according to a Chinese media report..

The new law reportedly aims to tackle emerging regulatory and legal challenges in commercial cryptography use-cases as they play an increasingly important role in developing the Chinese economy..

According to the draft proposal, “Clear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current ‘loose’ system is not suitable for the industry anymore.

Interesting days ahead for Blockchain..

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