While joining forces with the Ministry of Industry and IT, China’s workplace of the Central Cyberspace Affairs Commission has founded the four most important application areas for blockchain execution.
The five-point agenda of MIIT for the blockchain that has been adopted in a major part for the document was issued with details for guiding opinions to promote the emerging technology for industrial development.
As previously reported, the president of China, Xi Jinping, was previously called for the adoption of rapid blockchain during the month of October 2019. During the ongoing disagreement for the adoption of blockchain, the MIIT documents have illustrated the novel equipment as an essential part of the new generation of information technology. IT minister has also mentioned that the blockchain is the newest innovation, the same as big data and the artificial intelligence essential for China’s continued progress.
The documents of MIIT have listed the financial system, economics, industrialization, and public services that are the significant focus for blockchain development in the country.
According to the publication that MIIT, traceability, supply chain has made, and data sharing are among the use cases for the blockchain that can positively impact the real economy. In finance, the MIIT publication has also called the promotion a greater intersection between the blockchain and the other developing technologies such as cloud computing, the internet, and artificial intelligence.
The plan presented by MIIT for blockchain acceptance for the public utilities also includes the idea such as smart cities and the use of novel tech in government services. The deed depends on the immutability of the ledgers based on improving the evidence collection in legal deposits, civil registries, and administrative law enforcement activities.
The MIIT document did not mention crypto or token in general even when it depended heavily on blockchain adoption, and now, Beijing is ramping up its cryptocurrency crackdown.