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    To further enhance real-world use cases, China aims for nationwide blockchain development

    To further enhance real-world use cases, China aims for nationwide blockchain development

     

    Blockchain development has been associated with multiple key industries, including finance, energy, government data sharing, taxation, law enforcement, inspection, cross border finance, etc. but right now, the Cyberspace Administration of China (CAC) is promoting an in-house effort to enhance the process of Blockchain development among 164 entities and 15 zones.

     

    The main aim of this goverment initiative is to bring forth the usage of blockchain technology and a large-scale application of this technology into businesses and government organizations. 

     

    CAC and other government agencies have led the regulatory authorities to delve into a collaborative project that will help the country and the government promote the implementation of blockchain technology across multiple sectors, including large-scale industries. 

     

    They have also put up an official notice where the name of the companies, cities and other organizations recommended by local and departmental authorities who will be directly involved with this massive project.

     

    The important areas for development include law enforcement, equity market, human society, government data sharing and services, manufacturing, taxation, criminal trials, civil affairs, cross-border finance, healthcare, trade finance, inspection, copyright, risk control management, energy and education.

     

    The circular published by the CAC also highlights the coordination of the departments for the promotion and advancements of the pilot projects. Despite having negative connotations against cryptocurrencies, the Chinese government is heavily interested in technologies related to the ecosystem, such as NFT and Blockchain. 

     

    Not long ago, a government-backed agency named Blockchain-based Service Network (BSN), which is also a blockchain-based government agency of China has been working on an infrastructure that will support NFT based apps and other platforms.

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