Beijing Flags Greater Support for Blockchain Sector

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The Chinese central government has signalled that it will provide greater support for the development of the domestic blockchain sector, as well as develop a “standardised system” for the technology.

Speaking at the 22nd China International Software Expo, Li Ying (李颖) from the Informatization and Software Services Department of Ministry of Industry and Information Technology (MIIT) said that “blockchains are a future direction of development, but at present [the technology] is still far from mature.

“At the same time the basic frameworks are far from established, so we still need to clearly discriminate between blockchain developments, and refrain from being blind followers.”

Li also said at the event that the Chinese government would “further expand the vigour of support for the blockchain sector, and establish and improve a blockchain standardisation system.”

“Data is currently becoming a key factor of production and a new driver of economic and social growth, and blockchains may also be considered one of the key means for resolving data management issues.

“More and more industrial entities in China are participating in the exploration of blockchain technology and applications…backbone IT enterprises are all deploying blockchains based on their own operational resources, and blockchain start-ups are rapidly emerging.”

The Software Expo also saw the unveiling of the “State Industry information Security Center Electronic Data Preservation Platform (国家工信安全中心电子数据保全平台) by MIIT’s Security Center.

According to Yu Bing (冰介), vice-president for for the government services division of Lanmao Yinlian (懒猫联银) which was a co-operative partner for the project, the platform uses blockchains and cloud computing to create an electronic data verification platform with the goal of resolving verification issues involving online data, and providing valid evidence for judicial or regulatory purposes.

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