Beijing has unveiled plans to create a standardised system for blockchain technology in China.
China’s Ministry of Industry and Information Technology (MIIT) will “drive the establishment of core blockchain technological capability, support the development of innovation and entrepreneurship in the blockchain sector, and encourage in-depth integration with the real economy,” according to a report from state-owned media.
Beijing has also announced that it will push for the formulation and application of key standards, the creation and improvement of a blockchain standardisation system and improvements to policy environments.
“The pace of blockchain innovation has continually increased with the support of multiple forces in terms of policy, technology and markets,” said MIIT chief economist Wang Xinzhe (王新哲).
“The scope of application exploration has also extended and expanded into more areas, from digital assets to supply chain management, smart manufacturing, the industrial internet and copyright protections.”
According to Wang MIIT will establish also establish mechanisms to advance co-ordination between backbone enterprises, high-level tertiary institutions and research bodies, and support research and innovation in the area of blockchain development.
It will focus in particular upon integration between blockchain enterprises and user entities, drive the establishment of public service platforms and support third party organisations to undertake blocckhain service assessments and inspections.
MIIT will also accelerate improvements to the blockchain development policy environment; guide and encourage enterprises, tertiary institutions and scientific research bodies to to develop the required professional expertise for blockchain development, and provide preferential tax policies for the software sector and small and medium-size enterprises to blockchain companies that satisfy conditions.
The announcement from MIIT comes just as Shenzhen launches plans to create China’s first local standards for the blockchain sector.
Tan Dai (谭待), head of Baidu’s blockchain laboratory, said that Baidu will advance the creation of an industrial blockchain application ecosystem, with a view to reducing costs, raising efficiency and optimising the industrial trust environment.