The People’s Bank of China (PBOC) claims that it’s the leading applicant for blockchain patents amongst the world’s central banks.
The blockchain team from PBOC’s Digital Currency Research Institute (数字货币研究所) recently released the “Blockchain Technology Development and Management” (区块链技术的发展与管理) report.
According to the report PBOC currently ranks first amongst the world’s central banks in terms of blockchain-related patent numbers.
The blockchain-driven trade finance platform established by PBOC had processed over 87 billion yuan in transactions as of 17 December 2019, and enjoys the participation of 38 banks.
The report makes four key recommendations for guiding the development of China’s blockchain sector in future:
- “Removing the false and retaining the real” – refrain from confusing “money” and “chains.”
- “Pragmatic advance” – PBOC calls for avoiding “image projects” that are just blockchain in name.
- An understanding of the systemic, long-term and complex nature of blockchain applications.
- Standardised application – guiding the standardised and orderly development of the blockchain sector.