China efforts to expedite blockchain development and innovation across 15 zones and 164 entities
The Cyberspace Administration of China (CAC) pilots nationwide blockchain development over real-world use cases. Some of the key areas of blockchain development include manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection, and cross-border finance.
China pilots nationwide blockchain development over real-world use cases
The initiative is aimed at the large-scale implementation of blockchain technology across enterprises and government institutions in China.
The CAC, along with other government agencies, directed the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”
The announcement also includes a list of cities, companies, and other entities — predefined by local and departmental proposals, that will directly participate in blockchain pilots.
A snippet of CAC’s listing for blockchain experimental projects. Source: CAC
Key areas of blockchain development include manufacturing, energy, data sharing, and government services, law enforcement, taxation, criminal justice, inspection, copyright, civil affairs, human society, education, health care, trade finance, risk management, stock market, and cross – order finance.
A snippet of CAC’s list for blockchain pilot projects | Source: CAC
The circular also emphasizes the need for management departments to coordinate in promoting and promoting pilot projects and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency, and building a trusted system.
Despite taking a strong stance against the adoption of cryptocurrencies, the Chinese government continues to show interest in related ecosystems including blockchains and NFT.
Most recently, the Blockchain-Based Services Network (BSN), a government-backed blockchain project in China, is said to be working on infrastructure to assist businesses and individuals in building build NFT-focused platforms and applications.
The project aims to support the implementation of platforms capable of trading non-crypto currency NFTs through fiat currency.
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