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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Volume Plunges While Transactions Soar

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

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    R-Games and LoveBit Unite to Power ESG-Driven Web3 Gaming

    R-Games and LoveBit Unite to Power ESG-Driven Web3 Gaming

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    Elon Musk’s xAI Launches Waifu Companions for Grok

    Web3 Meets the Stadium: The Rise of Competitive Ownership

    Web3 Meets the Stadium: The Rise of Competitive Ownership

    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

    Qitmeer Network Forges Partnership with Onmi to Bolster Web3 GameFi Space

    Qitmeer Network Forges Partnership with Onmi to Bolster Web3 GameFi Space

    Why Are So Many Crypto Games Shutting Down? Experts Weigh In

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  • Blockchain
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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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Home Blockchain

China urged to fast-track blockchain development to keep up with global trends

March 13, 2024
in Blockchain
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China urged to fast-track blockchain development to keep up with global trends
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Authorities in China are urged to improve the infrastructure surrounding blockchain technology to match the pace of digitization.

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Dong Jin, a high-ranking National People’s Congress (NPC) member, called on the Chinese government to throw its weight behind blockchain development, eyeing several benefits for the local economy.

Jin’s comments came during China’s Two Sessions event, an annual plenary session of the ruling party with the nation’s political elite and industry leaders in attendance. The discussions at the Two Sessions event include areas of economics, security, and geopolitics, as well as emerging technologies.

Jin’s proposal revolves around developing a national blockchain network to improve enterprises’ data-sharing capability. In addition to supporting private entities, he argues that the blockchain network will serve government agencies to maintain clear data-sharing lines without the hassles of red tape.

The suggested national blockchain network will be indispensable in supply chain, finance, transport, shipping, and government services.

In recent years, China’s digital economy has grown in line with the long-term plans of the Chinese Communist Party (CCP), but several issues continue to plague its long-term prospects.

Jin points out the growth of the digital economy has led to the creation of “high-value data” by key industry players. Rather than a shared resource, Jin says the data are housed in “isolated islands” and “icebergs” over cybersecurity risks and industry competition.

To improve interoperability, Jin favors having a central blockchain system to operate as a “cornerstone of trust” for entities seeking to share their data using the blockchain’s
immutability and transparency properties.

See also  German state bank to tokenize bonds on blockchain

Jin’s plans will start with China before rolling out the blockchain network globally to “achieve interconnection with countries,” specifically in trade and finance. Currently, China and other BRICS countries are mulling the prospects of a blockchain-based settlement system to reduce their dependency on the U.S. dollar in international trade.

A national outlook

China has previously rolled out a series of blockchain initiatives to standardize the use of the technology across the board, launching a blockchain center in mid-2023. Located in Beijing, the center seeks to deepen the country’s talent pool by training 500,000 experts in the coming years.

“In terms of talent training, the center will train more than 500,000 high-quality talents in the blockchain field for my country through cooperation with top universities, research institutes, and industry leaders to adapt to the rapid development needs of new forms of digital economy such as Web 3.0,” said Jin in a 2023 statement.

Before the official unveiling of the center, Chinese authorities announced a nationwide public consultation to establish blockchain standards before the end of 2025 while
experimenting with blockchain-based digital identity systems.

Tags: BlockchainChinaDevelopmentfasttrackGlobalTrendsUrged

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