Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
China’s Office of the Central Cyber Security and Information Committee of the country’s Ministry of Industry and Information Technology (MIIT) has identified four essential application areas for blockchain adoption.
The MIIT’s five-point agenda for blockchain adoption was part of a document issued on Monday detailing guiding opinions to accelerate the promotion of the emerging technology for industrial development.
As previously reported by Cointelegraph, China’s President Xi Jinping previously called for rapid blockchain adoption back in October 2019.
Presenting its argument for blockchain adoption, the MIIT document described the novel tech as “an important part of the new generation of information technology.” According to the IT ministry, blockchain is among a raft of new innovations like big data and artificial intelligence that are critical to China’s continued progress.
The MIIT document listed the economy, finance, industrialization and public services as the main focus for blockchain development in the country.
According to the MIIT publication, traceability, data sharing and supply chain management are some of the use cases for blockchain that could have a significantly positive impact on the real economy.
In the area of finance, the MIIT publication called for the promotion of a greater intersection between blockchain and other emerging technologies like cloud computing, AI and the internet.
The MIIT’s proposal for blockchain adoption for public utilities also included concepts like smart cities and the utilization of the novel tech in government services. The document leaned heavily on the immutability of blockchain-based ledgers in improving evidence collection mechanisms in areas like judicial deposit, civil registries and administrative law enforcement activities.
As part of its developmental goals, the MIIT called for the establishment of at least three backbone enterprises and blockchain industrial clusters. The document also touched on international collaboration especially under the aegis of the “Belt and Road” initiative.
The MIIT document, while leaning heavily on blockchain adoption, made no mention of crypto or tokens in general. Beijing continues to ramp up its cryptocurrency crackdown with Weibo reportedly banning the accounts of some “virtual currency influencers.”