Chinese authorities intend to introduce blockchain at an accelerated pace
The Ministry of industry and information technology of China (MIIT) is considering options for changing Beijing’s policy towards accelerating the transition of business processes to blockchain, as reported by local state media.
This intention, firstly, once again proves Beijing’s great interest in the technology of the distributed register-earlier it became known that the authorities of the country registered 41 patents for inventions that are associated with the blockchain and the creation of a single cryptocurrency wallet for charging duties and fees in the provision of public services to the population and business.
Secondly, the accelerated implementation of the blockchain means that Beijing has become aware that further delay in this issue will have a negative impact on the competitiveness of the Chinese economy, which is of particular importance in the situation of a large-scale “trade war” with the United States.
MIIT sees the transfer to the blockchain of the financial sector of the country as a priority, including the provision of services for remote access of Bank customers to their accounts.
In addition, blockchain should be implemented at an accelerated pace in logistics and the Internet of things (IoT).
For the implementation of their plans MIIT reportedly begins to create a public blockchain ecosystem that will enable companies to obtain support from the authorities during their transition to the business processes using the technology of the distributed registry.
