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Sunday, August 12, 2018, 20:33
China to push healthy development of blockchain industry
By Xinhua
Sunday, August 12, 2018, 20:33 By Xinhua

This March 13, 2018 photo shows a sculpture devoted to blockchain technology is seen at a roundabout in downtown Kranj, Slovenia. (MATIC STOJS / XINHUA)

BEIJING – China will create a better environment to promote the healthy development of the rising blockchain industry, the Ministry of Industry and Information Technology said. 

The Ministry of Industry and Information Technology will speed up pushing innovative applications of blockchain technology

The blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable, and transparent record of exchanges to trace each transaction. 

The technology now has a wide range of applications in China including in finance, credit reporting, smart manufacturing, and supply-chain management, the ministry said. 

READ MORE: Blockchain hailed as next innovation frontier

The ministry will speed up pushing innovative applications of blockchain technology, with a focus on enhancing computing power and storage capacity. 

A previous report by the ministry showed that by the end of March 2018, there were 456 blockchain technology companies in the country, with an industry ecosystem taking shape. 

The industry remains in a nascent stage. While the technology has brought benefits, it could also bring risks such as technical loopholes, and challenges to current systems and norms, the ministry said. 

ALSO READ: Blockchain technologies ‘more than just cryptocurrencies’

The ministry also said it will work with local authorities to push for healthy and orderly development of the industry.

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