Blockchain Innovation in China: Accelerating Growth and Global Impact

Key Insights:

• Dong Jin advocates blockchain integration to support government services, supply chains, and trade.
• China is determined to intensify blockchain adoption efforts despite banning cryptocurrency trading and mining.
• Chinese tech giants develop consortium networks, showing commitment to blockchain advancement.

China's National People's Congress (NPC) is discussing accelerating the development of national blockchain infrastructure, following a proposal by NPC deputy Dong Jin.

Dong suggests that China should expand its blockchain infrastructure and establish industry standards to improve government services, the national supply chain, and trade.

Managing a national blockchain research center in Beijing, Dong Jin emphasized the potential of blockchain technology in facilitating data circulation and sharing, especially considering China's vast data resources from its booming digital economy.

Don noted that the research center is working on a blockchain-based system to benefit industries such as maritime transport, supply chain finance, and energy.

The proposal was made during the "Two Sessions," a crucial annual political event in Beijing where thousands of delegates from across China gather. Despite China's ban on cryptocurrency trading and mining, the country remains optimistic about its homegrown blockchain technology and digital economies.

Tech giants like Alibaba and Tencent are focusing on developing their consortium networks, showcasing China's commitment to advancing blockchain technology within its borders.

Dong Jin's proposal aligns with this approach, stressing the necessity for a robust blockchain infrastructure to support various sectors of the economy.

Developing national blockchain infrastructure could significantly impact China's digital economy by improving data security, transparency, and efficiency in various industries.

Dong's proposal highlights the growing acknowledgment of blockchain technology's potential to revolutionize traditional business models and government services.

As China prioritizes blockchain development, we expect to see increased investment and innovation in the sector. Dong Jin's proposal reflects China's strategic vision of using blockchain technology to drive economic growth and technological progress.

Wrapping up

Dong Jin's proposal to accelerate the development of national blockchain infrastructure underscores China's commitment to leveraging blockchain technology for economic advancement and enhancing government services.

The proposal emphasizes the importance of establishing industry standards and infrastructure to support the growth of China's blockchain industry.