Blockchain plays an important role in China’s economic development

“Innovation in the areas of the Internet, big data, cloud computing, artificial intelligence, blockchain and other technologies is rapidly evolving and becoming an important force reorganizing global resources, reshaping the economic structure and changing the structure of world competition,” President Xi Jinping said in a Politburo study on the digital economy.

Current status of blockchain development in Mainland

China’s blockchain-related patent volume also reflects the country’s determination to lead the aforementioned technology. In the period from 2015 to 2021, the mainland has nearly 33,000 patents compared to 10,000 in the US.

In December 2021, China’s Central Cybersecurity and Information Commission issued its 14th Five-Year Plan, which highlighted the importance of blockchain in many areas, such as distributed identity, mining, and mining. data mining, cloud networks and digital innovation in the country.

To date, Beijing has shown efforts to develop blockchain technology in five areas.

First, China is developing a central bank-issued digital renminbi (NDT), based on blockchain. After 2 years of testing, this coin has been in trial circulation at the 2022 Winter Olympics as a secure and easily traceable payment method.

China is implementing blockchain in many fields – Photo: SCMP

Second, blockchain allows the government to build smart urban systems, for example in Shanghai. Since 2019, the smart city program has contributed to facilitating road traffic management, public health efforts, energy transition and pollution reduction.

Third, the Chinese police also integrate blockchain technology into the anti-crime investigation process. The ability to trace and prevent data tampering makes this technology a tool to preserve electronic and physical evidence for prosecution.

Fourth, blockchain platforms are commonly used in the Mainland during the outbreak of the Covid-19 pandemic. The public’s epidemiological information is transparent and easy to verify, helping the authorities to quickly take measures to respond, as well as minimizing the possibility of misinformation.

Fifth, new technology is being tested in the military field. The People’s Liberation Army (PLA) has developed systems for managing personnel and salaries, thereby curbing corruption and “enhancing efficiency” of the entire army.

Global ambition

In April 2020, China launched the Blockchain-Based Services Network (BSN), which serves as a low-cost, back-end infrastructure system for software developers building software. Build blockchain applications.

BSN’s products are targeted at companies, specifically those that operate cloud computing infrastructure, such as Amazon, Microsoft, or an in-house cloud operator.

“Blockchain in general is very important to China, Chinese officials consider it a must and want companies to promote the use of blockchain applications to solve real-world problems,” Paul Triolo , lead technology policy team at consulting firm Albright Stonebridge said.

Combining the blockchain element with the Belt and Road Initiative, Beijing is aspiring to make BSN a “blockchain Internet” through a “global infrastructure network, multi-portal and multi-framework”.

To realize this, Beijing plans to develop an “international” version of the BSN. “We are working hard to bring out a different version for the international market and reduce the support from the Chinese government,” said Yifan He, CEO of Red Date Technology, one of the founding companies of the BSN network. let me know.

Accordingly, the international version is based on open source code, allowing public-domain users to check any potential backdoor code on the system.

The Vinh

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