MIIT Publishes Guide to Accelerate Blockchain Implementation in China – Bits Media

Ministry of Industry and Information Technology of China (MIIT) published guidelines for accelerating blockchain adoption in various industries without using cryptocurrencies.

MIIT calls blockchain an integral part of information technology, which may be crucial for the further development of China. Back in October 2019 years Chairman of the People's Republic of China Xi Jinping (Xi Jinping) called for accelerating the introduction of blockchain in the country. The agency called key areas for the introduction of this technology: economy, financial, Industrial production and public services.

The ministry believes, that the possibility of transparent data tracking, their analysis and joint use using blockchain can have a positive impact on the country's real economy. As for the financial industry, blockchain must be “combined” with cloud computing, artificial intelligence and the Internet of things, declared Miit.

According to the document issued by Miit, Blockchain is necessary to optimize business processes, reduction of operating costs, as well as creating new business formats, aimed at supporting digital transformation and industrial development. China authorities are ready to use blockchain for transparent food tracking, medications and various equipment, to reduce related risks and operating expenses. Therefore, the department will direct efforts to develop platforms, using blockchain to control the supply chains.

Besides, Miit announced the need to create applications based on blockchain, which will be used for digital identification, data storage, provision of public services and holding measures, aimed at improving the quality of life of people. The Chinese government also does not exclude the creation of smart cities. For accelerated blockchain introduction to the indicated areas of activity, The Ministry is ready to cooperate on this issue with industry firms, universities and research institutions.

Note, that this initiative does not imply the use of digital currencies, Since the Chinese government is actively struggle with them. In addition to recent statements by local authorities about the possible ban on mining and crypto acts, Chinese social network Weibo began blocking accounts, related to cryptocurrencies, No explanation of the reasons.