Blockchain

Chinese Communist Party Publishes DLT Guidelines for Bureaucrats

There are several documentations and accounts on explanation of blockchain technology and it’s possible applications worldwide. People have made specializations and courses for different aspects related to the field but none of these charters or concept videos have ever reached an official capacity and hence, blockchain and it’s vital applications are widely unaccepted, plain or not understood. Most notable lack of identity lies with the digital currencies.

Now, according to a report published by local media outlet People’s Network, People’s Daily Publishing House, led by the Chinese Community party, has published a book on blockchain technology titled Blockchain – A Guide for Officials, which will cover all aspects of the new technology and serve as a guide for bureaucrats.

The Communist Party updated the the primer on blockchain according to an official press release on the CPC website on August 13.

The publication discusses the concept of digital ledger technology (DLT), decentralized networks and it’s combined applications in the present among concepts for the future. It also undertakes problems pertinent in businesses, finance, technology, legal and other factors.

An excerpt from the book, written by the president of People’s Network Ye Hao under a chapter titled “From Internet Thinking to Blockchain Thinking,” reads:

We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.

By virtue of guidelines published in the primer, the Chinese political party aims to provide a general concept and a scientific description of the digital ledger technology (DLT) for the government authorities in understanding the manifesto of blockchain technology and it’s greater application. It also aims to take an initial step into the national acceptance of blockchain and the challenges faced by it.

Some other notable figures who contributed to the book include Shoucheng Zhang, founding chairman of Dana Capital, Duan Yongchao, chief strategy officer at Caixin Media Group, Xue Jingzhong, Hangzhou Investment Management partner, and Zhang Xuguang, Zhejiang Science and Technology Innovation and Entrepreneurship Promotion Association president.

Ye Zhenzhen, general manager of the People’s Daily, which is the largest newspaper group in China, wrote in the press release that the most important part of blockchain technology is its “operating mechanism.” Ye added,

Through the ingenious combination of technologies, the fair distribution of resources is completed.

Ye called on for new entrants in the blockchain application demographic to ‘continue to look at blockchain technology with a developmental perspective’ so that we are able to provide for the coming generations with ‘great benefits’ in their lives. He insisted that the safe and healthy development of BLT and it’s rigorous promotion in application is vital.

Chinese locals are also ever more interested in the digital ledger technology since President Xi Jingping, along with the Central Bank heaped praise on the concept and application of the technology.

Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs,

said President Xi.

Growing official demand for blockchain in China was further strengthened by China’s Ministry of Industry and Information Technology (MIIT), which listed a blockchain laboratory as one of the key labs for the year of 2018. The MIIT’s blockchain lab aims to improve data security and IT systems with the new DLT developments, and will operate under the oversight of the National Industrial Information Security Development Research Center.

The state backed Bank of China also revealed plans to invest more than 1% of it’s operating annual income in fintech, blockchain and internet of things (IoT). This annual income was about $70.2 million in 2017. Chief Information Officer (CIO), Liu Qiuwan told that the Bank of China had been applying blockchain technology in 12 different projects, “mainly focusing on data sharing, cross-border payment, digital currency, digital bills, etc.”

Citing government data sourced from Chinese-language outlet Qixin, the South China Morning Post reports that from January to July 2018, an all-time high 3,078 companies had registered with blockchain in their names. The number was only 555 in 2017, which shows a 454% increase when compared to last year’s filings. In the past calendar year, 16,600 newly-registered firms have included blockchain as part of their business strategy.

Recapitulating, China looks all set to further boom it’s growing potentiality in the blockchain application paradigm with interest in official capacity from the People’s Communist Party. The general public’s intrigued notion about blockchain serves certainly as a testament to the country bypassing competitors from all corners to take a headstart in developing blockchain and digital ledger based technology for the future.

Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Contact the editor at editor.news@blockpublisher.com

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