China trials blockchain development over real-world use cases | Invezz

The Cyberspace Administration of China (CAC) has started an in-house effort to accelerate blockchain development and innovation in 15 zones and 164 organizations. CAC unveiled this news through an official notice on January 30, noting that it has collaborated with other government agencies in this pilot project.

According to the notice, this program seeks to foster the large-scale implementation of the blockchain across multiple businesses and government organizations in China. The circular further noted that it is vital to shore up organizational leadership.

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CAC also pointed out that provincial network information offices and industry supervisory departments in all regions should attach importance to the national blockchain innovation application pilot work. In so doing, CAC believes the involved entities will help strengthen the organization and coordination, policy and financial support, work guidance, and implementation of the pilot work in the region.

Per CAC, each pilot region will have to implement the primary responsibility of the pilot work, which is forming an efficient and powerful pilot organization and leadership mechanism. Additionally, each zone will have to come up with the management and assessment mechanism that is needed for the promotion of the pilot work.

Focusing on multiple industries

The agency emphasized the importance of collaboration, saying departments in all 15 regions should promote the pilot construction work together. By working together, CAC believes the involved departments and zones can further the blockchain’s role in promoting data sharing, optimizing business processes, cutting costs, improving collaboration efficiency, and building a credible system.

Per CAC, working together would also help form a large-scale production-level cross-chain data exchange support capabilities and foster the creation of a multi-party collaborative blockchain industry ecology.

At the moment, the key areas of blockchain development include manufacturing, government data sharing and services, taxation, law enforcement, criminal trials, inspection, copyright, civil affairs, human society, education, trade finance, energy, healthcare, risk control management, equity market, and cross-border finance.

While the Chinese government banned all crypto-related activities, it continues embracing other web3 areas, including the blockchain and non-fungible tokens (NFTs). While NFTs go hand in hand with cryptos for most jurisdictions, a Chinese government-backed blockchain project, Blockchain-based Service Network (BSN), revealed that it is working on an infrastructure that separates NFTs from crypto.

Reportedly, this infrastructure is titled BSN-Distributed Digital Certificate (BSN-DDC), and it seeks to support the launch of platforms that allow the trading of NFTs via fiat currencies.