As a key element of new generation information technology, blockchain is a new type of database software integrated with multiple technologies, such as distributed network, encryption technology and smart contracts, which is expected to solve the problems of trust and security in cyberspace. To promote the deep integration of blockchain and the economy, and accelerate the application of blockchain technology and industrial development, on 7 June 2021 the Ministry of Industry and Information Technology (MIIT) and the Cyberspace Administration of China (CAC) jointly issued the Guiding Opinions on Accelerating and Promoting Blockchain Technology Applications and Industrial Development.
The Guiding Opinions indicate the goals of blockchain development, both over the short-term and long-term. Specifically, it is planned that by 2025, the competitiveness of China’s blockchain industry will be among the world’s most advanced; three to five internationally competitive enterprises and a number of innovation-leading enterprises will have been cultivated, and three to five blockchain industry clusters will have been established; in addition, the blockchain standards system will have been preliminary established. By 2030, blockchain will have reached a deep integration with the Internet, big data, artificial intelligence and other new generation of information technologies, and extensive application in various fields.
These objectives will be achieved by promoting the following main tasks:
- Leveraging the role of blockchain when optimizing business processes, reducing operating costs and building a trusted system, specifically aimed at i)improving supply chain efficiency; ii) establishing a product traceability system covering raw material suppliers, manufacturers, testing institutions, users and other relevant actors in the fields of food and medicine, key parts and components, and equipment manufacturing; and iii) realizing the traceability of data collection, sharing and analysis.
- Improving the application of blockchain technology in public services, such as digital identity, data storage and certificate, and urban governance; establishinga government data sharing platform based on blockchain technology to support the development of smart cities.
- Promoting the establishmentof a blockchain standardization organization and a blockchain standards system; accelerating the development of key and urgent standards, and encouraging the development of association standard; participating in global blockchain standardization activities and international standard-setting.
- Supportingthe integrated development of blockchain and other technologies, including blockchain+industrial Internet, blockchain+big data, blockchain+cloud computing, and blockchain+artificial intelligence.
Finally, the Guiding Opinions also point out that China will build an international cooperation and exchange platform for blockchain, and strengthen international cooperation on blockchain in technical standards, open source communities, and talent training. Combined with other supporting policies like tax incentives and preferential government procurement for blockchain enterprises, a big leap forward can be foreseen in blockchain industry.