China intends to form the best conditions for promoting a healthy development of blockchain, the Ministry of Industry and Information Technology (MIIT) stated.
According to the ministry, the distributed ledger technology (DLT) is now widely used in China, particularly in the areas of finance, crediting, intellectual production and logistics. According to the ministry's previous report, as of the end of March 2018, there were 456 blockchain companies in China.
The department also noted that the blockchain industry is now in its early stages. The ministry also expresses some concerns regarding certain risks the development of blockchain technology involves, such as technical imperfections, as well as challenges to existing systems and norms.
WHY IS IT IMPORTANT?
Representatives of the agency also said that they will cooperate with local authorities to promote the healthy and orderly development of the industry.
- It also became known that within the framework of the forthcoming large-scale program on the implementation and development of the DLT in the country, the Communist Party of China published a textbook, "Blockchain – A Guide for Officials." The book for the members of the party tells about the history and features of the technology, contains the spheres of its application, and also describes the potential problems from the implementation of the DLT.