This economically Full-fledged Country experimenting with Blockchain Technology once completely avoided Crypto.

‘World’s manufacturing hub’ country had planned to run Pilot projects with the motive of blockchain development across the region

• Till July 2021, China was producing up approx 28.7% of global manufacturing output
• Earlier, the dragon country have banned Crypto and its operation related to trading and mining
• Now the country is seeking grounds for blockchain development for various operations in different fields

In September 2021, Chinese regulators put a complete ban on crypto trading and mining inside the country. Reflection of the step seen when Bitcoin and the crypto market have experienced a downfall. That happened because of the fact that China was among the top Bitcoin mining countries back then.

Although it didn’t embrace Crypto, the country is looking forward to adopting the tech behind Crypto, Blockchain technology, for different areas and its working departments. 

China’s plan for Blockchain adoption

The Central Internet regulator and control agency, Cyberspace Administration of China, also known as CAC, has announced pilot projects on the development and innovation of blockchain over its 15 zones and 164 different departments. With this small scale experiment, the Chinese Government aims to achieve large-scale blockchain technology implementation in various Government organizations and businesses in China. 

Zones selected for blockchain pilot program

For this regard, those 15 zones include manufacturing, data sharing and services, energy consumption, law enforcement, criminal trials, taxation, inspection copyright, human society, healthcare, education, civil affairs, risk control management, trade finance, equity market and cross border finance.  

Roadmap for adoption by departments and expectations with the pilots

This broad adoption by the dragon country makes it a leading player in Blockchain technology. Not just Government agencies, regulatory authorities are also notified by CAC for promoting the intensive and balanced layout of blockchain technology infrastructure in the country. And to form a large-scale production level capability of data exchange support among different chains. Also, promote the multi-party collaborative blockchain industry formation.

CAC notice included cities, companies and other entities involved directly in current blockchain pilot projects, suggested by local departments. It emphasizes the need for regulatory departments to coordinate the advancement and promotion of pilot projects. Further described the blockchain’s role in promoting data sharing, reducing operating costs, improving collaborative efficiency, optimization of business processes, improvement in collaborative efficiency and most importantly, building a trusted system. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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