The Chinese Ministry of Industry and Information Technology (MIIT) is reportedly considering ways to accelerate blockchain adoption, local news agency Xinhua reports Aug. 9.
According to the report, the MIIT has proposed a number of
measures to speed up the promotion of blockchain applications in the
country in a move to provide a “healthy and orderly development of the
industry.” The ministry stated that the blockchain tech ecosystem is
currently in its initial stage.
The MIIT intends to provide a gradual extension of
blockchain applications from the financial sector to other industries,
such as electronic deposit services, supply chain management, Internet
of Things (IoT), and others.
The IT ministry plans to enhance interaction with various
localities and departments, as well as build a solid industrial
ecosystem by boosting the operating capacity of computing power and
storage.
In May, the MIIT revealed
that the blockchain industry in China has seen “exponential” growth in
2017, citing Blockchain Industry White Paper’s findings that the number
of blockchain-oriented businesses exceeded 450 in 2017.
Recently, the MIIT’s deputy director called
on the country to “unite” in addressing blockchain promotion, saying
that the country must now develop blockchain applications on an
“industrial” scale to accelerate its adoption across all areas of the
economy and society.
Earlier this year, the ministry revealed research which found that the average longevity of blockchain projects is 1.22 years. According to He Baohong of the China Academy of Information and Communications Technology (CAICT), only 8% of blockchain projects ever launched are still alive.
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