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A senior member of the National People's Congress (NPC), Dong Jin, has emphasized the need for the Chinese government to bolster the infrastructure surrounding blockchain technology to keep pace with rapid digitization.
Jin's call to action was made during China's Two Sessions event, an annual gathering of the country's political and industry leaders focusing on various aspects, including economics, security, geopolitics, and emerging technologies.
National Blockchain Network
Jin's proposal centers on developing a national blockchain network to enhance enterprises' data-sharing capabilities. He advocates for government support in establishing this network to streamline data sharing between private entities and government agencies, eliminating bureaucratic hurdles.
The envisioned national blockchain network will play a vital role in various sectors, including supply chain management, finance, transportation, shipping, and government services.
Addressing Challenges in China's Digital Economy
While China's digital economy has shown significant growth in alignment with the long-term plans of the Chinese Communist Party (CCP), Jin highlights persistent challenges that hinder its sustainable development. He notes the emergence of "high-value data" within key industries, often isolated due to cybersecurity concerns and industry competition.
To address these challenges, Jin advocates for establishing a central blockchain system that serves as a "cornerstone of trust," facilitating seamless data sharing while leveraging blockchain technology's immutability and transparency features.
A Global Vision for Blockchain Implementation
Jin's ambitious plans extend beyond China. He envisions the eventual global rollout of the blockchain network to facilitate interconnection with other countries, particularly in trade and finance.
According to Coin Geek, this aligns with broader discussions among BRICS countries about the potential adoption of a blockchain-based settlement system to reduce reliance on the U.S. dollar in international trade.
China's Commitment to Blockchain Development
China has already demonstrated its commitment to blockchain development through various initiatives, including establishing a blockchain center in Beijing in mid-2023. This center aims to cultivate talent in the blockchain field, with plans to train over 500,000 experts in the coming years through partnerships with universities, research institutes, and industry leaders.
Based on a Dl News report, several analysts perceive challenges to the dollar's position as the global reserve currency, commonly called "de-dollarization," as a significant geopolitical risk for the country.
Additionally, Chinese authorities have embarked on a nationwide effort to establish blockchain standards by the end of 2025, alongside experiments with blockchain-based digital identity systems. These initiatives underscore China's proactive approach to harnessing the potential of blockchain technology for economic and societal advancement.
Photo: Microsoft Bing
