Blockchain officially becomes part of China’s tech strategy

According to the National Development and Reform Commission (NDRC), China will use Blockchain to manage the flow of data alongside other technologies like AI, cloud computing, and therefore the internet of things (IoT). The NDRC may be a cabinet-level department that creates policies and decisions for the direction of the Chinese economy.

Wu Hao, the Director, explained that NDRC would “work with relevant departments to review and issue relevant guidance to market the event of latest infrastructure [and] revise and improve the access rules that are conducive to the sustainable and healthy development of emerging industries.” 

An NDRC subsidiary has been performing on a replacement Blockchain Service Network (BSN) that might provide firms with the proper tools that are needed to develop blockchain-based systems and applications. Having already launched for domestic commercial use, it’ll open for international use in the week.

Nevertheless, last April the NDRC included the state’s crypto mining sector on a draft proposal for the industries it wanted “eliminated” from China. The body quietly removed mining from its list of undesirable sectors shortly after the Chinese President shared his ideas on the good potential of blockchain in October.

In the past, the NDRC has issued guidance policies for industries that were considered crucial for the government’s economic strategy. An agreement was signed with the China Development Bank by the top of 2018, to supply 100 billion yuan ($14.1 billion) as support to firms working in new technology, like AI and IoT.

It can not be assured that whether the NDRC is planning to support companies working with blockchain. But since the support for the technology has been considerably increased, blockchain firms may soon find themselves treated more favorably, as they are in countries such as South Korea.