China wants blockchain technology in almost every facet of society

China is planning on fast-tracking its development of blockchain technology and plans to roll it out across the entire nation.

Published Mon, Jan 31 2022 12:02 AM CST   |   Updated Fri, Feb 25 2022 1:03 AM CST

China is planning on rolling out blockchain technology across businesses and government organizations - the process is being fast-tracked.

China wants blockchain technology in almost every facet of society 01 |

According to a notice published by the Cyberspace Administration of China (CAC), a large in-house effort is being made by the CAC with other government agencies and regulatory authorities to create the infrastructure needed to "form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology." The effort will span across 15 zones and 164 entities.

As Cointelegraph reports, China plans on this blockchain infrastructure initiative to effect the following; "manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection, copyright, civil affairs, human society, education, healthcare, trade finance, risk control management, equity market and cross-border finance."

Despite China's opinion on Bitcoin and other forms of cryptocurrency adoption, the nation seems to be looking towards how it can implement blockchain technologies into its society. Additionally, reports indicate that the Blockchain-based Service Network (BSN), which is a government-supported blockchain project, is creating the infrastructure for businesses and individuals to create NFT-focused platforms and apps. However, these apps and platforms will trade NFTs with fiat currency and not crypto.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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