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China’s IT Ministry Focuses on Blockchain for Data Security

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China's IT Ministry Focuses on Blockchain for Data Security

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The Chinese Ministry of Industry and Information Technology (MIIT) has listed a blockchain research laboratory in its list of key labs for the year, published by the government department on Monday.

The MIIT is looking to accelerate blockchain adoption by building a strong ecosystem to support a variety of industry sectors and the expansion of the technology across these fields.

This particular lab has been titled the Key Laboratory of Blockchain Technology and Data Security Industry and Information Technology, listed as supervised by National Industrial Information Security Development Research Center.

Several proposals for accelerating blockchain adoption has come from the MIIT recently, as reported by local news outlets. Xinhuanet details that the MIIT’s interest is focused on the expansion of blockchain outside of the financial sector into the Internet of Things, intelligent manufacturing, and supply chain management to name a few.

The ministry plans to expand the reach of blockchain promotion in areas especially regarding strengthening computing power, storage capacity, building a good industrial ecology, and promoting the healthy development of the blockchain industry.

The article also acknowledges that the MIIT is aware of accompanying risks to the infant industry, including the possibility of technical loopholes.

July saw the MIIT’s deputy director call for the country to work collaboratively to foster blockchain’s growth on an industrial scale in a statement posted on the department’s website, where he also praised the technology’s security potential with regard to preventing “information tampering and forgery“.

The post added that it would be particularly beneficial to harness blockchain as a core technology while realizing it “from a strategic perspective”.

Despite China’s harsh stance on cryptocurrency, the country has been an international spearhead for blockchain development research. Even president Xi Jinping has been vocal on the positive potential of blockchain, saying he expects technological breakthroughs to be achieved with the country’s research.

 

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