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China aims to become a world leader in blockchain technology by 2025

June 9, 2021 9:15 pm

China’s Ministry of Industry and Information Technology (MIIT) has unveiled new guildlines aimed at accelerate the application and development of blockchain technology across the country’s economy.

Detail:According to the document released by MIIT, China plans to establish a world’s leading blockchain technology by 2025, blockchain technologies should be applied to the real economy-including supply chain management, product traceability, data sharing, identity documentation, as well as education and health care data management.

Additionally, the statement called for the cultivation of three to five domestic enterprises capable of competing globally in blockchain technology, as well as three to five industrial research and development hubs.

 According to market intelligence firm IDC, blockchain sector in China is growing 54.6 percent annually to reach USD2.5 billion by 2025.

However, the fast development of blockchain technology in China has led to high talent gap, IDC estimated that talents gap of China’s blockchain industry is above 700,000 people.

Context: While China bans cryptocurrency exchanges and initial coin offerings, the government supports the application of the underlying technology to the real economy. For example, blockchain can help the government to track the shipment of large bulks and commodities.

Alibaba’s fintech affiliate, Ant Group, has teamed up with Chinese state-run shipping giant COSCO Shipping to collaborate on blockchain applications in shipping.

China is also actively working on nationwide blockchain implementation. According to a statement from Ministry of Industry and Information Technology, China formed a national blockchain committee to draw up standards for use of blockchain technology across industries. The members of the committee includes Tencent Holdings, Huawei Technologies, Baidu, Alibaba affiliated Ant Financial and JD.com.