The Chinese government is working on speeding up its application of blockchain technology for several applications. Earlier today, the country’s Ministry of Industry and Information Technology published a document where it called for responses to a draft bill that will standardize the application of the technology, and others, for data security.
A Major Blockchain Application Moving Forward
As the document explained, the Chinese state has now seen data as a vital national resource and an essential tool for both social and economic production. However, while just about every aspect of the nation is enjoying the potential of data to transform their lives, it is also crucial for everyone to remain alert to the inherent security risks and challenges to the application of big data.
Thus, the ministry recommends the creation of a standard data security infrastructure. With this, it believes that it will be able to secure a rational and orderly flow of network data, especially in the digital economy. The document also puts a premium on ensuring that these security standards are based on the application of next-generation technologies, including blockchain, 5G connectivity, cloud computing, and artificial intelligence.
As for blockchain, the government identifies three critical areas of security development; basic concepts (including the application of cryptography and network communication), system design (consensus algorithms, smart contracts, etc.), and application services. The security standardization will also focus on digital asset storage, data privacy, and network interaction protection.
To wit, the ministry will be focusing on the following: research on blockchain and smart contracts for financial transactions, security in blockchain-based Internet of Things (IoT) data communication, and the analysis of blockchain-based data exchange technology for IoT.
China’s Blockchain Bet
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