China has been a growth-supporting stance has spurred one of the country’s political party called “Communist Party of China” to unveil its primer on blockchain technology. This development will help solve the country’s national challenges via the use of distributed ledgers – blockchain. The aim of this innovation by the party was to expose the Chinese government to the world of decentralization where virtually all the existing problems are now getting solved through a decentralized ecosystem.
To the political party, the adoption of the new technology of blockchain will bring about the proper understanding of distributed ledger technology (DLT) to the public and make it the real alternate solution to the country’s emerging challenges nationally. By the adoption, it will help improve the level of security and progress of the country to the next level.
A public analyst did a further review in the country according to the recent development. China’s largest newspaper general manager; Ye Zhenzhen enjoined the new investor of the blockchain industry to observe the evolution from a growth perspective for healthy development and sustenance of the blockchain technology; and they should use the distributed ledger technology to improve on the life of others.
Furthermore, he noted that the vital aspect of the blockchain was the existence of its operating system via the traditional technological integration.
China’s ministry of industry and information technology called “MIIIT” recently noted the blockchain technology has their development tools to be used in achieving national greatness in the 2018 year. It aims to consolidate on IT systems and data securities with the Distributed Ledger Technology developments, and it seeks to operate within the oversight of the Nation’s National Industrial Information Security Development Research Center.
The bank of China plans to diversify its investment to blockchain solutions, FinTech, and IoT as of August 9, 2018. This move was to boost its technological uses and revenue further.
This will be another giant stride by the Communist Party of China in providing the country with a suitable needed solution-enabled platform like the blockchain technology to the Chinese national scale of technologies.