Communist Party of China Releases Primer on Blockchain Technology

The Communist Party of China (CPC) has recently released a primer on blockchain technology and its possible applications, according to an official press release on the CPC website August 13.

According to the statement, the book by China’s Communist Party provides a scientific description of key blockchain features, its origin, future application scenarios, as well as major challenges associated with the adoption of the new technology.

By introducing the book, the Chinese political party aims to assist government authorities in understanding the concept of distributed ledger technology (DLT) and consider the benefits and challenges of adopting blockchain on a national scale.

Ye Zhenzhen, general manager of the People's Daily — the largest newspaper group in China — wrote in the press release that the most important part of blockchain technology is its “operating mechanism.” Ye added, “Through the ingenious combination of technologies, the fair distribution of resources is completed.”

Ye called on entrants to the industry to “continue to look at blockchain technology with a development perspective,” in order to provide “sustainable and healthy development” of the blockchain industry and promote DLT “to benefit the people's better life."

Earlier today, China’s Ministry of Industry and Information Technology (MIIT) listed a blockchain laboratory as one of the key labs for the year of 2018. The MIIT’s blockchain lab aims to improve data security and IT systems with the new DLT developments, and will operate under the oversight of the National Industrial Information Security Development Research Center.

On August 9, the Bank of China revealed plans to invest in the development of fintech, blockchain, and the Internet of Things (IoT). The state-backed, commercial bank plans to invest more than 1 percent of its operating annual income, which amounts to 483.7 billion yuan ($70.2 billion) in 2017.