China’s Ministry of Industry and Information Technology is calling for a more relaxed regulatory framework for blockchain to enable an “industrial scale” breakthrough for the technology.
China’s vice-minister of industry and information technology Xin Guobin reportedly told an international manufacturing forum in Beijing on Monday that one way of “optimizing” the operational environment for blockchain technology could be with an easing of the current regulatory environment.
Blockchain was of strategic importance, said Xin, because it has the capability to improve traditional finance credit systems, prevent information forgery and also bring about savings for a number of sectors including e-commerce, medical care, social security, Internet of Things and energy.
Last month Xin Guobin told another industry meeting that while high-tech manufacturing is growing rapidly in China and now accounts for more than 12% of the country’s industrial output – and spans high-speed rail, AI, Internet of Things, big data, cloud computing as well as blockchain – the innovation capabilities of the sector remain weak and are still often dependent on foreign technical input.
“The road ahead to build China into a strong manufacturing country is still very long,” said Xin, echoing the core tenants of the PRC’s grand Made in China 2025 scientific and industrial strategic plan. Xin added that to help kick-start increased high-tech innovation, China will now start implementing measures that will open the country’s markets to increased foreign capital.
However, China is already undoubtedly a world leader in blockchain. State news agency Xinhua claimed in May that China had already formed “a complete industrial chain” in terms of blockchain-related hardware manufacturing, services and applications services, while in 2017, of the 400 global patent blockchain applications made, more than half came from China. Tech giant Alibaba is said to own 49 of these, which is more than any other company in the world.
Vice-Minister Xin Guobin’s words this week came as new data reveals that there are now more than 4,000 firms in China that have taken the words “blockchain” or “distributed ledger” as part of their company name.
The data, from Chinese high-tech sector market researcher Qixin.com, shows that already this year more than 3,000 companies have used blockchain as part of their company title. This sharply contrasts to the less-than-600 who did so in the whole of 2017.
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China understands how important this is to the future and how threatening and necessary it is to maintain “the mandate of Heaven”. See Bill Gates’ letter on technology governance. The necessary features include borders drawn where jurisdictions negotiate, Taxes, Law enforcement access. Given that shipping an incremental ton on water is free… The ability to reward creation of knowledge, George Gilder’s "Surprise" without sacrificing all to the commons. With revenue to keep the data and knowledge pipeline flowing and growing, with prices and focus of innovation driven by markets and the occasional billion-dollar salary. Where those who would lessen civility and trust, increasing costs for all can be sanctioned. Standardized contracts and a monetary system based on a commodity where risks can be monetized, and drift arbitraged. I and my coauthor, Richard Fernandez, have proposed an approach with a block chain foundation, we dream it will be a governable framework for an infinity of applications with worldwide interoperability, and be easily understood because it maps 1 to 1 with today’s real world and can evolve from there. Read the "look inside" of "What if Privacy were Property not only a Right”? (Tech Governance) on AMZN.Read the Look Inside, and you can fill in the rest. Regards the Authors.
I guess the Chinese lead maybe even bigger due to the fact that China banned ICO/nameCoins, and forcing the blockchain innovation focusing more on real business, while the rest of the world is still largely in NameCoin gold rush. The blockchain industry needs to get out of the minner driven business into the real business value driven business.
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