• China aims to build a national data infrastructure by 2029, with blockchain technology playing a significant role
• The infrastructure will use blockchain for data asset standardization, transaction certificates, encryption, and smart contracts to enhance traceability and trustworthiness
• Industries and local governments are encouraged to experiment with building new blockchain networks and privacy-protecting computing platforms
China, an economic powerhouse, has its sights set on leveraging blockchain technology to achieve national data infrastructure goals by 2029. This ambitious plan was revealed by the country’s top economic planner, unveiling a guidance document aimed at bolstering the development of a national data infrastructure, with a substantial emphasis on blockchain technology.
China’s Blockchain Adoption Plan
China’s top economic planner, the National Development and Reform Commission, along with two other authorities, released a policy document outlining the country’s plan to enhance the development of its national data infrastructure. This plan heavily involves the use of blockchain technology. China’s data infrastructure development is still in its nascent stages, but the government is intent on building it as part of its broader push for a unified national data market.
The Role of Blockchain
Despite the Chinese government’s ban on cryptocurrency trading and mining, it has long embraced other applications powered by permissioned blockchains that don’t rely on tokens. According to the guidance, a significant part of the data infrastructure would center around blockchain. The country aims to establish a standardized structure for data assets and transaction certificates powered by blockchain encryption technologies and smart contracts. This would enhance traceability and trustworthiness.
Encouraging Experimental Blockchain Infrastructure
The guidance encourages industries and local governments to actively experiment with building new technological infrastructures. This includes blockchain networks and privacy-protecting computing platforms.
Investment Expectations
During a press briefing, Zhulin Shen, deputy director of the National Data Administration, stated that projects surrounding the development of such data infrastructure are expected to attract about 400 billion yuan ($54.5 billion) in direct investment annually. This would drive an investment total of about 2 trillion yuan ($272.7 billion) over the next five years.
Conclusion
In summary, China’s ambitious plan to integrate blockchain technology into its national data infrastructure by 2029 emphasizes the growing recognition of blockchain’s potential in various sectors. As industries and local governments are encouraged to experiment with this technology, China could potentially set a new global standard for blockchain-powered national data infrastructure.
