Blockchain in China could be explored in diverse fields as many sense the necessity

The Chinese People’s Political Consultative Conference(CPPCC), the advisory body of the Republic of China, recently emphasized the need for the adoption of the blockchain technology in various sectors in the country. China is one of the countries to be recognized as one of the fast countries to adopt blockchain technology and implement it in various streams.

Need for Blockchain in Fresh Areas

The potential of the blockchain went recognised and the possible applications in all sectors were been analysed. The unique features of the blockchain attract various use cases. The representative of the National People’s Congress, Qian Fangli, stated the possible use of blockchain in risk control management. He said, “Make full use of blockchain to establish an intelligent risk control model.”

The member of CPPCC, Cheng Jing also triggered the need of the blockchain in the manufacturing platforms so that they could be upgraded and transformed. The Jiangsu province of China which is known for its intelligent transport system has formulated 8 special action plans around blockchain including other contents.

New Blockchain uses in the Financial Sector

The financial sector is one of the main recipients of the blockchain technology and every day a new way of applying blockchain emerges. Chengdu University of Electronic Technology and Chengdu Jiaozi Financial Holding Group established Jiaozi Financial Holding Blockchain Research Institue.

On the other hand, Intel and Ant Blockchain joined hands to use the blockchain to provide credit enhancement for leasing companies. One of the city, Suzhou is the first country to record a ‘blockchain + notary’ administrative law enforcement process record mode.

‘Promote Blockchain in Healthcare’ – National People’s Congress

The representative of National People’s Congress, Zhou Songbo emphasising the importance of blockchain adaption in healthcare sector said, “Promote the integrated application of emerging technologies such as blockchain in the medical system.”

Blockchain can also be used to enable all the doctors to achieve identity authentication as specified by CPPCC committee member, Fang Laiying.

Other developments in the blockchain space in China include two new moves,

• Ningbo, a major port and industrial hub in east China’s Zhejiang province issued “Ningbo City Three-Year Action Plan to Accelerate the Cultivation and Innovative Application of the Blockchain Industry(2020 – 2022)”

• The Blockchain Professional Committee of Hebei Information Industry and Information Technology Association was established.

Wrapping it Up!

Blockchain no doubt has the potential to transform any sector with its unique features. Sooner the features are analysed and adapted into the possible sectors, the more would be the development pace in the country. China too has recognized the blockchain’s power and wish to implement in all possible sectors and strengthen the economy.