Category Archives: China Academy of Information and Communications Technology

Auto Added by WPeMatico

Research: Blockchain in Finance Still Problematic For Operability, Integration with Enterprise Systems

Research: Blockchain in Finance Still Problematic For Operability, Integrating with Enterprise

New research from China points to several problems blockchain still faces in the finance sector, including data privacy compatibility, operability, and its integration within enterprise systems.

The conductor of this research, Wei Kai is head of blockchain research at the China Academy of Information and Communications Technology (CAICT). Wei shared his most recent findings at a 2019 meeting of the International Chamber of Commerce Banking Commission.

In addition to the three main issues listed above, Wei noted that more problems would arise in the future from uncoordinated regulatory approach between jurisdictions globally. The issue of how to control investment is prevalent also.

Overall, however, his outlook was positive on the future possibilities for blockchain, saying it may well still transform the banking industry. Its ability to benefit other industries, including medicine, transportation, and government, was also addressed.

The CAICT is a research center that operates under the Chinese Ministry of Industry and Information Technology. Last year, the blockchain research department published a whitepaper to ”promote the deep integration of Blockchain technology and the real economy.”

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Research: Blockchain in Finance Still Problematic For Operability, Integration with Enterprise Systems appeared first on BitcoinNews.com.

Chinese IT Ministry Seeks “Industrial” Scale Blockchain

The Chinese Ministry of Industry and Information Technology (MIT) is reportedly looking at ways it can push forward its plans for blockchain integration into the financial sector and other industries.

The MIT, established in March 2008, is the state agency responsible for regulation and development of the postal service, internet, wireless, broadcasting, communications, production of electronic and information goods, software industry and the promotion of the national knowledge economy, according to Wikipedia.

A local media report says the MIT wants to progress the use of the new technology forward as it sees it very much in its initial stage. This would involve expanding blockchain, which is principally being utilized in the financial sector, into areas such as supply chain management and the Internet of Things (IoT).

Being a local news report, the news is highly likely to represent more of a government statement than an objective view but it suggests that the government wants to accelerate blockchain in China. The reports says that MIT wants the country to “unite” to provide “a healthy and orderly development of the industry”, according to China Money Network.  It added this will need to be done on an “industrial” scale to integrate it into all areas of Chinese society.

It appears that infrastructures will need to be updated to provide this long-term plan, as the report suggests that MIT wants to involve local departments in boosting the capacity of computing power and storage.

The agency recently released a statement suggesting that the country had experienced “exponential” growth last year along with research by He Baohong of the China Academy of Information and Communications Technology (CAICT), that only 8% of blockchain projects launched are still in operation; a fact that the Chinese government would be keen to change.

On 23 July, ConsenSys and the Xiong’an government signed a memorandum of understanding (MoU) for a “dream city” project, marking the first time that Xiong’an has publicly recruited a foreign development studio to aid in its blockchain efforts.

This is one of several technological fields that the government has listed as part of a cutting-edge plan to transform Xiong’an into a leading tech hub for the country.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Chinese IT Ministry Seeks “Industrial” Scale Blockchain appeared first on BitcoinNews.com.

Chinese Blockchain Report: Average Project Lifespan is 1.22 Years

A recent report coming from China on the blockchain industry shows that the average blockchain project lifespan is just 1.22 years, with only 8% of projects ever launched still active.

Blockchain trends

He Baohong of the China Academy of Information and Communications Technology (CAICT) spoke at the at the China International Big Data Industry Expo 2018 in Guizhou, as reported by the media outlet China Money Network on 28 May.

“[Blockchain projects] came out very quickly, but die quickly as well,” Baohong said at the event, referencing the problematic short-term nature of the businesses.

He continued, “In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”

Baohong relayed just some of the information detailed in the report, in anticipation of the release of the full CAICT analysis into blockchain industry trends.

Six other blockchain trends were mentioned in the report, including “increasing integration of the flow of data and assets” as well as “accelerated pace of the growth of digital assets”.

While there are clearly issues indicated by Baohong that the blockchain industry needs to target and improve, one solution is efficient government regulations.

China and blockchain

China is indeed a leading figure for blockchain regulations. Early this week it was reported that the ministry of industry and information technology has verified that the country’s plan to launch a national blockchain standardization committee should be ready to launch by the end of this year.

The committee structure is planned to operate much like that of the TC 307, the International Organization for Standardization’s (ISO) counterpart blockchain commission, offering a comprehensive framework for blockchain standards.

Baohong addressed China’s positive, progressive stance on the industry in his speech, noting, “We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join”.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post Chinese Blockchain Report: Average Project Lifespan is 1.22 Years appeared first on BitcoinNews.com.