Category Archives: China Academy of Information and Communications Technology

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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.

 

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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”.

 

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