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China pilots nationwide blockchain development over real-world use cases

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The Chinese Cyberspace Administration (CAC) has launched an internal campaign to accelerate blockchain research and innovation across 15 zones and 164 businesses.

The initiative intends to integrate blockchain technology into China’s businesses and government organisations on a big scale.

The CAC has encouraged regulatory authorities to “promote the intense and balanced layout of blockchain technology infrastructure in the region,” in coordination with other government organisations. In addition, at the industrial level, a large-scale cross-chain data exchange support capacity will be established. As well as encouraging the growth of a multi-party collaborative blockchain sector ecosystem.”

The notification also contained a list of cities, companies, and other entities that will be directly part of the blockchain experiments, as selected by municipal and departmental recommendations.

Blockchain is being under development in a variety of areas, including manufacturing, energy, and government data sharing. Only a few of the services accessible include law enforcement, taxation, criminal trials, inspection, copyright, and civil affairs. Human society includes things like education, health care, trade finance, risk management, the stock market, and cross-border finance.

China opposing bitcoin adoption but interested in blockchain and NFT

The circular also emphasises the importance of regulatory departments coordinating the progress and promotion of pilot projects. “And giving full play to the role of blockchain in promoting data sharing, optimising business processes. As well as reducing operating costs, improving collaborative efficiency, and building a trusted system,” according to the circular.

Despite its opposition to bitcoin adoption, China’s government shows interest in blockchain and nonfungible token ecosystems (NFT).

The Blockchain-based Service Network (BSN), a Chinese government-backed blockchain project, has lately been visible to be working on an architecture. That will allow companies and individuals to construct NFT-focused platforms and apps.

As previously reported, the project’s goal is to assist in the creation of platforms capable of trading non-crypto NFTs with fiat money.

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