The Chinese Communist Party (CPC) has recently published a primer on blockchain technology and its possible applications, according to an official press release on the CPC website on August 13th.
According to the statement, the book by China & # 39; s The Communist Party provides a scientific description of the main characteristics of the blockchain, its origin, the future application scenarios and the main challenges associated with the adoption of the new technology.
Introducing the book, the Chinese political party aims to assist government authorities to understand the concept of distributed ledger technology (DLT) and to consider the benefits and challenges of adopting blockchain nationwide.
Ye Zhenzhen, general manager of People's Daily – the largest group of newspapers in China – wrote in the press release that the most important part of blockchain technology is its "operational mechanism". Ye added: "Through the ingenious combination of technologies, the aerial distribution of resources has been completed."
Ye invited industry participants to "continue to look at blockchain technology with a development perspective" , in order to provide "sustainable and healthy development" of the blockchain industry and promote the DLT "
Today, the Chinese Ministry of Industry and Information (MIIT) has listed a laboratory of blockchain as one of the key laboratories for the year 2018. MIIT's blockchain lab aims to improve data and IT security with new DLT developments and will operate under the supervision of the National Information Security Research Center Industrials
On 9 August, the Bank of China revealed plans to invest in the development of fintech, blockchain and the Internet of Things (IoT) .The commercial bank, financed by the state, plans to invest the 1% of its annual operating income, which in 2017 amounts to 483.7 billion yuan ($ 70.2 billion).