China: Government Officials Educated about Blockchain Technology

In yet another effort to supplement a thorough understanding and adoption of distributed ledger system, the Communist Party of China (CPC) released a “primer” on blockchain technology on Aug. 13, 2018.

Blockchain Education for Officials

As noted in the press release, the CPC-funded book contains relevant information on blockchain technology – including the origins of a “blockchain” – smart contracts, potential use-cases, future application avenues, and obstacles faced by the broader cryptocurrency and blockchain sector. 

Titled “Blockchain – Leading Cadres Reader,” the book also explores “teething” challenges associated with blockchain technology, as is observed during the advent of all innovations.

The book is primarily targeted towards government officials and financial authorities to gain a succinct understanding of blockchains and the benefits of implementing blockchain-based frameworks in official and private sectors.

Speaking of the move, Ye Hao, the general manager of the Chinese publication People’s Daily, stated:

“The most important part of blockchain technology is its operating mechanism. Through the ingenious combination of technologies, the fair distribution of resources is completed.”

People’s Daily was in charge of publishing the book and collating relevant content as specified by authorities.

Making Lives Better

Hao believes market entrants and enthusiasts must look at the blockchain sector with a “strategic perspective,” instead of a skeptical outlook, which could work towards creating a healthy and sustainable industry. The publication head added that DLT systems also “make the peoples’ lives better.”

Moving away from a theoretical approach, the book details practical accounts and entrepreneur case studies of blockchain technology utilization in part of their business, or as a whole. This aspect is thought to help “cadres” understand the technology in depth.

Chapters also contain insights from other blockchain-centric books published by Chinese entrepreneurs, including Danhua Capital’s “The blockchain is the new turning point of the Internet world”, Hangzhou Investment’s “The Origin and Development of Blockchain”, and Zhejiang Science and Technology Innovation’s “Application of Blockchain Technology in the Value Internet Age.”

China’s Blockchain Push

Meanwhile, China’s Ministry of Industry and Information Technology called for building a blockchain lab as one of the primary focuses of the Far Eastern superpower. The lab aims to explore data security systems and other notable implementations of blockchain technology, operating wholly under the guidance of China’s Industrial Information Security Development Research Center.

August 2018 has swiftly marked some prolific developments for China, concreting its position as a strong blockchain proponent. The country remains averse to cryptocurrencies, despite investing billions of dollars into blockchain and DLT research.

In the first week of August, Bank of China pledged 1% of its 2017 operating income to fintech and blockchain research, which equates to a mammoth $70.2 billion. Close on its heels, the prestigious Hong Kong University of Science and Technology announced a $20 million grant for building blockchain-based payment systems on Aug. 12, 2018.

Cover Photo by Nico Villanueva on Unsplash

Posted In: , Adoption, Regulation
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Shaurya Malwa

Post-mining his first bitcoins in 2012, there was no looking back for Shaurya Malwa. After graduating in business from the University of Wolverhampton, Shaurya ventured straight into the world of cryptocurrency and blockchain. Using a hard-hitting approach to article writing and crypto-trading, he finds his true self in the world of decentralized ideologies. When not writing, Shaurya builds his culinary skills and trades the big three cryptocurrencies.

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