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The Chinese Government Announced That It Will Use Blockchain Technology in This Area by 2029! Here Are the Details

The Chinese government has announced plans to use blockchain technology as the cornerstone of its national data infrastructure, which is targeted to be completed by 2029. China to Integrate Blockchain into National Data Infrastructure by 2029 The initiative is part of the country's broader strategy to establish a unified national data market, according to a policy paper published by the National Development and Reform Commission (NDRC) and other authorities. Blockchain as a Key Component The policy highlights the role of blockchain in creating a standardized framework for data assets and transaction certificates using encryption technologies and smart contracts to increase traceability and reliability. The move reflects China's ongoing efforts to leverage blockchain for technological advancements, even as the country maintains strict bans on cryptocurrency trading and mining. “Industries and local governments are encouraged to actively experiment with creating new technological infrastructures such as blockchain networks and privacy-preserving computing platforms,” the guide said. Major Investment in Data Infrastructure Zhulin Shen, Deputy Director of the National Data Administration, said projects related to data infrastructure development are expected to attract 400 billion yuan ($54.5 billion) of direct investment annually. The total investment in the initiative is expected to reach 2 trillion yuan ($272.7 billion) in the next five years. The NDRC noted that China’s current data infrastructure is still in its infancy, but the government believes that establishing a robust and reliable data system is essential to support the country’s digital economy and technological leadership. While the use of blockchain in China is limited to permissioned systems and does not cover cryptocurrencies, this policy demonstrates Beijing’s commitment to embracing blockchain for applications such as data management, supply chain efficiency and privacy-enhancing technologies. *This is not investment advice. Continue Reading: The Chinese Government Announced That It Will Use Blockchain Technology in This Area by 2029! Here Are the Details