China’s MIIT to invest in Blockchain Technology applications

The craze of implementing blockchain has been tremendously increasing. Recently, on the eve of Trusted Blockchain Conference 2018, China’s Ministry of Industry and Information Technology (MIIT) has expressed interest to explore blockchain.

Wang Xinzhe, Chief Economist of MIIT explained that they want to have a healthy growth with blockchain. He also said that using blockchain can yield good results for the economy of the country. Blockchain’s distributed ledger technology can be used to share data across many computers with ease. This will reduce the former costs related to information exchange.

Similarly, the technology can provide better transparency and assurance from risks like data breach and identity thefts. As per the report, the MIIT aims to improve the blockchain system and to develop related applications of international standard.

Moreover, the institution also focuses on guiding institutions, universities, and industries to cultivate individuals having knowledge on the blockchain technology. It will ensure mass awareness of blockchain and its applications.

On this note, Architect of Huawei Blockchain, Zhang Ziyi also shared his opinion. He expressed that using Blockchain as a Service(BaaS) platform can increase the rapport between the industries. Hence, industries can lessen the costs related to intermediary parties. The MIIT team are enthusiastic that the introduction of blockchain can serve as a game changer for China’s growing economy. 

Hayden P.

A blockchain and cryptocurrency enthusiast

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