The Chinese government has released some of its first research findings on blockchain technology.
China’s Ministry of Industry and Information Technology has published a new white paper that explores various applications of the technology. Its release this week coincided with a forum on blockchain hosted by the Chinese government aimed at encouraging cooperation among industry stakeholders and members of the country's business community, according to a speech by Ministry Secretary Xie Shaofeng.
The white paper provides a broad overview of the technology and its development both within and beyond China. Specific items include how bitcoin transactions work, for example.
Further, the white paper outlines areas in which standards around blockchain can be formulated to help encourage adoption among mainstream firms, particularly in the finance space. It strikes a progressive tone, suggesting that China faces a major opportunity should the technology mature and become integrated within its business industries.
The Ministry of Industry and IT said in the white paper’s preface (roughly translated):
The publication is perhaps a reflection of the technology’s role in China.
China has also seen the formation of new working groups involving both startups and existing companies like the developer of the popular QQ messaging app.
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