China has formulated a blockchain plan in its 5-year policy plan draft for the first time while also embracing advanced mechanisms.
Blockchain technology has been an indispensable part of Bitcoin, and other cryptocurrencies such as Ethereum as its presence allows for the smooth running of the whole network. It has been mentioned for the first time in China’s plan to be adopted for the next half of the decade, as reported by the South China Morning Post (SCMP).
This state-of-the-art plan outlines and prioritizes the country’s all-around goals regarding economic matters and emphasizes the fact that technology will undoubtedly play a role in the country’s technological advancement.
Even though the country had already issued a nationwide ban on cryptocurrencies, it has fully adopted other advanced mechanisms, such as AI and smart cities. However, President Xi Jinping’s comments on blockchain and the unveiling of the new blockchain program, Blockchain Service network (BSN), shows China is bent on improving its blockchain technology system.
Smart Cities And Blockchain Technology
China is envisioned to become the world’s ‘global leader’ through its approach to the digital economy as many cities have started the implementation of blockchain in their smart cities strategy. However, blockchain has paved the way for the advancement of various cities in the last few years. China itself an example of a country that began building smart cities in 2016 and also executed a city ID structure that encourages accessibility and connectivity between cities based on blockchain technology.
A Health code system that checks for proof of positivity or negativity of Covid-19 and all-around health issues was also launched in November 2020 for foreigners heading to China, and this system was also powered by blockchain technology.
China’s First AI-Based Legal System
The motive of China is to merge data analysis while recording this on a blockchain network as it serves as a ledger for everything that goes on in the crypto network. This will be China’s first AI-based system, and storing the evidence properly on the blockchain network makes changing decisions impossible.
Cryptocurrency, however, is still on rough ground in China as it is considered illegal, but even at that, it has not stopped citizens from trading and buying in crypto. In all, China is pushing to improve the efficiency and transparency of its first-ever 5-year blockchain plan and is believed to be a step in the right direction for the country and its citizens.