At the 18th group study session of CPC Central Committee Political Bureau, China’s President Xi spoke about the important role of blockchain technology in the new round of technological innovation and industrial transformation, Xi urging more efforts to quicken development in the sector.
The application of blockchain technology has been extended to sectors including digital finance, Internet of Things, smart manufacturing, supply chain management, and digital asset trading, and the world’s major countries are stepping up efforts in planning blockchain technology development, Xi said.
Noting that China’s blockchain sector has a sound foundation, shall expediting the development of blockchain technology and innovation-driven industrial development.
More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation and industries of the emerging field.
Coordinated key-task tackling should be advanced and breakthroughs in key technologies should be accelerated to provide safe and controllable technological support for blockchain development and its application, stressing the importance of stepping up research on the standardization of blockchain to increase China’s influence and rule-making power in the global arena.
Deep integration is demanded between blockchain and other information technologies including artificial intelligence, big data and Internet of Things.
The role of blockchain is in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency and building a trusted system.
Efforts should be made to promote the deep integration of blockchain with the real economy, so as to solve problems such as difficulties of financing for small and medium-sized enterprises, risk management in banking and government agency supervision.
It is essential for blockchain technology to play a bigger role in building China’s strength in cyberspace, developing the digital economy and advancing the economic and social development, Xi said.