Big data, Blockchain, information technology

China’s Ministry of Industry and Information Technology on the latest development of blockchain technology

(Source: China Daily) China will work to create a better environment to facilitate the healthy development of the blockchain industry, the Ministry of Industry and Information Technology said on Thursday.

The ministry said that the blockachain technology is now witnessing growing applications in areas including finance, credit reporting, smart manufacturing, and supply-chain management.

It will work to enhance synergy and coordination with different areas and departments to promote the healthy development of the blockchain.

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Efforts to promote the innovative applications of the technology will be intensified, with a focus on enhancing computing power and storage capacity, the ministry said.

A previous report by the ministry showed that by the end of March 2018, there were 456 blockchain technology companies in China.

While the technology has brought benefits, it could also bring risks such as technical loopholes, and challenges to current systems and norms as the technology is still in an early period of development, the ministry added.

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