China’s IT Ministry Director sees numerous benefits of the blockchain

Asia Blockchain China

China has to “unite” forces to adopt blockchain as a “core” technology for the new digital economy –says China’s Ministry of Industry and Information Technology (MIIT) deputy director.

According to the deputy director Xin Guobin – who expressed his views at the 2018 National Expert Forum on Manufacturing Powerful Countries – blockchain has numerous benefits over traditional credit system, can improve information security and save costs. According to Guobin, this applies to “finance, e-commerce, smart medical care, social security, Internet of Things, energy and other fields,”

He then continued to say that the technology should be developed on an industrial scale and both positive institutional and regulatory environment should be created to apply the tech widely.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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