Chinese government nominates labs to focus on blockchain development

14 Aug, 2018
by Arthur Sillers
Chinese government nominates labs to focus on blockchain development

Together with a previously reported primer on blockchain technology, China's state party has nominated a list of blockchain firms as key labs which it will focus on funding, according to statements released by the Chinese Ministry of Industry and Information Technology (MIIT).

This news follows recent reports that China is pushing out individual cryptominers, as well as increasing funding for blockchain research. China continues to simultaneously crack down on the use of cryptocurrency while putting its full weight behind blockchain technology itself.

While China remains the global leader in cryptomining, the government itself has been nothing if not hostile towards both cryptomining, and the trading of cryptocurrencies. For outsiders who see blockchain and digital assets as being two sides of the same cryptotoken, this may seem unorthodox, but to China, cryptocurrency is not a viable or desirable application of blockchain technology.

Rather, China sees the blockchain as underpinning the next generation of industrial internet services. Alibaba's new blockchain powered cloud storage service, as previously reported, gives a model of what the future of blockchain might look like for Chinese industry and fintech.

The MIIT has previously released a whitepaper earlier this year describing its goals to create industrial blockchain application. The report indicated that currently there were already 456 firms whose main focus is the development of blockchain technology in China.

With the amount of attention and funding that the Chinese state is putting into fintech and blockchain technology in particular, we may see blockchain applications coming out of China which effectively separate the technology from cryptocurrencies in the collective imagination.

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