China Plans To Build Blockchain-Based Data System
China’s government has issued on Monday, a new directive to develop a blockchain-based national data infrastructure. National Development and Reform Commission (NDRC), together with two other bodies, launched the document which will enhance the data exchange and management systems through blockchain and Chinese data-sensitizing.
According to the guidelines titled “National Data Infrastructure Construction Guidelines” blockchain technology will be a new exploration to achieve security in blockchain systems through the use of smart contracts. The target is, besides keeping other goals, to protect authentic data of critical concern like security.
The government said this new system would be ready by 2029, with points like the top-level design to be completed by 2026.
The guideline also mentions that blockchain will be used to reduce tampering with data and other security issues. The paper analyzes blockchain as a suggested tool for the preservation of the security of data storage and the building of public trust in blockchain technology.
The guidelines pinpointed that blockchain technology is vital in the completion of data circulation and security tasks, such as encrypted national security data. The government will focus on securing and developing a system of data circulation that can be trusted, hence bringing about a secure environment where data thieves cannot thrive through the implementation of blockchain into the national data infrastructure.
The system will allow the government, industries, and businesses to share data in a safe manner. The blockchain will ensure that once the data is put, it cannot be altered. This will help people to trust the data. China will integrate the hardware, software, and technology required to make the system work.
Even though China banned cryptocurrencies like Bitcoin in 2021, they are still very interested in using blockchain technology. In 2022, China’s Cyberspace Administration (CAC) started a program to focus on blockchain research. China is also using blockchain for international projects.
For example, the country started a big blockchain platform as part of its Belt and Road Initiative, which helps connect countries through technology.