Despite China bans bitcoin trading and blocks access to all domestic and foreign cryptocurrency exchanges and ICO websites, the Chinese ministry of industry and information technology (MIIT) emphasizes in its white paper the country’s desire to take the lead in deployment of blockchain technology in the real economy.

The white paper states that Beijing has expedited the draft of the first national standard for blockchain adoption. According to the document, there is a complete industrial chain built around the nascent technology.

Please be noted that there were around 456 blockchain technology companies in the country by the end of Q1’2018, rendering services in a complete industrial chain, including hardware manufacturing, platform services, security services, industrial technology application services, investment and financing, media and human resources services.

Yu Jianing, director of MIIT’s Institute of Industrial Economics, mentioned that the government projects blockchain to be widely integrated into some critical sectors within the next three years, including copyright protection, precision marketing, energy, bill verification, product traceability, and healthcare.

“The application of blockchain has been accelerated, and a new round of business model changes has been promoted. This has resulted in cost reduction and improvement of efficiency for the real economy, construction of an integrity industrial environment, boosting the development of high-quality traditional industries, and accelerating industrial transformation and upgrading”, adds white paper.

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