China Will Promote The Healthy Development Of Blokchain Industry

China will create a better environment for promoting the healthy development of the growing blockchain industry, the Ministry of Industry and Information Technology said.

Blockchain is a digital accounting system that uses sophisticated cryptographic methods to create permanent, unalterable and transparent records of exchanges to track each transaction.

According to the recent reports of the ministry currently, the technology has a wide range of applications in China, including finance, credit reporting, smart manufacturing and supply chain management.

The Ministry will accelerate the advancement of innovative applications of blockchain technology, focusing on increasing the processing power and storage capacity.

The previous report of the ministry showed that by the end of March 2018 there were 456 technological blockchain companies in the country, which resulted in the formation of an industrial ecosystem.

This industry remains at the stage of formation. While this technology has benefited, it can also lead to risks such as technical loopholes and challenges for existing systems and norms according to the statement.

The ministry also said that it will work with local authorities in order to achieve a healthy and orderly development of the blockchain industry.