Beijing intends to implement blockchain into all economical and social areas of everyday life.

Ministry of Industry and Information Technology of the Chinese government (MIIT) studies all the scenarios for blockchain implementation in the country. In fact, the MIIT has already put together a couple of proposals on how it would be able to make blockchain technology more mainstream in the country as well as a statement clarifying that the ecosystem itself is a priority in the ministry’s agenda.

The MIIT’s suggestion for promoting adoption is to call upon the country’s IT industry to “unite” under one banner, with the hope that blockchain applications would be developed on an “industrial” scale.

Currently, China is one of the world leaders when it comes to blockchain technology development, but there’s very little progress in the way of adoption, perhaps signaling to the organization that it should focus more on inspiring developers to make products that corporations would want to use.

It should be reminded that in May, MIIT announced blockchain in China showed exponential growth in 2017 and the number of companies who declared that blockchain as their primary business reached 450. More than that, MIIT deputy minister encouraged the country to join forces to promote blockchain in all the areas of economical and social life.

Beijing reflects the technological demand raised by business and society. Industrial and Commercial Bank of China announced that it would increase its investments to innovative financial technology.

Louis Kwan, the director of credit department, said that the bank is planning to launch three platforms for cloud computing, big data and artificial intelligence. Blockchain will also be used in 12 different projects related to international money transfers, cryptocurrencies, e-bills and others. Kwan also reminded that the Bank of China received 11 patents for blockchain related inventions.