China Considering Ways to Speed up Blockchain Adoption

China Considering Ways to Speed up Blockchain Adoption

The China’s Ministry of Industry and Information Technology (MIIT) is seeking ways to step up blockchain adoption in the country.

Moving Forward with Blockchain

According to the MIIT, today the blockchain ecosystem is in its initial stage. In an effort to create a healthy development of the industry, they have proposed various measures to accelerate the promotion of blockchain apps in China.

The MIIT wants to gradually extend blockchain applications from the financial area to other sectors, for example, electronic deposit services, supply chain administration, Internet of Things (IoT), and so on.

What Numbers Say

Blockchain sector in China has seen an exponential growth in 2017 – the quantity of blockchain-centered firms surpassed 450, according to Blockchain Industry White Paper.

Not long ago, the ministry found that the average life span of blockchain ventures is 1.22 years. As indicated by He Baohong of the China Academy of Information and Communications Technology (CAICT), only 8% of blockchain startups are alive at the moment.

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