The Chinese Communist Party (CCP) has published a primer on blockchain technology and its applications, according to an official press release on the CCP website August 13. The book describes key features of the blockchain, its development history, application scenarios, as well as major challenges associated with the new technology.
The primer is aimed to help government authorities to understand the distributed ledger technology (DLT) as well as to consider pros and cons of blockchain adopting on the national level.
As a reminder, at the end of June 2018, a court in Hangzhou, capital of China’s eastern Zhejiang province, became the country’s first to use legally valid electronic evidence using blockchain technology. At the same time, the Chinese Academy of Sciences (CAS) launched a research center to study big data and distributed ledger technology.
In early August 2018, the Bank of China revealed plans to invest in the development of fintech, blockchain, and the Internet of Things (IoT). It plans to invest more than 1 percent of its operating annual income, which amounts to 483.7 billion yuan ($70.2 billion) in 2017.