China Unveils a Two-Year Blockchain Innovation and Application Development Action Plan
On April 29, the Chinese government announced a two-year Blockchain Innovation and Application Development Action Plan, aiming to establish blockchain as the “core technology for industrial digitalization.” This initiative will not only focus on infrastructure investment but also promote applications in sectors such as healthcare, education, and AI. Officials emphasized that this is not merely a technological investment, but a key project to drive digital economy and urban innovation transformation.
Timeline for Blockchain Implementation: 2024 to 2027
According to the official announcement, the Beijing Municipal Science and Technology Commission, the Zhongguancun Management Committee, the Cyberspace Administration, the Government Affairs Data Bureau, the Economic and Information Commission, and the Commerce Bureau jointly launched this action plan. The overall implementation will commence in 2024 and continue until 2027.
Blockchain as Core Technology: Potential Development of Crypto Asset Applications
The plan highlights that blockchain is an important foundation for industrial digitalization, possessing the potential to “enhance data trustworthiness and optimize process efficiency.” Notably, the government also mentioned:
“We will enhance the value conversion capability of digital assets through blockchain technology.”
This has been interpreted by some as a possible involvement in the research and applications of digital assets, such as mining or asset on-chain processes.
Comprehensive Infrastructure Development: National-Level Nodes, Blockchain Chips, and Digital Identity Platforms
The announcement states that China will establish a complete set of blockchain infrastructure:
- Establishment of “blockchain chips” and data privacy protection functionalities
- Development of national-level nodes, trusted identity platforms, and decentralized data directories
- Achieving an overall plan of “one chain, one network, one platform”
The goals of this system include:
- Petabyte-level node storage capacity
- A digital identity interoperability system with over one hundred million users
- Cross-chain operations and interconnectivity between different blockchains
Diverse Industry Applications: Healthcare, Education, AI, Finance, and Transportation
The Beijing Municipal Government will introduce blockchain technology into several key industries, including:
- Healthcare: Emphasizing the trustworthy transmission of medical records and data
- Education: Verifiable certification of degrees and credits on the blockchain
- AI Models: Supporting traceability of large AI models
- Financial Services: Automation of financial processes and digitization of contracts
- Transportation Management: Data sharing and smart city applications
The overall goal is to enhance government service efficiency and industry trustworthiness, creating “benchmark applications” for nationwide promotion.
Continuing the Direction of the Web3 White Paper: Building a Global Digital Economy Innovation Hub
This action plan follows the spirit of the Web3 Innovation and Development White Paper released by China in 2023. At that time, China clarified:
“Web3 is an irreversible trend in the future development of the internet.”
Chinese authorities have also committed to allocating at least 100 million yuan annually to support Web3 technology innovation starting from 2023 until the end of 2024.
China’s Blockchain Roadmap: Focus on Application Layer and Infrastructure
Unlike the development paths of Europe and the United States, which emphasize “decentralization and free development of cryptocurrencies,” this plan from China stresses:
- Technological autonomy and security control
- Institution-oriented, serving industry digitalization
- Strengthening trust mechanisms and data management under regulatory frameworks
From the action plan, it is evident that Beijing does not emphasize “cryptocurrencies” themselves, but rather focuses on the application of underlying blockchain technology in scenarios like “trusted identity, data interoperability, and process automation.”
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