China Unveils Blockchain-Powered Data Management Plan
China's government has revealed a comprehensive plan to revolutionize its data management landscape. The strategy, presented by the National Development and Reform Commission (NDRC), aims to create a secure, accessible data ecosystem by integrating blockchain technology. This move aligns with global digitalization trends and addresses China's internal needs to optimize its digital economy.
At the heart of this plan lies the creation of 'trusted data spaces'. These will enable secure information exchange and uphold data privacy. The ultimate goal is to establish a national data infrastructure by 2029, with blockchain technology serving as its backbone.
The phased approach begins with pilot projects in key regions between 2024 and 2026. By 2028, these pilots will culminate in integrated national networks. This strategy seeks to promote innovation across sectors like finance, logistics, and healthcare, streamlining processes and enhancing management.
The integration of blockchain technology into China's national data infrastructure is expected to have substantial technological and economic implications. It will drive key sectors, increase public trust in state institutions, and open new revenue streams through blockchain-based data markets. Despite its restrictive stance towards cryptocurrencies, China places blockchain at the center of its digital transformation strategy.
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