Blockchain seen as crucial in innovation

Xi Jinping, general secretary of the Communist Party of China Central Committee, highlighted the importance of blockchain in enabling independent innovation in core technologies, urging efforts to expedite the growth of blockchain technologies and industries.

The remark by Xi came as he presided over a group study session of the Political Bureau of the CPC Central Committee on the development and trend of blockchain technology on Thursday.

It is important to strengthen basic research and improve original innovation capacities so that China can take the lead in theoretical studies, secure the high ground in innovations and develop a new edge in industries, he said.

Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace transactions.

He called for quicker breakthroughs in core technologies to provide a safe and risk-resilient technological pillar for the application and development of blockchain.

An industrial ecology for blockchain must be established, and the integration between blockchain and cutting-edge technologies, such as artificial intelligence, big data and the internet of things, must be pushed forward, he said.

Xi underlined the need to step up the development of talent pools, with efforts to refine the training system and develop high-level training platforms in multiple forms.

It is important to give play to the role of blockchain in promoting data sharing, refining business procedures, reducing operational costs, improving coordination efficiency and establishing a trustworthy system, he said.

Integration between blockchain and the real economy must be moved forward, which can offer solutions to difficulties faced by small and medium-sized enterprises in financing as well as challenges for banks and regulatory departments in risk control and oversight, he said.

Xi encouraged the use of blockchain technologies in facilitating the innovation of models for the digital economy.

It is important to promote the use of the technologies in education, employment, care of the aged, targeted poverty alleviation, healthcare and food security and to provide the public with more intelligent, convenient and high-quality public services, he added.

He also urged efforts to promote the combination of basic technological services in blockchain with the development of new smart cities and explore its application in information infrastructure, intelligent transport, energy and electric power.

Blockchain technologies must be better employed to facilitate the interconnectivity between cities in areas such as information, capital, talent and credit references, he added.

He highlighted the necessity to explore the use of blockchain data sharing models in enabling joint use and maintenance of administrative data between different departments and areas, which can deepen reform to cut red tape and offer the public with better administrative services.

Xi also called for stronger measures to guide and regulate the development of related technologies, with steps to better conduct research and analysis of security risks and closely monitor and explore patterns of development.