- Beijing has revealed an action plan to support blockchain deployment and transform the city into a global hub for private blockchain innovation.
- Moreover, Beijing is initially planning to build an integrated identity and social credit platform.
- Besides this, Beijing is also planning to promote the introduction of standards of practice for the blockchain industry.
Four key strategies and 20 specific tasks
However, the plan of action highlights four prime strategies and 20 specific tasks to accelerate the development and deployment of DLT. This includes building and implementing a multi-field application scenario, creating a platform for technological research and theoretical research. Also, building an innovative blockchain talent team. The government will offer frequent financial support for this project during its course.
Moreover, Beijing is initially planning to build an integrated identity and social credit platform. It will later offer as a basis for other blockchain-driven government services. The government of Beijing looking to become a significant center for blockchain innovation by using technology to boost social as well as economic development by 2022.
Beijing Working on Standards of Practice
Blockchain Innovation Development Action Plan 2020–2022 aims to fortify itself as a worldwide pioneer in both private blockchain development and open DLT deployment before the end of the next year.
Besides this, Beijing is also planning to promote the formation of standards of practice for the blockchain industry. Its further plan is to establish a research and development institution that will work with the existing institutes and universities of China.
Additionally, it will set up a special fund to allot government subsidizing to blockchain ventures. In October 2019, China established a countrywide blockchain-based service network. To enhance the plan of the growth of smart cities and the digital economy.