The Academy of Information and Communications Technology, a research think-tank under China’s Ministry of Industry and Information Technology (MIIT), and Tencent Holdings collaborated on a report that was released on July 24. The report included eight conclusions on blockchain implementation in the financial sector.
A Look At The Report
The report claims that the use of blockchain technology will improve “the transparency of financial transactions, strengthen the flexibility of system operation, and automate processes, thus affecting the record keeping, accounting and payment settlement methods of financial services”. The study also says that blockchain can play a big role in the fields of payment and settlement, supply chain finance, securities trading, insurance, and credit reporting.
The report also made a distinction between “coin” applications and “chain” applications, referencing blockchain’s being the base of most cryptocurrencies, saying:
“For the ‘coin’ application, the financial risk should be strictly guarded. For the ‘chain’ application, it should be legally regulated.”
China Moves To Integrate Blockchain
China, while remaining skeptical of crypto, has taken major strides in implementing blockchain.
Earlier this week, three major Chinese telecoms companies teamed up to launch a blockchain research group to help build a “next-generation telecommunication network.” The country will also be spearheading an international research team focused on the standardization of the Internet of Things (IoT) and blockchain technology.