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China President Xi Said Blockchain Shall Be Important Breakthrough of Core Innovative Technology

Abstract : President Xi emphasized that the application of blockchain play an essential role in technological innovation and industrial revolution. We should think of blockchain as a critical breakthrough of core innovative technology be clear about what to improve in this field,work harder and accelerate development of blockchain technology and relevant innovation in the industry.

ChainDD
ChainDD

Oct 26

October 25 (ChainDD) The CPC Political Bureau held a collective study section about the status quo and trends of blockchain. President Xi emphasized that the application of blockchain play an essential role in technological innovation and industrial revolution. We should think of blockchain as a critical breakthrough of core innovative technology be clear about what to improve in this field,work harder and accelerate development of blockchain technology and relevant innovation in the industry.

President Xi gave a keynote speech in this session. He said blockchain is applied in the fields of digital finance IoT smart manufacturing supply chain management digital asset transactions.

At present, major powers in the world are speeding up their blockchain development. China has a solid foundation in blockchain technology but it's still necessary to promote development of blockchain and industry as well as actively boost integration between blockchain and social economic development.

President Xi stressed that it is necessary to strengthen basic research, enhance the original innovation ability, and strive to make China a leader in the emerging field of blockchain and innovation, and gain new industrial advantages. It is necessary to promote collaborative researches, accelerate the breakthrough of core technologies, and provide safe and controllable technical support for the development of blockchain applications. It is necessary to strengthen research on blockchain standardization for the right of words and setting standard in the world. It is necessary to speed up industrial development, make use of market advantages, and further integrate innovation, applications and value chains. It is important to build a blockchain industry ecosystem, accelerate the deep integration of blockchain and frontier information technologies such as AI, big data, and Internet of Things, and promote integrated innovation and integration applications. It is essential to strengthen the construction of talent teams, establish and improve the personnel training system, build various high-level talent training platforms, and cultivate a group of leading figures and high-level innovation teams.

President Xi also pointed out the necessity to seize the opportunity of blockchain technology integration, function expansion and industry segmentation, and utilize blockchain‘s role in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system. It is critical to promote integration of blockchain and the real economy, and make it less difficult for for SMEs access funds, for banks to manage risks, and for department to supervise the industry. It is necessary to use blockchain technology to explore digital economic model innovation, as the engine to create a convenient, efficient, fair and competitive, stable and transparent business environment, and provide services for promoting supply-side structural reforms and realizing the effective docking of supply and demand in various industries, in order to accelerate continuous transformation and promote high-quality economic development. It is vital to explore the application of “blockchain+” in terms of people's livelihood, and actively promote blockchain technology in areas of education, employment, pension, precision poverty alleviation, medical health, anti-counterfeit, food safety, public welfare, social assistance. This will provide more intelligent, more convenient and better public services for the general public. It is essential to promote the combination of underlying technical services of blockchain and the construction of new smart cities, explore the promotion and application in the fields of information infrastructure, smart transportation, energy and power, and improve the level of intelligence and precision of urban management. It is important to use blockchain technology to promote greater inter-connectivity between cities in terms of information, capitals, talents, and credit information, and ensure the orderly and efficient flow of production factors within the region. It is significant to explore the use of the blockchain data sharing model to achieve the joint maintenance and utilization of government data across departments and regions, promote business synergy, deepen the “only go once” reform, and bring better government service experience to the people.

President Xi Jinping emphasized that it is necessary to impose the guidance and regulations of blockchain technology, strengthen research and analysis of blockchain security risks, closely track development trends, and actively explore laws of development. It is essential to establish a safety guarantee system that adapts to blockchain technology mechanism, and guide and encourage blockchain developers and platform operators to strengthen self-discipline and take up safety responsibilities in the industry. It is vital to implement the rule of law in the management of blockchain and promote the safe and orderly development.

President Xi stated that relevant departments as well as officials that are in charge should pay attention to the status quo and future trends of blockchain technology development, improve application and management of blockchain technology capabilities, and enable blockchain technology to play a more influential role in building a internet power, developing digital economy, and promoting economic and social development.

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