Antony Parsons
China has set an ambitious goal to complete its National Data Infrastructure by 2029, and blockchain technology is expected to play a significant role in achieving this objective. According to a policy document released by China’s top economic planner, blockchain will be heavily involved in the development of this infrastructure.
About China’s National Data Infrastructure
China’s National Data Infrastructure aims to create a unified national data market and develop the digital economy. The project is expected to be completed by 2029 and will involve the creation of a standardized structure for data assets, transaction certificates using blockchain, encryption, and smart contracts.
Blockchain Applications in National Data Infrastructure
Blockchain technology will be used in various applications, including:
- Creating a standardized structure for data assets
- Issuing transaction certificates using blockchain, encryption, and smart contracts
- Enhancing traceability and trustworthiness of data
Encouraged Initiatives
The Chinese government is encouraging industries and local governments to experiment with building:
- Blockchain networks
- Privacy-protecting computing platforms
Investment Projections
The Chinese government is planning to invest heavily in the development of its National Data Infrastructure. The annual direct investment is expected to be approximately 400 billion yuan ($54.5 billion), with a total investment of about 2 trillion yuan ($272.7 billion) over five years.
China’s Stance on Blockchain and Cryptocurrency
It is worth noting that while China has banned cryptocurrency trading and mining, the country has long embraced other applications powered by permissioned blockchains. This move is seen as a strategic step towards leveraging blockchain technology for its national data infrastructure goals.
According to Zhu Keli, founding director of the China Institute of New Economy, “China’s emphasis on the establishment of a national data infrastructure by 2029 is of great significance in promoting the high-quality development of the country’s digital economy and unleashing the value of massive data resources.”
As China continues to invest in its National Data Infrastructure, the use of blockchain technology is expected to play a significant role in achieving its goals. With a focus on creating a standardized structure for data assets, enhancing traceability and trustworthiness, and encouraging initiatives in blockchain networks and privacy-protecting computing platforms, China is poised to become a leader in the development of national data infrastructure.
The completion of China’s National Data Infrastructure by 2029 is expected to have a significant impact on the country’s digital economy and will likely serve as a model for other countries looking to develop their own national data infrastructure.
