BEIJING, Nov 3 — China has launched an ambitious effort to challenge the US dominance in blockchain technology, which it could use for everything from issuing digital money, to streamlining a raft of government services and tracking Communist Party loyalty. The technology received a crucial...
Chinese flag waves in front of the Great Hall of the People in Beijing, China, October 29, 2015. — Reuters pic
Reputedly unfalsifiable, blockchain is a database shared across a network of computers. Once a record has been added to the chain it is almost impossible to change. Blockchain is set to play a key role in many sectors in the future, including digital finance, internet of things, artificial intelligence and 5G.It could also serve to make China’s vast bureaucratic system more efficient.
“Blockchain should play a bigger role in strengthening Chinese power in cyberspace, developing the digital economy and promoting socio-economic development,” Xi said. One example is a newly launched app by the Communist Party that asks members to explain why they joined and what party loyalty means to them.
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