China’s Plans for Web3 Development
The Chinese central government is taking steps to create a strategic document that will guide the development of China’s Web3 ecosystem. This document will support the growth of Web3 technologies such as non-fungible tokens (NFTs) and decentralized applications (DApps). The Ministry of Industry and Information Technology has stated that other key areas of focus will include cross-chain interoperability, privacy computing, and smart contracts.
The government received a proposal on Web3 industry development, which garnered positive responses from key entities. As a result, the government plans to strengthen technical research and supervision in these areas. It also aims to prioritize blockchain security, supervision, and governance, as well as foster international exchanges and cooperation to increase China’s influence in Web3 development.
China’s Deployment of Web3 Applications
China has been actively deploying Web3 applications across various sectors such as healthcare, education, and tourism. The government has organized blockchain innovation pilot initiatives in collaboration with different departments, resulting in successful use cases in energy, copyright protection, rule of law, and trade finance.
Standardization is a key priority for China, leading to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee. This committee has already released China’s first domestic standard, the Blockchain and Distributed Accounting Technology Reference Architecture. Additionally, China is exploring emerging concepts like Web3, Metaverse, and NFTs, and has established independent alliance chain platforms to drive technological advancements and foster industry partnerships.
Blockchain Verification of Identities
Last week, China announced plans to use blockchain technology for the verification of real-name identities for its vast population. The initiative called RealDID was spearheaded by China’s Ministry of Public Security in collaboration with the Blockchain-based Service Network (BSN).
The launch of the RealDID service will allow users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. This approach ensures that personal information remains disconnected from business data and transactions. The use of blockchain technology for identity verification aligns with China’s previous efforts to require content creators on social media platforms to publicly display their real names or the names of their financial backers.
Hot Take: China’s Commitment to Web3 Development
China’s plans to create a strategic document for Web3 development, along with its deployment of Web3 applications across various sectors, demonstrate the country’s commitment to embracing emerging technologies. By focusing on NFTs, DApps, cross-chain interoperability, privacy computing, and smart contracts, China aims to strengthen its international influence and rule-making power in the Web3 industry.
Furthermore, the use of blockchain technology for identity verification showcases China’s dedication to enhancing data security and privacy for its residents. As China continues to explore and implement Web3 technologies, it is positioning itself as a key player in the global digital landscape.
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