China’s Communist Party Issues Blockchain Guide for Officials

The Communist Party of China issued its primer on distributed ledger technology aimed to serve as a guide for government officials, who will need to tackle it in the future.

The Communist Party of China (CPC) published an educational book on blockchain technology, titled Blockchain – a Guide for Leaders”. The event was announced on the CPC website which briefly presented the guide. The book is structured as a collection of articles with both theoretical and practical aspects.

Ye Hao, president of People's Daily, the Party’s news outlet, commented:

“The biggest significance of blockchain technology at present is its operating mechanism. Through the ingenious combination of technologies, it can achieve the fair distribution of resources, thus ensuring that the community has consistent goals, and members have behavioral norms. This provides us a new approach to examine problems, and come up with solutions.”

He went on to reaffirm the strategic importance of developments in the blockchain field, but downplayed the multiple investment opportunities available. This is aligned with the general sentiment coming from the country – interest in blockchain, but lack of faith in the current generation of decentralized cryptocurrencies.

The book is supposed to serve as a guide to the principles and terminology of distributed ledger technology alongside the future challenges it presents. This is the third installment in an ever-growing educational series, following "Artificial Intelligence - a Guide for Leaders " and "Digital China - a Guide for Leaders ".

Obviously all editions provide knowledge in the given field and the mere fact that bolckchain is included, is an acknowledgement of its importance. Recently, the Chinese authorities announced a three-year plan for integrating information technology in the economy and distributed ledgers were a key point. The Bank of China (BOC) also plans to increase research and development spending in the field.