China: Government Officials Educated about Blockchain Technology

In yet another effort to supplement a thorough understanding and adoption of distributed ledger system, the Communist Party of China released a "Primer" on blockchain technology on Aug. 13, 2018.Blockchain Education for Officials.

As noted in the press release, the CPC-funded book contains relevant information on blockchain technology - including the origins of a "Blockchain" - smart contracts, potential use-cases, future application avenues, and obstacles faced by the broader cryptocurrency and blockchain sector.

Titled "Blockchain - Leading Cadres Reader," the book also explores "Teething" challenges associated with blockchain technology, as is observed during the advent of all innovations.

The book is primarily targeted towards government officials and financial authorities to gain a succinct understanding of blockchains and the benefits of implementing blockchain-based frameworks in official and private sectors.

"The most important part of blockchain technology is its operating mechanism. Through the ingenious combination of technologies, the fair distribution of resources is completed."

Moving away from a theoretical approach, the book details practical accounts and entrepreneur case studies of blockchain technology utilization in part of their business, or as a whole.

Chapters also contain insights from other blockchain-centric books published by Chinese entrepreneurs, including Danhua Capital's "The blockchain is the new turning point of the Internet world", Hangzhou Investment's "The Origin and Development of Blockchain", and Zhejiang Science and Technology Innovation's "Application of Blockchain Technology in the Value Internet Age.".

China's Ministry of Industry and Information Technology called for building a blockchain lab as one of the primary focuses of the Far Eastern superpower.

The lab aims to explore data security systems and other notable implementations of blockchain technology, operating wholly under the guidance of China's Industrial Information Security Development Research Center.

In the first week of August, Bank of China pledged 1% of its 2017 operating income to fintech and blockchain research, which equates to a mammoth $70.2 billion.