China: New Guidance to Implement Blockchain in Agriculture Finance Sector

The new framework is part of a plan to improve the efficiency of financial services for the country's rural revitalization program.

The guidance will purportedly help promote the application of new technologies in the rural financial sector, such as blockchain, to "Improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks."

The Guiding Opinions were jointly issued by the People's Bank of China, the Banking Regulatory Commission, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs.

Applying blockchain in agriculture finance will purportedly streamline the collection and sharing of of agricultural data.

The announcement also predicts that new technologies will encourage financial institutions to "Develop exclusive loans products and small payment settlement functions for rural e-commerce and to open up a rural e-commerce capital chain."

China's foray to apply blockchain in various industries also extends to copyright protection services in their media outlets.

In December 2018, the China Financial Media Copyright Protection Alliance - which consists of more than 30 financial media outlets - announced that it will use blockchain technology to develop copyright cooperation in the industry.

Overall, China is a world leader in applying blockchain technology to various industries.

In 2017, China filed more patents for blockchain applications with the World Intellectual Property Organization than any other country.

China was followed by the United States, at 91, and Australia, with 13.