China’s government is ambitious with its plan to develop blockchain-based national data infrastructure by 2029. The National Development and Reform Commission spearheads this initiative, aiming to revolutionize data exchange and management through blockchain technology, which ensures heightened data security and integrity.

A vital component of the new system is the use of smart contracts, which guarantee data protection and authenticity. These contracts will create a trusted environment for data sharing among businesses and government institutions by preventing data tampering and unauthorized changes.

While China has banned cryptocurrencies since 2021, the country remains at the forefront of exploring blockchain for diverse applications. This includes international projects like the Belt and Road Initiative, demonstrating China’s continued investment in harnessing blockchain technology for broader economic and technological benefits.