BEIJING-Having taken the lead in frontier technologies including artificial intelligence and 5G, China is paying attention to the nascent blockchain technology to power its digital future. During a group study session of the Communist Party of China (CPC) Central Committee Political Bureau last month, China’s top leadership underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, highlighted the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency and building a trusted system. An obscure concept to many, the term has caught public attention as the underlying technology for digital currencies, including Bitcoin, which over the years created big buzz for its wild swings in value.

But being a transformative technology that features an immutable record of data that can be used and shared within a decentralized and publicly accessible network, its application scenarios go far beyond the cryptocurrency space.