Na­tion to pro­mote blockchain sec­tor

China Daily - - CHINA -

China will cre­ate a bet­ter en­vi­ron­ment to pro­mote the healthy de­vel­op­ment of the ris­ing blockchain in­dus­try, the Min­istry of In­dus­try and In­for­ma­tion Tech­nol­ogy said. The blockchain is a dig­i­tal ledger sys­tem that uses so­phis­ti­cated cryp­to­graphic tech­niques to cre­ate a per­ma­nent, un­change­able, and trans­par­ent record of ex­changes to trace each trans­ac­tion. The tech­nol­ogy has a wide range of ap­pli­ca­tions in China in­clud­ing in fi­nance, credit re­port­ing, smart man­u­fac­tur­ing and sup­ply­chain man­age­ment, the min­istry said.

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