On March 12, the Ministry of Industry and Information Technology (MIIT) announced on its official website that it is conducting a special study to establish a national blockchain and distributed accounting technology standardization technical committee. The initiative aims to develop a comprehensive blockchain standard system as quickly as possible, while also supporting the technical coordination work for ISO/TC307. This move reflects the growing importance of blockchain technology in both domestic and international contexts.
Earlier, on March 6th, the European Union (EU) also planned to release specific drafts of blockchain technical standards and crowdfunding regulations, aiming to accelerate the standardization process across the region. As blockchain continues to gain momentum globally, its standardization efforts are becoming more critical and widespread.
In addition, local policy documents have been frequently issued, signaling an acceleration in the practical implementation of blockchain technology. According to incomplete statistics, by the end of November 2017, nine provinces and municipalities—including Zhejiang, Jiangsu, Guizhou, Fujian, Guangdong, Shandong, Jiangxi, Inner Mongolia, and Chongqing—had issued guidance on blockchain development. Several of these regions have even included blockchain in their "13th Five-Year Plan" strategic development plans. For instance, in Guangdong, blockchain enterprises or institutions that achieved annual operating income of RMB 5 million, RMB 20 million, and RMB 100 million were eligible for rewards of RMB 500,000, RMB 5 million, and RMB 10 million respectively. With strong policy support, combined with technological advancement and capital investment, the integration of blockchain into various industries is progressing rapidly.
Blockchain technology offers a decentralized system that enables secure, tamper-proof data storage and reliable peer-to-peer trust. By eliminating intermediaries, it enhances the efficiency of value exchange and reduces transaction costs. It is expected to be most widely applied in digitized industries, particularly in media and content sectors, where transparency and security are crucial.
In the media industry, blockchain can significantly improve efficiency, reduce costs, and enhance copyright protection. Its potential applications span gaming, film and television, photography, advertising, and other content-related fields. As the technology matures, it could bring about transformative changes in how media is produced, distributed, and consumed.
Several companies are already exploring blockchain integration, including China, Anne, Zhongqingbao, Yanqiao, Storm Group, Giant Network, Leo Shares, Tencent Holdings, Meitu, and others. Major tech giants like Alibaba and NetEase are also investing heavily in blockchain research and application.
However, investors should remain cautious. Potential risks include policy changes and the possibility that technological developments and real-world applications may not meet expectations.
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