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Blockchain for Bureaucrats: China’s Communist Party Publishes DLT Primer

Last Updated March 4, 2021 3:55 PM
Habiba Tahir
Last Updated March 4, 2021 3:55 PM

People’s Daily Publishing House, led by the Chinese Community party, has published a book on blockchain technology titled Blockchain – A Guide for Officials, which will cover all aspects of the new technology and serve as a guide for bureaucrats. The news was first reported  by local media outlet People’s Network.

The book provides details of distributed ledger technology’s origin and discusses its present and future applications. Furthermore, it addresses the issues present in business, technology, legal and, other sectors.

An excerpt from the book, written by the president of People’s Network Ye Hao under a chapter titled “From Internet Thinking to Blockchain Thinking,” reads:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

Hao adds that distributed ledger technology combines various technologies and presents a solution which helps in distributing resources equally. Some other notable figures who contributed to the book include Shoucheng Zhang, founding chairman of Dana Capital, Duan Yongchao, chief strategy officer at Caixin Media Group, Xue Jingzhong, Hangzhou Investment Management partner, and Zhang Xuguang, Zhejiang Science and Technology Innovation and Entrepreneurship Promotion Association president.

The recent book will be the third addition to the tech series created by People’s Daily Publishing House. The previous books focused on artificial intelligence (AI) and “Digital China.”

DLT: The Leading Technology in China

Chinese locals have become more interested in DLT ever since President Xi Jinping, along with the central bank of China, praised the technology. Last month, South China Morning Post reported that from Jan. to July 2018, 3,078 Chinese companies had registered with blockchain in their names. The number was only 555 in 2017 — a 454% increase when compared to last year’s filings.

On Aug. 10, CCN.com reported that Chinese private equity firm GSR Capital invested $374.55 million in American retail company Overstock. GSR Capital spent $270 million to buy an 18% stake in Overstock DLT subsidiary tZero. As a result of the investment, tZero is now worth more than Overstock. Additionally, this move is recorded as the largest investment made on a single blockchain platform.

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