Chinese council National People's Congress has recently started its annual sessions together with the country's most influential political advisory committee - the Chinese People's Political Consultative Conference. The sessions are popularly referred to as the Two Sessions or "lianghui" meetings that have been taking place since May 22.
The NPC, China's main law-making body, gathers close to 3,000 representatives from different parts of the nation once a year to discuss ideas during the conference. Parliament deputy Jieqing Tan proposed the establishment of a special fund for the development of blockchain industry, Beijing News reported on May 23. The fund would be granted government support if the proposal passes review by the country's top legislators.
Beijing News reported, based on a Cointelegraph story Saturday that Jieqing believes blockchain technology has enormous economic potential and could provide jobs to the people. Jieqing said China's current number and size of blockchain companies are small, an area that must be enhanced.
According to Tan, the aim of the blockchain initiative is to support the advancement of several fledgling blockchain companies, boost the growth of blockchain technology, and develop the growth potential of different entities in the blockchain landscape.
Tan also believes believes in the power of blockchain in the modernization of the country's government infrastructure and processes, adding to the conception of a high-trust society that capitalizes on state of the art administration systems that can also help China to have an edge in the global future development of blockchain technology.
The promise that a sound and effective blockchain technology can bring to the government and society is immense. However, Tan stressed that at the moment, the limited volume of blockchain firms, challenges in scalability, and a lack of talent and information have prevented the sector from creating a solid blockchain infrastructure.
In a recent report by Cointelegraph, China's central finance institution also released around $4.7 million to support the country's blockchain system over the next three years.
Jieqing also suggested including blockchain in the government's 14th 5-Year Plan for industrial advancement. China's so-called five-year vision is a host of national growth strategies that gives premium on economic and social progress. The first five-year goal was introduced in 1953 and the 14th plan is expected to be approved and published by 2021.
Blockchain and its underlying technology can be described as a structure of data that holds records of transactions while ensuring transparency, security and decentralization.
Blockchain was invented by a person (or group of individuals) that used the name Satoshi Nakamoto in 2008. Its main purpose was to serve as the public transaction ledger of the digital currency bitcoin.
