China aims to take the comprehensive strength of its blockchain industry to the most advanced level in the world by 2025, according to a document jointly released by the Ministry of Industry and Information Technology and the Office of the Central Cyberspace Affairs Commission. 

Eyeing to further boost the technological application and industrial development of blockchain over the next decade, the country will promote the technology applied to multiple economic and social fields.

In the next five years, China will support the establishment of three to five backbone enterprises with international competitiveness, as well as several innovation-driven enterprises and three to five blockchain industrial clusters.

By 2030, the blockchain industry shall see further expansion in both comprehensive strength and industrial scale.

The application of blockchain technology has been extended to sectors including digital finance, the Internet of Things, smart manufacturing, supply chain management and digital asset trading.

Future development will require more efforts to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation and industries of the emerging field.

This is an edited excerpt of an article originally published in Economic Daily on June 14 

(Print Edition Title: Blockchain Industry)