China to Craft a Document for Web3 Development Involving NFTs, DApps, Cross-Chain, and Privacy Computing

The Chinese central government has revealed plans to create a strategic document to guide the development of China’s Web3 ecosystem. 

The document will support the growth of Web3 technologies such as non-fungible tokens (NFTs) and decentralized applications (DApps), according to a letter from China’s Ministry of Industry and Information Technology.

Other key areas of focus will include cross-chain interoperability, privacy computing, and smart contracts. 

The letter comes after the government received a proposal on Web3 industry development, which received positive responses from key entities.

According to the letter, the government plans to strengthen technical research and supervision, supporting research institutions in exploring cross-chain interoperability, privacy computing, and smart contracts. 

Furthermore, it would prioritize blockchain security, supervision, and governance, as well as the exploration of alliance chain technology convergence and improved data security.

It also aims to foster international exchanges and cooperation, with active participation in global standardization activities related to Web3. 

The goal is to increase China’s international influence and rule-making power in Web3 development.

In order to enhance public understanding of Web3 technologies, the government will leverage science popularization platforms to promote awareness of distributed digital identity and digital asset management. ‘

It will actively support academic progress and technological achievements to drive innovation in the Web 3.0 industry.

China Deploys Web3 Applications Across Various Sectors

China has been deploying Web3 applications across various sectors, including healthcare, education, and tourism. The government, in collaboration with different departments, has organized blockchain innovation pilot initiatives, resulting in successful use cases in energy, copyright protection, rule of law, and trade finance.Standardization is a key priority, leading to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee. This committee has already released China’s first domestic standard, the Blockchain and Distributed Accounting Technology Reference Architecture.The exploration of emerging concepts like Web3, Metaverse, and NFTs has gained momentum in China. Independent alliance chain platforms, including Changan Chain and Ant Chain, have been established to drive technological advancements and foster partnerships in the industry.

China to Verify Identities of its Residents through Blockchain

Last week, China unveiled plans to use blockchain technology for the verification of real-name identities of its vast population of 1.4 billion people. The announcement came from the Blockchain-based Service Network (BSN), China’s national-level blockchain initiative.The initiative, named RealDID, was spearheaded by China’s Ministry of Public Security in collaboration with BSN. The launch of the RealDID service will enable users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys. This approach ensures that personal information remains disconnected from business data and transactions.In October, Chinese state media reported that the country’s top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, would require content creators with over 500,000 or 1 million followers to publicly display their real names or the names of their financial backers.