Guideline issued to accelerate blockchain application

The Ministry of Industry and Information Technology and the Cyberspace Administration of China unveiled a guideline on Monday to accelerate the application and industrial development of blockchain technology.

According to the guideline, the country's blockchain industry is expected to reach an advanced level globally by 2025, with related applications penetrating daily life.

A number of well-known blockchain products, especially in product traceability, data circulation and supply chain management, should be available by then.

The guideline also said the country aims to nurture three to five backbone enterprises with international competitiveness and a group of innovative enterprises related to blockchain while also creating three to five blockchain clusters in the field.