China to Place Blockchain at Core of Digital Transformation by 2029
China is set to place blockchain technology at the heart of its digital transformation strategy, as outlined in a new plan by the National Development and Reform Commission (NDRC). The ambitious initiative aims to create a secure and accessible data management system, driving innovation across various sectors.
By 2029, the national data market is projected to reach significant value, fueling growth in sectors like electronic commerce, financial services, and public administration. The plan includes the establishment of 'trusted data spaces' to enable secure information exchange, ensuring data privacy and ownership.
The national data infrastructure China plans to build will support the entire data lifecycle, from collection to circulation and security. Blockchain technology will be integrated into this infrastructure by 2029, following pilot projects in key regions between 2024 and 2026. These projects will test blockchain frameworks and decentralized applications in various sectors, with the aim of creating integrated national networks by 2028.
The initiative seeks to transform data management in key sectors such as finance, logistics, and healthcare through blockchain. It aims to create blockchain-based data markets that facilitate the tokenization and secure trading of data assets, opening new revenue streams and driving large-scale exchange. By 2029, China's national data market is expected to reach considerable value, with blockchain technology playing a pivotal role in its growth and security.
