On March 30th, the Cyberspace Administration of China (CAC) released an extended list of 197 registered blockchain service providers on its website. These companies, which included big names such as Alibaba, Baidu, and Tencent, are to be granted registration numbers under the Regulations on the Management of Blockchain Information Services.

The move has signaled a friendlier, more accommodative stance by the Chinese government towards the distributed ledger technology, if not cryptocurrencies.  

Chinese Authorities are Becoming more Blockchain Literate

Earlier this month, the Chinese cybersecurity police held a conference with blockchain-based companies to discuss the possibilities and issues relating to blockchain technology. According to Xuemai Yu, CEO of Hangzhou-based blockchain firm DataQin, it seemed that the government officials had become much more familiar with the technology.

“The most important part was that they’ve divided all the blockchain projects into two categories, one is blockchain service providers, the other is blockchain technology providers,” Yu said.

Decentralized Technology is an Asset, Not a Liability

According to Anbang Ruan, founder and CEO of Trias, many public companies and local governments were hesitant about blockchain due to misconceptions about the term ‘decentralization’.

“What we are trying to explain to them is that the decentralization in blockchain is not a decentralization of the management; it could be understood as a decentralization of the technology,” Ruan said.

Following its success in convincing the government that decentralization is not a threat to its authority, but a key capability offered by blockchain, Trias has been providing local authorities with a blockchain-powered integrated system that greatly improves data security.

With more flexibility at the local level, some blockchain-focused projects have made inroads with smaller governmental bodies, capitalizing on the huge potential market as well as the advantages of working with government, such as tax breaks.

Source: https://www.forbes.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

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