Tencent Institute has recently given its suggestion on how China’s Blockchain industry can develop better.

At the government level:

1.Chinese government should organize experts to analyze the development trend of Blockchain technology and distributed ledger to fully understand their potential, investment return, the impacts on privacy, ethnics and society. The government should also initiate special fund and policies to guide the development of the industry.

2.China should dig out international collaboration in its “one belt, one road” strategy regardless of geopolitics.

3.China should speed up its law-making process, making the development of Blockchain under proper oversight structure. China should take control over the circulation of its digital currency; China should step up its market regulation to prevent systemic risks.

4.China should promote pilot Blockchain projects in areas finance and public service first; China should encourage government agencies to be part of Blockchain development.

5.China should discuss the security impact of Blockchain technology with central government agencies leading the discussion.

Industry Association

1.The industry association should take the lead to set industry standard for Blockchain language and smart contract, helping enhance the competitiveness of Blockchain-related company.

2.The industry association should build China’s own Blockchain open-source ecosystem, attracting the talents from the world and thus increasing China’s contribution to the global community and the representation and impacts in the world.

3.The industry association should pay special attention on patents to better protect the IP of China’s companies.

Research institute and universities

1.Universities should open Blockchain-related courses; they should deepen their cooperation with corporations to nurture talents with interdisciplinary background, able to become the elite for the industry.

2.Research institute and universities should try to build Blockchain labs to enhance fundamental research of Blokchain, cryptology and artificial intelligence. They should also pay attention to cutting-edge technology like quantum computers; they should help the industry become more innovative