China Plans to Integrate Blockchain Into Global Trading

On October 19, China’s Ministry of Commerce, along with 23 other central departments issued “The 14th Five-Year Plan for Service & Trade Industries.”

The plans show how China will integrate blockchain into global trading. This includes building a blockchain-based global shipping data network, applying blockchain on shipment bills, and using blockchain to record and transfer container import information at the port.

According to the plan, the ministry also aims to set international blockchain standards and rules in finance and global trade. This is the first time that the Chinese regulator has brought up blockchain in a 5-year plan.

For instance, China has been issuing plans for economic and social development every 5 years since 1953. Each policy starts with the state council outline, followed by details on execution from other central government departments and the government.

In September, Hong Kong-based Global Shipping Business Network (GSBN) started a blockchain platform for global trade in cooperation with Microsoft, AntChain, Oracle, and Alibaba Cloud.