China embracing blockchain technology as new frontier of innovation

China is actively embracing blockchain, an underlying technology with a wide range of applications, and sees it as the new frontier of innovation in industries ranging from finance to manufacturing and energy.

Xi Jinping, general secretary of the Communist Party of China Central Committee, highlighted blockchain last week as a core technology, urging more efforts to accelerate the development of blockchain technology and industrial innovation.

Blockchain, a digital ledger system, uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to keep track of transactions.