The Chinese Ministry of Manufacture and Data Technology (MIIT) is reportedly considering ways to accelerate blockchain adoption, local news bureau Xinhua reports Aug. 9.

Co-ordinate to the report, the MIIT has proposed a number of measures to speed upwards the promotion of blockchain applications in the land in a move to provide a "salubrious and orderly development of the industry." The ministry stated that the blockchain tech ecosystem is currently in its initial phase.

The MIIT intends to provide a gradual extension of blockchain applications from the fiscal sector to other industries, such as electronic deposit services, supply chain management, Internet of Things (IoT), and others.

The IT ministry plans to heighten interaction with diverse localities and departments, equally well equally build a solid industrial ecosystem by boosting the operating capacity of computing power and storage.

In May, the MIIT revealed that the blockchain manufacture in China has seen "exponential" growth  in 2022, citing Blockchain Industry White Paper's findings that the number of blockchain-oriented businesses exceeded 450 in 2022.

Recently, the MIIT's deputy managing director called on the land to "unite" in addressing blockchain promotion, maxim that the state must now develop blockchain applications on an "industrial" scale to accelerate its adoption beyond all areas of the economy and club.

Earlier this yr, the ministry building revealed inquiry which plant that the average longevity of blockchain projects is 1.22 years. Co-ordinate to He Baohong of the Prc Academy of Information and Communications Applied science (CAICT), just viii% of blockchain projects ever launched are all the same alive.