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Taiwan intent on becoming global blockchain technology hub

2018/07/02 20:40:26

Chen Mei-ling (陳美伶, right); CNA file photo

Taipei, July 2 (CNA) Taiwan's government has set its sights on turning the country into a global hub of blockchain technology as part of its efforts to develop a digital economy, Chen Mei-ling (陳美伶), head of the National Development Council (NDC), said Monday.

Speaking at the 2018 Asia Blockchain Summit in Taipei, Chen said blockchain technology has been highlighted in the Industry 4.0 world, and Taiwan wants to align itself with international standards by emerging as a hub of the new technology.

Industry 4.0 refers to the fourth industrial revolution taking place in which computers and automation are coming together in smart factories to change how things are being made.

Chen said Taiwan boasts a large pool of information communication talent and has a sound information technology supply chain, leaving it well-positioned to develop blockchain technology.

She said the NDC will work with the Asia Blockchain Alliance (ABA) and local enterprises to help Taiwan to achieve the goal.

Blockchain technology, originally devised for transactions of the digital currency Bitcoin, is seen as the backbone of a new type of internet in which information held on a blockchain exists as a shared database.

The global tech sector is now spreading blockchain applications to other potential uses.

Chen cited a report released by the Organization for Economic Cooperation and Development (OECD) as saying that along with artificial intelligence, blockchain technology is expected to change the way people live and how business is conducted.

To support blockchain development in Taiwan, Chen said, the government will come up with measures to encourage Taiwanese companies to enter the field, including an increase in funding to build a favorable environment for the new technology.

The government will also speed up the pace it develops open data, which is expected to help market participants take advantage of shared information, resulting in more innovative solutions, Chen said.

While the new technology will create plenty of opportunities for Taiwan, the government remains aware of the possible risks the technology could bring, Chen said.

With that in mind, the government is determined to write comprehensive rules to provide a mechanism governing blockchain development in Taiwan to rein in risks, she said.

Under a governance mechanism, the entrepreneurial spirit and self-discipline in the private sector are expected to tilt toward a balance and benefit blockchain technology development, Chen added.

(By Tsai Yi-chu and Frances Huang)