Promoting blockchain development is a core component of the government’s digital transformation strategy aiming to position Taiwan to capitalize on opportunities stemming from new technologies, according to National Development Council Minister Chen Mei-ling July 2.
 
Blockchain will greatly reshape business models and the way people live and work, Chen said. Despite immense promise as a generator of revenue and profit, blockchain also poses considerable challenges for the existing socioeconomic structure and regulatory framework, she added.
 
Chen made the remarks during her opening address at 2018 Asia Blockchain Summit in Taipei City. Organized by locally headquartered nongovernmental organization Asia Blockchain Alliance, the two-day event brings together officials and industry experts from more than 30 countries and territories for talks on the current status, future possibilities and impact of blockchain and cryptocurrencies.
 
According to Chen, the NDC has devised a forward-looking approach to preparing Taiwan for the introduction of blockchain in key industries. Given the nation’s high-quality talent in the information and communication technology sector, as well as its robust ICT supply chain, it makes sense to begin with this area and ensure Taiwan is equipped to become a global leader, she said.
 
The NDC will collaborate with the private sector in developing related platforms identifying potential areas for new applications so as to build the country into a worldwide turnkey solution provider, Chen said. At the same time, Taiwan’s regulations and practices pertaining to the protection of personal information must be harmonized with international standards, she added.
 
At present, the NDC is establishing a dedicated office to study connected issues as part of broader policymaking preparations, Chen said, adding that a full review of laws governing blockchain with a view to incorporating it into public sector administration and spurring entrepreneurship is underway.
 
As part of this process, Chen said, the NDC has included blockchain on the agenda for discussion at the inaugural Taiwan-EU and annual Taiwan-U.S. digital economy forums this year. It is hoped that through wider consultations with overseas partners, the NDC can put the country in good stead to play an active role in shaping the industry, she added. (SFC-E)

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