Ningbo in East China's Zhejing province unveils a three-year action plan to promote the development of the blockchain sector in an effort to build itself into a regional or national hub in the sector. [Photo/cnnb.com.cn]

Ningbo in East China's Zhejiang province recently unveiled a three-year action plan to promote the development of the blockchain sector, as the city looks to build itself into a regional and national blockchain hub by 2022. Blockchain refers to the underlying technology behind digital currencies like bitcoin and a wide range of other applications. 

According to the plan, the city will promote the integration of blockchain with other information technologies such as artificial intelligence, 5G, chips and industrial internet. 

Meanwhile, efforts will be made to facilitate its application in the city's pillar industries such as green petrochemicals, automobiles, high-end equipment, new materials, electronic information, software and emerging services. 

By 2022, blockchain will be developed into a key engine fueling the growth of the digital economy in Ningbo. 

The city aims to construct one to two nationally renowned blockchain industrial parks and foster or bring in over 100 blockchain enterprises, including two to three national leaders in the sector, within the three years. 

It is also looking to become home to five blockchain labs and a blockchain research institute, among other research organs, by 2022, according to the plan. 

The action plan also seeks to make Ningbo a nationally leading blockchain solutions provider by 2025.

Blockchain technology plays a crucial role in new technological innovation and industrial transformation, said a head official from the Ningbo municipal bureau of economy and information technology, revealing that related preferential policies are already in the pipeline.