China has always tried to be global leaders in every aspect, and so is the case with blockchain technology. The nation has already set itself ahead in terms of blockchain implementation and has no plans to stop. Furthermore, the nation has recently revealed its plans to transform Beijing into a leader and a global hub for blockchain innovation and DLT implementation.
According to an announcement on July 1, the government of Beijing has just released a 20-point plan that seeks to “promote theoretical innovation, technological breakthroughs, […] talent cultivation,” while creating “new economic growth.”
The government has vowed to provide financial support for the plan throughout the entirety of the course.
Dubbed the Beijing Blockchain Innovation Development Action Plan 2020–2022, the plan outlines the city’s intentions of becoming a global leader in blockchain innovation both public and private, by the end of 2021.
Promoting a good business climate for blockchain innovation and “cultivating a group of unicorn enterprises” is listed as one of the primary goals. To make this happen, the city will establish a “blockchain industry innovation development base” extending across the city’s top districts for financial and technological innovation.
The plan focuses on various initiatives to support research related to DLT — including cryptography, high-performance computing, and chip technology.
The city will bring into being a blockchain-focused research institution that will collaborate with the existing research institutions and universities in China to work on “performance, security, privacy protection, scalability, and data authenticity” of DLT based platforms.
Furthermore, research work will also be extended towards “network models, consensus mechanisms, distributed storage, zero-knowledge proofs, secure multi-party computing, cross-chain protocols, smart contracts, chains On-chain collaboration, and regulatory technology.”
In addition, the government will also encourage “research institutions, universities, and enterprises to build on […] blockchain” and contribute to the creation of an “independent and controllable underlying open-source technology platform.”
Blockchain in Public administration
The plan also outlines various applications of DLT in the public sector like developing a blockchain-based directory system, digital identity platform, government data-sharing platform, and unified social credit applications. All these entities will be capable of cross-chain interaction.
Beijing also plans to “promote data sharing [and] business collaboration in government services” with the creation of a blockchain-powered “common infrastructure for government services.”
Emphasizing on the reduced costs and higher efficiency offered by DLT-based solutions, the announcement added:
“We will be the first to focus on real estate registration [and] unified electronic bills in the field of finance and taxation.”
Finally, there are also Plans about investing in traceability projects to promote public safety in matters concerning “food, hazardous waste, emergency equipment, rescue funds,” are also mentioned.
China has seen a spree of development in regards to blockchain technology, with more than 30,000 companies operating in this sector. Established companies in the private sector are also working hands-on with regulators to further develop the emerging industry.
As previously reported by The Daily Chain, tech giant Tencent launched an alliance to promote the development of the blockchain industry. The company had also started a blockchain accelerator program in China with similar intentions.
Prior to that, retail giant Alibaba was reportedly working with China Merchants Port, the biggest port operator in the nation, to allow the development and implementation of a blockchain-based platform that would have a number of use cases.