HomeBusinessChina selects pilot zones, application areas for blockchain project

China selects pilot zones, application areas for blockchain project

BEIJING: China has chosen 15 pilot zones and recognized a number of areas of application to “carry out the innovative application of blockchain” expertise, based on a joint authorities assertion on Sunday (Jan 30).

The pilot zones embrace areas in China’s main cities of Beijing and Shanghai, in addition to Guangzhou and Chengdu within the southern Guangdong and Sichuan provinces respectively, based on assertion on the Cyberspace Administration’s official Wechat social media account.

Apart from the pilot zones, 164 entities, together with hospitals, universities and corporations corresponding to SAIC-GM-Wuling Automobile, China National Offshore Oil Corp, Beijing Gas Group and Industrial and Commercial Bank of China had been chosen to hold out blockchain pilot initiatives.

The entities will conduct the initiatives in fields corresponding to manufacturing, power, authorities and tax companies, regulation, training, well being, commerce and finance, and cross border finance.

“Each area’s cyberspace administration and relevant industry regulator should… Give full play to the role of blockchain in promoting data sharing, optimising business processes, reducing operating costs and improving collaboration efficiency in building a credible system,” the assertion stated.

In October 2019, China president Xi Jinping stated the nation ought to speed up the event of blockchain expertise because the core for innovation.

Although China is selling blockchain expertise, it has banned bitcoin, which relies on the expertise. Regulators in September cracked down on cryptocurrencies with a blanket ban on all crypto transactions and mining.

The assertion was collectively issued by 16 governmental our bodies, together with the ministry of training, ministry of business and data expertise, the central financial institution, the National Energy Administration and China Securities Regulatory Commission, based on the our on-line world administration assertion.

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