Chinese Province Rush To Take The Lead In Developing Blockchain Economy

To strive for the blockchain highland and step up the construction of a digital Zhejiang, Zhejiang provincial government held a seminar on “Blockchain Technology and Application” dedicated for senior officials of the region on May 8. Specialists from Zhejiang University and Alibaba elaborated on the blockchain technology along with problems in the current blockchain application.

As one of the richest and most developed regions in China, Zhejiang has early made clear its amicable attitude towards blockchain. In the seminar, governor Yuan Jiajun stressed the importance and urgency of the application of digital technology including blockchain, Artificial Intelligence, cloud computing and big data in the real economy and take the leading role in these fields in the country.

Yuan pointed out that blockchain is a disruptive technology in the transition from the internet of information to the internet of trust. Though it is still in the early stage, it indeed has a bright prospect with vast applications. Developing blockchain is a move conforming to the global trend and according with the national strategy. We should reap the first-mover advantages on the blockchain technology to vigorously develop blockchain industry and further a high-quality economy, keeping eye on

blockchain innovations such as distributed ledger technology;

blockchain applications, especially in finance, manufacturing, medical treatment, education, trade, government service, etc;

blockchain talents as well as blockchain ecology.

It marks the latest effort from a Chinese official authority in embracing blockchain. Prior to that, on February 4 2018, its provincial capital Hangzhou a Chinese city noted for its vigorous support for the fintech industry and home to the e-commerce giant Alibaba, included “blockchain” in the government work report for the first time, aiming to speed up the cultivation of future industries such as AI, virtual reality, blockchain, quantum technology and commercial aerospace. And according to the 2017 Global Enterprise’s Blockchain Patent Ranking (Top 100) released by IPRdaily, Hangzhou-based enterprises accounted for over 10% among 1060 pieces of blockchain patents with Alibaba topping the list.

In April this year, a $1.6 billion (10 billion CNY) government-backed blockchain fund, dubbed Xiong’An Global Blockchain Innovation Fund, was launched in Hangzhou, and soon many cities follows the suit to encourage blockchain industry with real actions, days later, a 500 million Chinese yuan ($80 million) government-guided venture fund for blockchain startups was launched in Shenzhen.

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