China is making progress in blockchain field
Municipal authorities of Beijing, China’s capital, and Suzhou, fifth largest China’s city in terms of GDP, have announced measures to promote the integration of blockchain into economic development of cities under their control. Beijing presented a 145-page document that outlines steps to implement the plan for blockchain hub development in 2020–2022. It describes the ideas for the full integration of distributed applications in urban infrastructure.
The plan aims to help the city strengthen the research of blockchain as a core technology. It is envisaged to create an open source technology platform on which the information infrastructure will be built. The authorities also plan to build a world-class research institute and promote public services such as data exchange and business cooperation — a total of 140 different case studies.
The authorities in Suzhou have similar but less ambitious goals. The Xiancheng district has approved a policy to develop blockchain technology. It covers nine aspects and includes 24 incentive measures.
The Chinese authorities also have reported on the introduction of distributed registry technology in the activities of 140 public services. Blockchain allowed state employees to abandon paper certificates and reduce 40% of their maintenance costs.
Blockchain companies listed in China can apply for grants of 8 million yuan ($1.14 million). Laboratories, business incubators, innovation spaces can expect 2 million yuan ($285 800). Blockchain specialists living in other countries can apply for a 3 million yuan ($428 700) lift for relocation. The total fund for such incentives will be 1 billion yuan ($142.9 million). The initiatives of Beijing and Suzhou are a continuation of President Xi Jinping’s initiative to turn the country into a world leader in the blockchain field.
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