Category Archives: China Blockchain

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China Releases Blockchain Guidebook for Bureaucrats

The Communist Party of China (CPC) has published a blockchain guidebook that observes the technology’s key features scientifically, the origins and future applications, as well as approaching challenges.

An official’s guidebook

The publication was announced on 13 Augus in a press release on the CPC website. The book, ‘Blockchain – A guide for Officials’, covers many facets of the nascent technology which will offer counsel to government officials.

In an excerpt from the book in the chapter ‘From Internet Thinking to Blockchain Thinking’, Ye Hao, president of People’s Network writes:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

The introduction of the book allows for the CPC to assist other government authorities on how to better understand blockchain, establish a common ground from which they can work together and drive adoption of the distributed ledger technology on a national scale.

Looking ahead

The publication arrives at a time when huge levels of funding directed at blockchain are pouring in across multiple mega-city projects in China: USD 80 million for blockchain startups in Shenzhen, USD 1.6 billion in Hangzhou and USD 1.48 billion for Nanjing City.

Furthermore, the “number one urban project” in China, Xiong’an, is now set to become a “dream city“; this is thanks to a recent partnership between the latest mega-city and blockchain development firm ConsenSys.

International language of learning

Comprehensive studies that call for the widespread understanding and adoption of blockchain are emerging from every corner of the world. China’s Ministry of Industry and Information (MIIT) in collaboration with Tencent Holdings released a report detailing the numerous economical enhancements that distributed ledger technology (DLT) offers.

In Scotland, a paper was recently released, bullishly calling for the Scottish government and industries to rally around this tech and innovate alongside the rest of the world with it. Similarly, the United States Chamber of Digital Commerce also published a guidebook in a bid to generate discussion and understanding of virtual tokens, urging that regulatory policies need to develop sooner rather than later.

A top senior economist from the Bank of Canada also released an extraordinarily-detailed research paper describing the potential benefits of a central bank digital currency (CBDC). A US-based, world-leading IT industry trade association released another guidebook that gives focus to blockchain applications in the public sector.

Educational literature, backed by the world’s largest governments and industry representatives, is a boost to the credibility of blockchain. Perhaps they will also serve as a means for a global blockchain consensus at some point in the future.

 

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“Dream City” International Blockchain Collaboration Between China and ConsenSys

In a world first, the Chinese City of Xiong’an will be home to a blockchain deployment program, transforming the newly-established ‘number-one urban project‘ into a “dream city”, backed by President Xi Jinping.

Mega-cities

Over the past three decades, urban development in China has been exploding; major cities have been receiving record levels of funding, and areas such as Shenzhen and Shanghai’s Pudong have been placed on a special list for development throughout the past 40 years.

Xiong’an is one of the most recent additions to the list of “mega-cities” and has been a largely underdeveloped area. In April, plans for the Xiong’an New Area were revealed as well as documents guiding the cities development through to 2035.

Bolstered by blockchain

These ambitious developments have received a rocket-fueled boost as a significant partnership between Xiong’an and blockchain development company ConsenSys.

On 23 July, ConsenSys and the Xiong’an government signed a memorandum of understanding (MoU) for the “dream city” project, marking the first time that Xiong’an has publicly recruited a foreign development studio to aid in its blockchain efforts.

Blockchain is high up on the city’s technological agenda, it is one of several technological fields that the government has listed as part of cutting-edge and can transform Xiongan into a leading tech hub for the country.

Joseph Lubin, Ethereum co-founder and ConsenSys founder said in a statement, “As one of our first major projects in the People’s Republic of China, we are excited to help define the many “use cases” that could benefit from the trust infrastructure enabled by Ethereum technology.”

According to the South China Morning Post, the full MoU has not been published, though in a statement ConsenSys wrote, it would “… follow with agreements addressing different aspects of this innovative multi-faceted initiative, and establish Xiongan as a next-generation smart city and a leading blockchain innovation hub”.

ConsenSys has several global partnerships on the go; Ireland is in partnership with the studio to develop and deploy Ethereum-based blockchain platforms and products, and the Philippines, for example, are working with the studio to bridge gaps between the unbanked and traditional financial services.

Billions upon billions

China is pumping extraordinary amounts of money into domestic blockchain developments. In April, one of the specially designated mega-cities Shenzhen was reported to be investing CNY 500 million (USD 80 million) into blockchain startups in the city in a public-private partnership.

Before that, the city of Hangzhou received USD 1.6 billion to invest in blockchain effort. The funding project has already opened a Blockchain Industrial Park with ten blockchain projects from around the world being “successfully contracted” into it.

Most recently, Nanjing City is set to receive CNY 10 billion (USD 1.48 billion) worth of investment to support public blockchain projects in another public-private fund that will support academic innovations, blockchain startups as well as established companies seeking to adopt blockchain technology.

 

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Chinese Ministry of Industry and IT Anticipates Big Year for Blockchain

China’s Ministry of Industry and Information Technology (MIIT) released a whitepaper on 20 May 20th detailing the accelerating growth and prospective future of blockchain industries in the country.

China has notoriously been a slightly cryptocurrency-friendly environment; stances in the country seem rather juxtaposed. For example, initial coin offerings (ICO) and trading are banned entirely, but the nation still promotes blockchain technologies with e-commerce and tech giant Alibaba being a notable example of bullish attitudes toward blockchain technology in China.

The value of blockchain in China

However, the report from the ministry reveals that there have been 249 investment deals in blockchain companies in China to date. In 2016, there had been 60 funding rounds, in 2017, nearly 100 and so far in 2018,68 have been registered in the first quarter.

By the end of March 2018, there were 456 Chinese blockchain companies in China, nearly double that of 2016 which ended with 256; the white paper notes: “The industry is developing rapidly with more and more entrepreneurs and capital entering the market.”

Of these companies, 295 focus on blockchain applications with 86 utilizing blockchain for financial services and 109 are giving their attention to applications in real economic sectors.

These new heights for blockchain investments and enterprise growth are setting 2018 up to be a favorable year for the industry; the exponential growth of blockchain related startups can be attributed to the growing trend of equity financing for blockchain ventures. The whitepaper reads: “Our blockchain industry is currently at a high-speed development phase – entrepreneurs and capital are pouring in, and the number of enterprises is rapidly increasing.”

It further notes an acceleration of blockchain application as a new round of business model changes is promoted, resulting in “cost reduction” and “improvement of efficiency”, leading to a formation of an “integrity industrial environment”.

Bans but a promising future ahead

The report comes shortly after the MIIT released its monthly public blockchain ratings index, which lists 28 blockchain platforms and the cryptocurrencies backing them; which from China, is somewhat contrary to their ICO and crypto-trading stance.

Domestic exchanges, cryptocurrency trading, and ICO related websites are blocked, despite China identifying blockchain as a vital part of the future and promoting investment in the technology.

The paper overview also details six trends in China’s blockchain industry that indicate an exciting future in the skeptical country, reading:

“Thirdly, the blockchain will be widely used in the real economy in the next three years, becoming an important support for the construction of digital China. The fourth is blockchains to create a new platform economy and open a new era of sharing economy.”

 

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