China seizes blockchain opportunities

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President Xi Jinpeng is anxious to see China win as many blockchain opportunities as possible. In total, 506 such projects have been published by the Cyberspace Administration of China since the beginning of 2019. Furthermore, every entity developing blockchain technologies must register their projects for further supervision.

These projects already include some of the largest Chinese state-owned banks and commercial tech conglomerates, as well as the many government and public sector projects that define China’s economy today. So, we know they are serious about the sector.

The financial sector is prominent in the list, with trade finance, asset management, cross-border payments and supply chain financing amongst the four most common use cases, and six banks, including two major state-owned national banks and four local banks, have filed for 14 blockchain projects, as reported by Coindesk.

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, and Ping An Bank, the banking arm of Ping An Insurance, have registered two blockchain projects each. Ping An Bank disclosed a data analytics SAS plat­form and a blockchain-dri­ven vot­ing and decision-making sys­tem.

Union Pay, the Chinese counterpart of Visa or Mastercard, filed two blockchain services, including a digital certificate application and a blockchain-based tracking platform for cross-border capital transfers.

On the commercial side of blockchain, Baidu, the Chinese search engine giant, released its blockchain white paper detailing its patented Xuper Chain that aims to provide a foundational infrastructure for blockchain services.

Alibaba Group, one of Baidu’s main competitors, alongside Tencent and internet conglomerate Huawei will develop the most advanced blockchain cloud services in China. Each company filed information about its blockchain cloud services, according to the registration information.

It is worth noting that the Chinese government, itself, was heavily involved in many of the large-scale projects registered on the lists, from communication backbones to innovations in legal and land development use cases.

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