China apparently has a couple of blockchain projects which once fully implemented will leave the rest of the world in the dust.
Following Chinese President Xi Jinping’s call for his Country to “Seize the opportunity” offered by blockchain technology and the crypto space, it has been revealed by sources that the Chinese have been quietly working on over 500 blockchain projects in so many different fields with as many use-case scenarios which can be deployed practically in every sense.
Sources indicate that the Cyberspace Administration of China has been in charge of the filings for blockchain technology projects before the passing of the cryptography law at the last Politburo Congress over the weekend. Filings at the space agency indicate that the Chinese intend to have blockchain technology integrated into every sphere and facet of life which shows that maybe the Chinese will be ahead of everyone else in its implementation.
From what we know of two different lists one released in March and the other just released this month, (197 and 309), they are mostly mission-critical organizations and institutions that drive the Chinese economy though there may be more lists within government and private circles.
14 blockchain technology projects have been identified with the exciting world of financial services. Ping An Bank which is the sister banking company to Ping An insurance and Industrial and Commercial Bank of China (ICBC) the largest global baking company by the sheer number of assets each has two blockchain projects on the list. Ping An became the first banking organization in China to join the premier R3 blockchain company in 2016 and also to have a blockchain-based governance platform. Card payment services provider Union pay also has its two blockchain projects.
Two other financial companies though not on the list also have their blockchain projects as well. The Chinese Construction Bank CCB has its platform dealing with its trade financing activities while the Bank of China has its blockchain-based money transfer platform which was used to send money to South Korea in US Dollars in 2018.
Technology companies aren’t left out of the list as well. Baidu the largest search engine in China has its Xuperchain which provides the foundation for a blockchain ecosystem and its dapp similar to the famed Cryptokitties called Letsdog under the branch company Duxiaoman. Then we have the Baidu Blockchain Engine based in the cloud and the Token project meant for the governance of intellectual property.
Alibaba, on the other hand, has been making waves in the number of patent applications for blockchain technology. Tencent has also been busy building its services within and outside the cloud for blockchains as well after its debut whitepaper.
The Chinese government isn’t left out as well as a plethora of projects on the list as well. Union pay has its cross-border payment blockchain-based application. The Beijing and Guanzhou internet courts have their blockchain-based projects as well.
LegalXEchain also has three registered legal services on the list as well. Recent reports of a blockchain city southwest of Beijing which is said to gulp $380 Billion also is worthy of mention too. More services include taxation, cross-border settlements of state funds, urban administration to name a few.
Internet streaming service iQIYI is also said to have linked with Baidu’s Xuperchain infrastructure as well. Genetic organization BGI has a project on the list as well as an invoicing project for consumer products manufacturer Midea. This just goes to show the length and breadth of the kind of society that the Chinese want to build. While the rest of the world is still trying to figure out how to embrace blockchain technology, the Chinese figured it out, kept it to themselves and will reach there before everyone else.