Beijing reveals city plans for building blockchain innovation hub

The city government’s 145-page document provides a comprehensive outline of Beijing’s plans to shift towards blockchain technology

The Beijing city government has revealed a 145-page document that outlines their plan to become a centre for blockchain innovation in the next two years.

This blueprint is released nearly a month after the city’s government revealed an initiative called the Beijing Blockchain Innovation Development Action Plan 2020-2022, which is geared toward making the capital city one of the first cities in the entire country that integrates blockchain technology into the city’s economic development.

A local media report revealed that 140 government services already use blockchain applications for a variety of purposes, such as data sharing collaborative business management, and electronic certifications.

Notable changes that the city is planning on implementing for its blockchain strategy include setting up a special fund to invest in blockchain projects and supporting these projects to become publicly listed.

The city government is also looking at empowering the research and development of blockchain technology, driving government agencies and financial services firms to use the tech for data verification and transfers, as well as fostering integrations with the city’s infrastructure and public services.

“By 2022, Beijing will become an influential blockchain technology innovation center, application demonstration center, industrial development center, and innovative talent center, taking the lead in forming the ‘Beijing Plan’ for blockchain-enabled economic and social development”, the announcement reads.

Aside from Beijing, few other cities around the country have made a public declaration regarding its plans to develop blockchain innovation.

China is also building a smart city that runs on the latest technologies, named the city of Xiong’an. It has already implemented blockchain technology in financing, infrastructure, construction, and other government initiatives.

The Hainan province is also known as a blockchain-friendly province in the country and the conducive business environment has led exchanges such as OKCoin and Huobi to establish their headquarters within its boundaries.

As a country, China has made significant progress in the research and development of cryptocurrencies and other related technologies. Their pace has picked up since the start of the pandemic due to the increased urgency for avenues to continue conducting business without physical interaction. The national government is currently working on beta testing for the digital Yuan on select government agencies and employees around the country.

Just recently, it allowed users of the DiDi rider service as well as the Meituan food delivery app to pay for their goods and services using the digital yuan.