China’s Yunnan Province has developed the country’s first blockchain-based public resource bidding platform.
China’s Yunnan province city of Kunming has completed the development and internal testing of the country’s first completely blockchain-based public resource bidding platform.
Public resource bidding is a method utilized by governments to allocate large resources to private and public sector companies that promise to complete a particular project.
Dubbed “Kunyilian,” the bidding platform utilizes Tencent’s blockchain-as-a-service system and intends to solve the challenges faced by the current public resource bidding process. It is expected to help authenticate the credibility of central entities involved in the bidding process and expedite data sharing and security.
During the pilot test of the platform, it registered almost 60,000 blockchain certificates related to official bidding data. It now aims to provide its services to the more than 30,000 bidding entities for public resources in Kunming.
The development of the platform is part of China’s initiative to further its technological innovation through investments into new and emerging technologies.
China goes full throttle on blockchain tech
Chinese technology companies as well as the state and national governments are increasingly investing in the blockchain and cryptocurrency industry. Tech and internet giants such as Tencent and Alibaba are leading the innovation in this space with full support from government actors.
Chinese companies were already outpacing others in the number of blockchain patents registered under their names when Tencent recently filed more new patents related to blockchain-based consumer applications, hardware devices and media storage systems.
Cointelegraph reported on June 22 that China had completed the backend development of its central bank digital currency and was currently testing it for business use cases.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.