China gets the country’s first blockchain-based public resource bidding platform.
China’s Yunnan province city of Kunming has developed and completed internal testing as well, of the country’s first completely blockchain-based public resource bidding platform.
Public resource bidding is a process by which the government allocates large resources to public and private sector companies that promise to complete a specific project.
Dubbed “Kunyilian”, the bidding platform uses Tencent’s blockchain-as-a-service system and aims to solve the challenges faced by the current public resource bidding process. It is expected to help authenticate the credibility of central organisations involved in the bidding process and accelerate the data sharing and security.
During the trial test of the platform, it registered almost 60,000 blockchain certificates related to official bidding data. At present, it aims to provide services to more than 30,000 bidding organizations for public resources in Kunming.
The development of this platform is part of China’s initiative to advance its technological innovations through investments into new and emerging technologies.
China goes Full Throttle on Blockchain Technology
China’s technology companies as well as state and national governments are investing in the blockchain and cryptocurrency industry. Technology and internet giants like Tencent and Alibaba are leading the innovation in this field with full support from the government.
Chinese companies were already rising faster than others in the number of blockchain patents registered under their names until Tencent recently filed more new patents related to blockchain-based consumer applications, hardware devices, and media storage.