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China’s State-owned Industrial Giants Eyes Blockchain for Innovation

Blockchain technology’s momentum has grown significantly in China. Certain state-owned enterprises is looking to blockchain technology to strengthen their competitiveness.副本

Accoring to Liu Liehong, CEO of China Electronics Technology Group Corporation (CETC), the state-owned electricity utility monopoly is accelerating the establishment of an innovative platform based on the advanced technology includes cloud computing, big data, AI and blockchain to strengthen supply capacity of the core chips.

China’s Sinochem Group, have also carried out its first crude oil blockchain import transaction in December 2017. It is also the first government-backed blockchain use case in oil product exports worldwidely to export gasoline from Quanzhou to Singapore.

Zhang Wei, CEO of Sinochem recently stated that, based on the company’s strategy direction, Sinochem is transforming to a innovation platform driven by scientific technology to incubate more unicorn enterprises. According to Zhang, the uniqueness of the core technology and the continuity of business growth are two main factors they are evaluating. Sinochem also disclosed a three-year investment plan in advanced technology, to attract more professional technical staff and to form a mature new technology product industry chain.

State Grid Electric Vehicle Service Company, Ltd., a subsidiary of State Grid Corporation of China (SGCC), has launched the first industrial blockchain lab. This energy blockchain lab has built an application platform to provide a physical “green internet of energy”. This new platform was planned to be launched in June and it could be used to store and track information on the user’s power consumption through a decentralized system.

At present, internet is rapidly infiltrating the entire Chinese society and the state-backed enterprises are still in a systematic absence in a lot of advanced emerging technology. Bo Manhui, CEO of the solely-state-owned high-tech enterprise China TravelSky Holding Company, calls on Chinese government to boot the development of strategic emerging industries buy using policy guidance and promotion.

Bo also pointed out Chinese government should build an incentive mechanism based on total market value increase. For example, state-backed enterprises could build a share transfer path way for employee innovative production and patent incentive.

He also emphasized the importance of building business founding platforms to realize a win-win  between state-owned resources and potential startups.

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