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China’s Official People’s Daily Analyzed Second-tier Cities Intend to Beat Beijing in Blockchain

Blockchain, the newest technology poised to revolutionize numerous industries, is eyed by local governments in China. According to People’s Daily Online, an official newspaper of the Chinese Communist Party, there are more than 10 provinces (municipalities and autonomous regions) highlighted “blockhain” in their 13th Five-Year Plan include Guizhou, Jiangsu, Guangdong, Shandong, Fujian, Jiangxi, Inner Mongolia, Chongqing, Chengdu, Xingjiang.china.width-800

Surprisingly, unlike first-tier city local governments, for example, Beijing and Shanghai, are holding a wait-and-see attitude, some second and third-tiers cities have turned to blockchain enthusiastsand put much efforts in blockchain adoption.

In fact, Getting a head start in developing blockchain technology has become an important task for many local governments to seize the opportunity to boost local economics.

Blockchain is a decentralised, digital ledger which records all the transactions between multiple entities and allowing that information to be distributed among disparate organizations. It has been recognized as a core technology that has the potential to drive internet revolution. The blockchain technology can be used in building new financial infrastructure and new e-government platforms. It also promotes the collaboration between different government sectors.

Li Ming, the director of China Electronics Standardization Institute, stated that,

“To the traditional enterprises, blockchain can connect the stakeholders from across their supply chain together to improve transparency and enhance the efficiency. It plays an significantly effective role in industrial upgrade and transformation.”

The second and third-tier cities have strong ambition in overtaking other cities by using an emerging technology. For example, Guiyang has been called “Chinese Silicon valley” due to its advanced big data industry; Hangzhou also becomes the domestic internet e-commerce hub and developed rapidly in the last decade.

Blockchian has been hailed as a potential “second generation of the internet”. It also makes the decision makers feel anxiety and being afraid of missing out this opportunity.

Li Ming advised that, governments should play the main role in accelerating blockchain development. They should adopted blockchain applications in more scenarios based on their local industrial structures and own characteristics.

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