Chinese Cities are Distinct from Blockchain Arrangements
Chinese cities have different blockchain arrangements as they are distinct from the advantage of local industry, talents, capital, and regions.
Hangzhou, a city located in southeastern China, has a good atmosphere for underlying technology by gathered a group of excellent software talents on the strength of the Internet. Therefore, a group of technology unicorns have been born.
Shanghai, a province-level municipality where a group of large domestic and foreign financial institutions gather has long been a global financial center. Therefore, the exploration of blockchain application in Shanghai is more inclined to financial technology.
Beijing, the political and cultural center of China, gathers large blockchain technology companies providing ‘To B’ services. On the whole, Beijing’s policies are mostly related to financial risk prevention, which meet the challenge of endless digital currency financing projects.
Beijing focuses on government affairs, encouraging the adoption of blockchain, AI, big data to optimize the business environment. Beijing adopts blockchain technology to connect the responsibility directories and data of 53 departments in the city, forming a “directory blockchain” system, underpinning data aggregation and sharing.
At present, there are more than 300 blockchain enterprises in Shanghai. Among the top 10 emerging technology academic research rankings, Shanghai ranks fourth in the world’s metropolises.
Shanghai will further attract and cultivate all kinds of financial technology enterprises and traditional financial enterprises by using scientific and technological means to improve their financial service capabilities, provide counterpart policy services for all kinds of financial technology enterprises gather in Shanghai. It goes that “Shanghai, which has missed the Internet, will not miss blockchain this time”.
Hangzhou is the first city to write the blockchain into the government working report. The support of the government is very strong as it has established government guidance funds and a number of industrial parks. Secondly, universities and scientific research institutions like Zhejiang University constantly supply talents and research fruits.
Shenzhen, a city in south China is home to leading technology enterprises like Tencent, Huawei, Xunlei as well as the digital currency research institute of the central bank. As the first pilot of blockchain electronic invoice in China, Shenzhen has laid a foundation in the field of tax. At present, the blockchain electronic invoice has been accessed to more than 7600 enterprises, with the number of invoices exceeding 10 million, serving industries covering finance, insurance, retailers and parking services.
As local decision-makers, they are more sensitive to seize the opportunity. With the encouragement and support of the Chinese local governments, the Internet and AI have been a strong competitor in the world, so do blockchain.