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Government of Beijing Announces Two-Year Plan to Bolster Blockchain Industry

Blockchain development in China’s capital is set to pick up the pace in the next couple of years thanks to the latest government initiative aimed at bolstering the development of distributed ledger technology in the region.

The Municipal Government of Beijing released its two-year blockchain development plan on Jun. 30, in which it laid out mechanisms it plans on employing in order to facilitate a better and more efficient ecosystem. While the official announcement was made public just yesterday, the program itself was approved on Jun. 18.

The plan, titled “The Beijing Municipal Blockchain Innovation Development Action Plan (2020-2022),” lays down 20 targets it aims to achieve within the two-year time period. However, it fails to provide any further detail on how much money the government of Beijing plans on pouring into the deal. It is known, however, that the Beijing Municipal Tech Innovation Parent Fund will establish a specialized Blockchain Industry Investment Fund that will finance the endeavor.

Nonetheless, despite being relatively vague with details, the program illustrates Beijing’s determination to become a hub for blockchain innovation, development, and real-world adoption. The city will employ the help of several other governmental units, including the Municipal Science and Technology Commission, the Zhongguancun Management Committee, the Municipal Economics and Information Bureau, the Haidian District Government, and many others.

Aside from encouraging scientific research on distributed ledger technology (DLT) in universities and R&D labs, the city of Beijing will also foster a good business climate in order “cultivate a group of unicorn enterprises.”

The municipal program won’t put all of its eggs in one basket, so to speak—the city of Beijing will financially support developing a wide variety of blockchain applications, including data sharing, security, traceability, digital identity, directory systems, and unified social credit applications. All of the various chains that might be developed under the fund will be able to communicate with one another, though, as the report specifically highlights the importance of cross-chain interactions.

This will enable Beijing to create a blockchain-based “common infrastructure” that will be applied to all of the government services it provides. According to the official report, if successful, this would make Beijing the first region in China to focus on real estate registration and unified electronic bills in the field of finance and taxation. Aside from drastically improving the efficiency of the bureaucracy that serves 21 million residents, distributed ledger technology would also significantly reduce its costs.

Another major part of Beijing’s two-year program will be investing in blockchain-based tracing solutions. The outbreak of the COVID-19 virus and the ongoing pandemic have pushed China to tighten its grip over the movement of its goods and people, with blockchain technology being touted as the best solution to this. With this in mind, the government of Beijing said that it will be heavily investing in traceability projects that promote “public safety matters.” According to the program ,this includes investing in projects that track food, hazardous waste, emergency equipment, rescue funds, and medical records.

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