With Over 10,000 Blockchain Startups, Guangdong Has Been a Blockchain Hub in Southern China
South China’s Guangdong province, the largest provincial economy, now is the a hotbed for blockchain technology in the country.
As of September, the province is home to 11,022 blockchain firms, the number making it rank first in the nation, and Zhejiang province ranks second with only 1,083 related companies, according to local news outlet 01caijing.
Guangdong’s GDP exceeded 8.9 trillion yuan (about $1.39 trillion) in 2017 thanks to technology-driven growth. Within the province, blockchain startups are mainly situated in five economically strong cities—Guangzhou, Shenzhen, Dongguan, Foshan and Zhuhai—which are part of China’s Greater Bay Area.
The State Council, China’s cabinet,issued an order in May to to require the provincial and municipal government in Guangdong speed up the development of financial technologies, including the acceleration of developing and implementing blockchain applications under the existing regulatory frameworks.
Municipal governments in Guangdong have adopted measures to speed up the development of the technology and accelerate the adoption of blockchain applications. For example, Guangzhou Municipal government decides to spend roughly RMB 200 million($29.1 million) annually to support the emerging technology, Shenzhen doles out as much as RMB 6 million in bonus to blockchain entrepreneurs, and Foshan city introduce supportive policies covering 9 areas, including technical support, financing support, talent support, among others.
As a result, an increasing number of excellent blockchain use cases are rolled out in the area.
A new blockchain trade finance platform shepherded by the People’s Bank of China has started official pilot operations in Shenzhen in early September. The platform known as Blockchain Trade Finance Platform for Guangdong-HK-Macao Greater Bay Area aims to provide a blockchain-powered ecosystem for cross-border trading across the three regions.
Besides, Foshan’s Chancheng District launched a blockchain-based ID system called Intelligent Multifunctional Identity (IMI) in June. The system lets local residents avoid filing repetitive personal information for different public services, simplifying the process to gain access to the public service.