Chinese President Xi Jinping Is Serious About Blockchain; Over 500 Projects Have Already Launched
- China’s president recently expressed support for blockchain technology and its innovation.
- Presently, all of the projects are combined in two lists, though additional lists may be created.
President Xi Jinping made waves in the blockchain industry with his recent announcement that China was seeking to research this fintech. Now, there are already multiple enterprise blockchain projects in the works, and 506 identities have already been recorded by the Cyberspace Administration of China. Since January, this entity has required every individual or company that has built upon this technology to register their projects.
While two lists so far have shown this information, additional lists could be in the works. However, the current lists already include some of the biggest state-owned banks and commercial tech companies in China. It also includes many projects from the government and public sectors. However, there are some big developments that used related subsidiaries to list their projects in a disguised way.
Recently, CoinDesk broke down a few different areas of interest that these companies have in blockchain technology, including financial services and government-led projects. In the financial sector, the most common use cases for blockchain include trade finance, asset management, cross-border payments, and supply chain financing. Between six banks, there were 14 blockchain projects, including the Industrial and Commercial Bank of China (ICBC) and Ping An Bank.
Decentralized applications also found a home in blockchain technology, like the Baidu Chinese search engine company. Baidu recently released its blockchain whitepaper on Xuper Chain, which offers foundational infrastructure for blockchain services. They have also launched Letsdog, a dApp that is much like CryptoKitties, registered through their own subsidiary While Tencent and Huawei are also working on their own blockchain cloud services, Alibaba Group is competing with the three companies for their own top spot in China.
The Chinese government, much like the companies in this industry, wants to be involved in these projects as well, accounting for many of the large-scale projects that have already been registered on these lists. For instance, Union Pay – the Chinese alternative to VISA-Mastercard, is already on the list.
With the many projects on the list, it's hard to name them all, as more continue to be added over time.