New Multi-Year Overhaul of Transport Infrastructure in China Will Include Blockchain and IoT
Always on the forefront of technology, China has been examining new ways that blockchain could benefit their economy, particularly in travel.
As the local authorities seek out ways to change the current infrastructure of the transport industry, they will be leveraging multiple technologies, including blockchain technology. The new infrastructure will also include tools like big data and Internet of Things (IoT), according to a government bulletin on March 25th.
The new plans will be using the aforementioned technologies to improve the transport system in the Jiangsu Province.
This area is located north of Shanghai, and the project is planned to take up several years during the development. The whole plan is outlined in the “Implementation Plan for the Promotion of Transportation Infrastructure Development,” which will improve the passenger and freight networks.
Ultimately, this transition will improve the efficiency of the infrastructure, but is also reducing the pollution caused by the current system.
Blockchain will primarily be used in terms of organizing logistics data. Translated from Chinese, the authorities expressed that the technologies will end up improving the organization of cardo transportation, though it will also integrate other modes of transportation.
There are many state-level projects that are leveraging blockchain to their benefit, and this is hardly a new trend. Corporations are also working their way into this integration, as Aerospace Information Co. and Alibaba team up to push blockchain tech development even further than before.
Blockchain has already been integrated into the subways by Shenzhen, which just started issuing electronic invoices with the fintech last week. Clearly, there is more to come, because there is no country in the world with more blockchain patents pending.