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Home / Business / From banking giants to Tech Darlings, China reveals over 500 Enterprise Blockchain projects

From banking giants to Tech Darlings, China reveals over 500 Enterprise Blockchain projects



The Takeaway:

  • More than 500 blockchain projects have been registered with the Chinese government since March.
  • The records reveal some of the largest Chinese banks and technology companies working on the technology.
  • Several government offices, including courts and tax agencies, test blockchain platforms for performing administrative tasks, the filings show.
  • Chinese President Xi Jinping announced his support for blockchain technology, while Congress passed a cryptography law a day after Xi's comment.

As President Xi Jinping asked his countrymen to seize the capabilities of distributed ledger technology, China's industrial weights already led hundreds of enterprise blockchain projects.

In total, the identity of 506 such projects has been published by the Cyberspace Administration of China, which, since January, has required any entity that develops blockchain technologies to register their projects for its oversight.

The information released so far is from two lists ̵

1; 197 projects named in March and 309 in October – and offers a trove of insight into hundreds of blockchain projects under development in China.

Several lists may be published, but these large tranches already include some of the largest Chinese state-owned banks and commercial tech conglomerates, as well as the many public and public sector projects that define China's economy today.

Many other potentially significant developments were partially disguised by the list of projects under the names of affiliates. In addition, many known blockchain projects are absent from the two lists, but can probably be published in another installment.

In total, CoinDesk is able to reveal thumbnail sketches of several enterprise blockchain projects that can change the landscape of the Chinese technology industry.

Financial Services

Trade finance, asset management, cross-border payments and supply chain financing were the four most common cases in financial service projects included in the two lists.

including two major state-owned national banks and four local banks, have applied for 14 blockchain projects.

Industrial and Commercial Bank of China (ICBC), the world's largest real estate bank, and Ping An Bank, Ping An's bank arm, have registered two blockchain projects each.

Ping An Bank unveiled a data analytics SAS platform and a blockchain-driven voting and decision-making system. The bank became the first Chinese financial institution in the R3 enterprise blockchain alliance in 2016, and has deployed a blockchain network called FiMax to improve data sharing and privacy processes. The aim of this was to increase the efficiency of securities transactions supported by assets and to cope with challenges in supply chain financing.

Union Pay, the Chinese counterparty to Visa or Mastercard, filed two blockchain services, including a digital certificate application and a blockchain-based cross-border capital transfer tracking platform.

ICBC Xi Blockchain Service and ICBC Financial Services are blockchain projects to facilitate transactions for the bank's customers. ICBC partnered with China's central bank, People's Bank of China, in 2017 to conduct blockchain technology research, and launched its blockchain-based financing platform for SMEs.

While not on the list, two major banks had recently published much more details about their blockchain projects, as previously reported by CoinDesk.

China Construction Bank (CCB), one of the four major Chinese commercial banks, is modernizing its blockchain-based trading finance platform as trading volume on the platform reached $ 53 billion. CCB's projects included facilitating financial transactions such as factoring and forfeiture, providing immediate cash for exporters in exchange for short-term receivables.

The Bank of China also completed its first international money transfer to South Korea in dollars through its patented blockchain payment system last year.

Baidu, Alibaba and Tencent

In the list is Baidu, the Chinese search engine giant, which published its white paper on blockchain, and describes its patented Xuper Chain, which aims to provide basic blockchain services infrastructure. [19659007] The company had also launched a decentralized application, or dap, game called Letsdog in August last year, similar to the internet sensation CryptoKitties. The project is registered through Baidu's blockchain subsidiary Duxiaoman on the October list.

Another two Baidu projects were included in the March list, including the Baidu Blockchain Engine that provides cloud services and the token that utilizes the blockchain to protect intellectual property rights for digital content. [19659007] Alibaba Group is in a perpetual race for # 1 against Baidu, Tencent and Internet conglomerate Huawei as one of the four to develop the most advanced cloudchain services in China.

Each company submitted information about its blockchain cloud services, according to registration data. All four of their blockchain white papers emphasized the importance of developing blockchain-based cloud services as third-party infrastructure providers.

Alibaba has been particularly active and topped another list – the most patent applications focused on blockchain-related technologies – with a total of 90 projects surpassing IBM and Bank of America.

Tencent, parents of the WeChat messaging app, has built a package of blockchain services since their first white paper was released in 2017. On the list, the internet giant posted its registration for Tencent Blockchain and Tencent Cloud TBaaS Blockchain.

The company's TrustSQL platform is designed as a three-part system with the core chain layer, a product and service layer and an application layer to provide digital asset management and authentication.

The company partnered with Intel to develop a blockchain for Internet of Things applications while beginning testing the blockchain funding app licenses with Bank of China in 2017.

Government-led projects

The Chinese government, itself, was heavily involved in many of the major projects that were listed, from communications backbone to legal and land innovations Cases of development use.

Union Pay, China's response to VISA-Mastercard, was mentioned in the list of a cross-border payment project.

This month, Chinese media reported the start of a test phase of a Union Pay project, partnered with five other institutions, including China Mobile and the State Information Center, to launch Blockchain Services Network (BSN), a nationwide blockchain infrastructure project that is believed to be "Android or Apple's iOS system" for blockchain.

Yifan Han, CEO of Beijing Red Date Tech, one of the six institutions, said in the announcement that BSN is already being tested in 55 cities in China, plus Singapore.

The network claims to be more cost-effective than cloud services currently provided by Tencent, Huawei or Alibaba.

There were also many examples of the government directly using blockchain to provide services, from legal arbitration, tax collection to the day-to-day management of a compensation tracking platform for relocated farmers.

Beijing and Guangzhou Internet courts each registered their own blockchain-based platform. The first Internet court in China and the world opened in Hangzhou, South China, in 2017.

These Internet courts are already authorized to deal with certain Internet-related matters such as online financing, online IP disputes and small loan dispute disputes. The courts migrate every step of the online legal process, including prosecution, settlement, presentation of evidence and ruling.

legalXchain registered three blockchain services based on legalXchain, LegalFabric and Hyperledger. The company claimed to be a blockchain technology company designing projects specifically for the legal sector in China, according to the website.

Another unique project is for a "new city" being built over swamp land, 60 miles southwest of Beijing. As the city surpasses 21 million inhabitants, a decision was made to build Xiong'an, which means "brave and peaceful," by purchasing land from local farmers. These transactions will now all be done via blockchain to keep it transparent and organized. A recent report from the Brookings Institute said $ 380 billion will go into the new city. .

One of the three projects on the list for the new city is Xiong & # 39; an Blockchain Land Compensation Distribution Platform, which would be responsible for distributing financial grants to relocated residents in the area.

Several government-owned blockchain services included Blockchain Electronic Invoice, for the Shenzhen State Government Administration of Taxation, and the Cross-Border Transaction Platform, for the state currency exchange administration.

Everything Else

Many more names and projects were identified on the list, although it was difficult to fully identify them all.

Two more from well-known companies include one from the video streaming company iQIYI – China's response to Netflix – which stated that they use Baidu Xuper Chain Supernode to improve their streaming services. Another was from BGI, one of the largest biosciences and genomics companies in China, which registered the BGI Blockchain BaaS Platform to conduct genetic analysis.

A third company, with a very interesting use case, was from Jingde Porcelain, with a smart blockchain project to authenticate its porcelain products; The company is known for its blue and white plates and vases.

A fourth project was registered by the Shenzhen Charity Lottery Distribution Center to confirm winning tickets. And a fifth is an invoice processing platform on the blockchain for Midea, a major consumer device manufacturer.

Image via Shutterstock


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