China gets its first blockchain-based public resource bidding platform
The city of Kunming, in China’s Yunnan Province, has completed the development and internal testing of the country’s first public resource tendering platform, based on a bockchain.
Public resource bidding is a method used by governments to allocate large resources to public and private sector companies that promise to complete a given project.
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Dubbed „Kunyilian“, the bidding platform uses the blockchain system as Tencent’s service and aims to solve the problems posed by the current public resource bidding process. It is expected to help authenticate the credibility of the central entities involved in the bidding process and to streamline data exchange and security.
During the pilot test of the platform, almost 60,000 blockchain certificates related to the official tender data were registered. It now aims to provide its services to the more than 30,000 public resource tendering entities in Kunming.
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The development of the platform is part of China’s initiative to promote its technological innovation by investing in new and emerging technologies.
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Chinese technology companies, as well as state and national governments, are increasingly investing in the blockchain and crypto-currency industry. Technology and Internet giants such as Tencent and Ethereum Code are leading innovation in this space with the full support of government actors.
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Chinese companies were already outperforming others in the number of blockchain patents registered in their names when Tencent recently filed more new patents related to blockchain-based consumer applications, hardware devices, and media storage systems.
Cointelegraph reported on June 22 that China had completed development of its central bank’s digital currency backend and was currently testing it for commercial use.