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China’s cyberspace commission approves 224 blockchain projects

Thu, 30 Apr 2020, 07:58 am UTC

China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has announced the new distributed ledger technology (DLT) projects for the third batch list of blockchain filings.

According to Cointelegraph, there are 224 DLT ventures that received the regulators’ approval. Approximately 40% of them are from Beijing and roughly one-quarter of the projects approved target the fintech sector. Some of them are from major tech firms like Alibaba, Baidu, and China Mobile.

Walmart China’s blockchain project for food safety tracking is one of those that received the green light. Several firms involving the rollout of China’s state-backed blockchain network received favorable responses from OCCAC too.

Meanwhile, earlier this month, China announced its first provincial-level blockchain group called Blockchain Innovation Alliance. The group has over 100 well-known enterprises under it, including Tsinghua Unigroup, Huawei, IBM, Tencent, Alibaba, and Baidu.

“The establishment of the Alliance in Chongqing, facing the whole country, serving the construction of the ‘Belt and Road’, and gathering elite enterprises from all walks of life, will certainly play an important role in the development of Chongqing's blockchain application innovation industry,” said Luo Qingquan, Director of Chongqing Big Data Development Bureau.

It also announced the launch of the public service blockchain platform called “Yu Express Chain,” which is based on Inspur Blockchain Services (IBS) and will serve as a blockchain engine and development service provider.

“Yu Express Chain will drive the industry to gather and develop. In the next five years, it will strive to realize the number of core enterprise patent applications of 1,000, serve enterprises and institutions, create 20 in-depth blockchain application scenarios, and drive enterprises to create an output value of 5 billion Renminbi,” said Zhang Fan, the vice president of the Inspur Group.

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