Guangzhou has been working as an integral part of China’s effort to be global leader in emerging technologies including blockchain

By Selena On May 17, 2020

It seems that Guangzhou is trying to aim towards becoming a famous software city in China, with Blockchain being the leading technology.

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Guangzhou is aiming to be a famous software Chinese city

This information was revealed after Guangzhou issued a Blockchain application plan and scaled up these practical applications. This shows that they want to build a national-level blockchain pioneer demonstration zone and make Blockchain be at the forefront of China.

Guangzhou has long wanted to be a strong Chinese right hand in its goal of becoming the center of emerging technology, including Blockchain.

The city’s market regulatory authority told Xinkuai Bao in March that:

“Guangzhou Municipal Edible Agricultural Product Tracking Platform will be the first in China to use blockchain, artificial intelligence, big data, and cloud computing technologies to improve the regulation of food hygiene.”

Even so, Guangzhou still has a long way to go. Their goals are divided into seven aspects. These include building an independent information technology system, creating coordinated industrial ecology, introducing leading companies in the industry, building an industrial agglomeration development highland, actively expanding industrial application scenarios, increasing support for industry talents, and optimizing industrial development environment.

Moreover, at the beginning of December 2019, Guangzhou Public Resource Transaction Center spearheaded the execution of the “Public Resource Transaction Blockchain Platform Sharing Application Cooperative Agreement” with public resource trading centers of nine other cities, including Beijing, Zhuhai, Wuhan, Changsha, Nanjing, Hangzhou, Xiamen, Foshan, and Dongguan. Also, the town later announced a grant fund worth more than $ 140 million to encourage the development of Blockchain initiatives.

Guangzhou’s blockchain initiatives would likely be interoperated into China’s blockchain-based service network (BSN) launched as a global public infrastructure network that aims to reduce blockchain applications’ costs observed in development, deployment, operation and maintenance, interoperability and regulation. The BSN has since been in commercial use after its beta testing started in October last year.

China as an emerging leader in the field of technology is a topic of discussion

For a long time, people had frequently mentioned China with a persistent attitude even when news such as British multinational banking and financial services company Standard Chartered Bank completed its first international yuan-denominated letter of credit transaction using Blockchain.

Meanwhile, the transaction between Chinese steelmaker Baosteel and Australian mining giant Rio Tinto on Contour marks the first paperless deal in the iron ore industry using RMB. This is also very worth mentioning information. This underscores China’s growing importance in global trade. Moreover, the clarification of the view of global political risk consultant Verisk Maplecroft is that China can recover from the economic impact of the Coronavirus outbreak and use the opportunity to enhance its position and especially affect countries severely affected by the pandemic.

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