Beijing Lays Out New Blockchain Investment Plan For DLT Unicorns

The capital of China, Beijing lays out a new blockchain investment plan to transform the city into a global hub for private blockchain innovation and become a leader in public DLT deployment.

In fact, the municipal government of Beijing has recently unveiled the 20-point plan which will accelerate the development and deployment of distributed ledger technologies (DLT) and turn the city into both a global hub and a national one for blockchain technology.

The announcement was published on July 1st and shows that the plan seeks to “promote theoretical innovation, technological breakthroughs, […] talent cultivation,” and “create new economic growth.”

The government will also provide some financial support as Beijing lays out its new plan for implementing blockchain technology. The Beijing Blockchain Innovation Development Action Plan 2020–2022 also outlines the city’s intent to solidify itself as a global leader in both the private blockchain innovation and the public DLT deployment by the end of next year.

In this manner, China says that fostering a good business climate for blockchain innovation is cited as a top objective of Beijing, with “cultivating a group of unicorn enterprises” listed among the plan’s goals. In order to promote innovation, the city will look forward to establishing a “blockchain industry innovation development base” which would span the city’s top districts for financial and technological innovation.

What’s also visible in the blockchain news is the plan to promote the establishment of standards of practice for the blockchain sector. Beijing lays out a plan and hopes to “cultivate a group of unicorn enterprises and leading enterprises with global influence” through its initiatives.

One of the interesting fields in the cryptonews include the plan to establish blockchain research institutes and support research in key areas relating to DLT – which would include cryptography, high performance computing as well as chip technology.

The city will also focus on developing a blockchain-focused research and development institution which will work closely with China and its existing research institutions and universities. Tasked with researching the “performance, security, privacy protection, scalability, and data authenticity” of DLT platforms, the institute will work towards greater adoption of the technology.

In the end, the announcement shows that Beijing lays out a plan which will apply blockchain to public administration – namely encouraging “research institutions, universities, and enterprises to build on […] blockchain.”