Chinese Blockchain Pilot Zone To Be Used By 400+ Companies

The latest blockchain news show that there is a clear uptick in the adoption of the technology and more than 400 companies are tapping into Guangzhou – known as the Chinese blockchain pilot zone.

In fact, the Guangdong Province (where Guangzhou is based) is the one that launched the first Chinese blockchain pilot zone in the country. According to reports by local news media outlets, companies involved with industries such as finance, government, manufacturing and other sectors will look to test their products and services in this zone.

What’s also visible is the fact that the Mediterranean Hospital of Cyprus will store patient data (the results of COVID-19 testing) on the blockchain as announced before. This is how the E-NewHealthLife platform is being developed by firms such as I-Dante and the enterprise-oriented platform VeChain. The VeChain news show that this cryptocurrency project will help the encrypted data reside on its blockchain, making it accessible through the E-HCert app.

Meanwhile, the blockchain and crypto-keen South Korean bank Shinhan completely revamped its blockchain departments and launched a new initiative named “Leading New Digital Finance” which will also be present in the Chinese blockchain pilot zone where it will make use of blockchain, AI, and other industry 4.0 innovations.

All of this goes in line with other crypto regulation updates from China, which show that the back-end development of the central bank digital currency (CBDC) in the country has been completed, according to the ex vice-chair of the People’s Bank of China and the National Council for Social Security Fund.

The Chinese blockchain pilot zone will help businesses by providing an ecosystem where they can test, pilot and make use of blockchain projects. In times when this technology is seen as a major disruptor to all existing industries and a potential innovator in many fields, a zone like these will obviously stimulate even more projects and emerging sub-technologies.

Aside from blockchain, the Guangzhou province will also focus on other emerging technologies such as big data, turning to fintech-related tech to improve regulation in different industries.

All of this is part of a “smart regulatory model” that China is pushing, permitting the strict control of sources and strict management of end consumption.