The Beijing Blockchain Plan Is The Biggest One We’ve Seen

The capital of China, Beijing, recently outlined its business plan for blockchain adoption. From everything that is going on in the blockchain and crypto news now, we can see that the Beijing blockchain plan is the grandest one to date.

In a nutshell, the city will launch a blockchain platform for enterprise financing, e-governance, and banking ahead of its attempt to become a major blockchain hub by 2022. With a 145-page plan, the city is now finalizing the plans on how to start implementing it.

As a system for digital governance, the Beijing blockchain plan will create many different avenues for data-sharing between agencies and business, enabling cross-regional collaboration. All of these will be carried on a national blockchain platform, which is the first step towards making Beijing a global blockchain hub by 2022 as the agenda announced last month shows.

Even twelve use cases have been identified in the plan, ranging from implementing blockchain applications at airports to customs, finance platforms for small businesses, and general municipal and governmental services for the citizens.

Moreover, we can see that ports and customs will see data shared via the central ledger, eliminating the long wait times associated with current digital and paper-based alternatives. Solutions for enterprise banking and billing are said to provide identity authentication and reimbursement tracking respectively. In that manner, the Beijing blockchain plan shows that all small and medium businesses will enjoy improved capital access for their entities while the lenders manage risk via the ledger.

When it comes to e-governance, the plan showed over “100 government agencies will implement blockchain for managing anything from high-tech enterprises to unemployment benefits.” But that is not all. As we can also see in the blockchain news today, the plan includes benefits for plenty of private companies in later stages.

“It will also create a fund dedicated to supporting blockchain startups, a “talent training system” as well as set up dedicated blockchain development parks,” notes Technode.