China Gets Its First Blockchain-Based Public Resource Bidding Platform

[SRShanuka2020]

China Gets Its First Blockchain-Based Public Resource Bidding Platform

China’s Yun­nan province city of Kun­ming has completed the development and internal testing of the country’s first completely blockchain-based public resource bidding platform.

Public resource bidding is a method utilized by governments to allocate large resources to private and public sector companies that promise to complete a particular project.

Dubbed “Kun­y­il­ian,” the bidding plat­form utilizes Tencent’s blockchain-as-a-service system and intends to solve the challenges faced by the current public resource bidding process. It is expected to help authenticate the credibility of central entities involved in the bidding process and expedite data sharing and security.

During the pilot test of the platform, it registered almost 60,000 blockchain certificates related to official bidding data. It now aims to provide its services to the more than 30,000 bidding entities for public resources in Kunming.

The development of the platform is part of China’s initiative to further its technological innovation through investments into new and emerging technologies.

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[TomPluz]

Soon, China is going to be the blockchain technology application center and other big countries like UK, USA, Canada, Australia and many others will be looking to it as the leader in this field. China is taking advantage of the opportunity at hand while many other countries are still sleeping.

[Noverteno]

There is nothing surprising. China previously ranked first in the number of patents granted for inventions and the use of new technologies using blockchain technology. After the Chinese president publicly called for the introduction of advanced blockchain technology, the Chinese government has stepped up this effort.