Distributed ledger or Blockchain technology is getting a lot of popularity in many sectors. Academic sectors, technology firms, financial institutions, supply firms, and other industries are starting to use blockchain as an innovative approach.
When applied to a business or an organization, Blockchain brings a lot of security and other benefits to it. It offers a hack-proof and transparent system to run a business. Just the way cloud technology changed everything, Blockchain is the innovation that can change traditional systems.
Every country can build a transparent system where every transaction is tracked through this technology. In short, every citizen in the country is backed by a single financial system. A ledger that is decentralized, distributed, transparent, immutable and consensus-driven.
Many countries are winning the blockchain marathon. For example, Australia, Japan, UAE, Malta, Switzerland, USA, UK, Singapore, Estonia, and China. Some of these countries have broken all the records in registering the patent in the field of cryptocurrencies.
China has just finished testing its blockchain network. It is a secure and transparent platform that is being handled by a company named Tencent. China is picking up speed in launching its own blockchain bidding platform.
It is on full swing in the province of Yunnan. The development and testing of the software have been completed. The country will have its first public bidding platform build on blockchain technology.
A public resource bidding platform can be used by public and government companies to perform the blockchain-based project. ‘Kunming’, the company that has launched this platform for public resources on 23 June.
The COVID-19 effects can also be seen in the country where it first originated. To reduce the impacts of the pandemic, the country is setting up new infrastructure. This infrastructure also includes blockchain. China is willing to improve its technology to expedite the growth of the country.
This new infrastructure has plans to invest in the big data, 5G, rail transportation, AI, internet of things, ultra-high voltage, energy charging stations, satellite internet, and blockchain technology.
The blockchain investment in the first half of 2019 was around 4 billion Chinese Yuan. In the year 2020, the blockchain advancement investment could reach 10 billion Yuan. This investment can lead to building the backbone of blockchain technology in the country.
The new bidding platform uses the blockchain service of Tencent, a well-known tech company in China. This technology will solve the public resource bidding system problems. The bidding process, in turn, will become fast and secure. The data sharing policy will also improve in the country.
Although the platform has just launched in the country, nearly 60,000 certificates are already issued. The number of participants is expected to be 30,000 on Kunming’s public resource.
Blockchain technology has emerged from Tencent’s TBaaS system. The government and other tech giants are supporting in this endeavor of the country. National and state government have been increasingly investing in the growth of the country.
China is already doing great in other business sectors and blockchain has become its new hub. There are numerous blockchain patents registered under the name of the country. Chinese tech firm Tencent has filed many blockchain patents recently.
The new patents are being used in the fund management and advertising space. Other applications where these new blockchain solutions will be used are media storage systems, hardware devices, and other consumer applications.
In short, Tencent is dominating in the field of blockchain technology. It has filed 718 patents in 2019 alone. The Chinese tech giant has planned to invest more than $70 billion in the technology sector. With blockchain being the most advanced of all.
The current situation of the pandemic has caused a competition among the tech leaders in the country. A continuous flow of cryptocurrencies has hit the ground already. China also needed a payment infrastructure for these digital currencies.
Kunming will make it easy to manage these transactions and it will also lead to a cooperative space for tech companies.