Beijing Plans to Foster DLT Unicorns Through New Blockchain Investment Plan
Chinaâ€™s capital city has unveiled an ambitious plan to transform Beijing into a global hub for private blockchain innovation and leader in public DLT deployment.
The municipal government of Beijing has unveiled a 20-point plan to accelerate the development and deployment of distributed ledger technologies (DLT) and turn Beijing into both a global and national hub for blockchain tech.
According to an announcement published on July 1, the plan seeks to â€œpromote theoretical innovation, technological breakthroughs, […] talent cultivation,â€� and â€œcreate new economic growth.â€�
The government will provide continued financial support for the plan throughout its course.
Beijing wants to host DLT unicorns
The Beijing Blockchain Innovation Development Action Plan 2020â€“2022 outlines the cityâ€™s intent to solidify itself as a global leader in both private blockchain innovation and public DLT deployment by the end of the next year.
Fostering a good business climate for blockchain innovation is cited as a top objective of Beijing, with â€œcultivating a group of unicorn enterprisesâ€� listed among the planâ€™s goals.
To promote innovation, the city will establish a â€œblockchain industry innovation development baseâ€� spanning the city’s top districts for financial and technological innovation.Â
Beijing also plans to promote the establishment of standards of practice for the blockchain sector.
The city hopes to â€œcultivate a group of unicorn enterprises and leading enterprises with global influenceâ€� through its initiatives.
Beijing to establish blockchain research institutes
The plan outlines initiatives to support research in key areas relating to DLT â€” including cryptography, high-performance computing and chip technology.
Beijing will establish a blockchain-focused research and development institution that will work closely with Chinaâ€™s existing research institutions and universities. The Beijing Blockchain Research Institute will be tasked with researching the â€œperformance, security, privacy protection, scalability, and data authenticityâ€� of DLT platforms.
The institutions will also research â€œnetwork models, consensus mechanisms, distributed storage, zero-knowledge proofs, secure multi-party computing, cross-chain protocols, smart contracts, chains On-chain collaboration, and regulatory technology.â€�
Beijing will apply blockchain to public administrationÂ
Beijingâ€™s government also seeks to encourage â€œresearch institutions, universities, and enterprises to build on […] blockchainâ€� and contribute to the creation of an â€œindependent and controllable underlying open-source technology platform.â€�
In addition to fostering private innovation, the plan outlines numerous public applications for DLT, including developing a blockchain-based directory system, digital identity platform, government data-sharing platform, and unified social credit applications â€” all of which will be capable of cross-chain interaction.
Beijing also hopes to â€œpromote data sharing [and] business collaboration in government servicesâ€� across departments and regions through the creation of a blockchain-based â€œcommon infrastructure for government services.â€�
â€œWe will be the first to focus on real estate registration [and] unified electronic bills in the field of finance and taxation,â€� the announcement added, emphasizing the reduced costs and efficiency savings offered by DLT-based solutions.
Beijing will also invest in traceability projects to promote public safety in matters concerning â€œfood, hazardous waste, emergency equipment, rescue funds,â€� and medical records, among other areas.
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