140 Government Services Applications In China Are Using Blockchain Technology
The Chinese government released its first blockchain or distributed ledger tech (DLT) application blueprint for managing government services. As noted in the blueprint documents, 140 government service applications are utilizing some blockchain technology. These software applications involve data sharing and exchange services, special programs for collaborative business processing, and tools for achieving digital certificates.
The Chinese official stated in a statement, “Blockchain is a breakthrough in data sharing, which is difficult to get through the traditional sharing way … ‘electronic certificate storage’ means that the [digital] certificate is stored on the chain, and … improves credibility and verification efficiency.” For instance, the country’s real estate registration blockchain system comprises 11 different government sectors, including housing projects, municipal planning commission activities, the urban rural development commission, the public security bureau, and the tax bureau.
The official added, “The relevant departments will handle the real estate registration business and store the relevant information [on] the blockchain to ensure the credibility of the electronic license … to realize the traceability of the sharing process.” China reportedly intends to utilize blockchain or DLT to promote data sharing among various medical facilities, which would support the country to address problems related to the COVID-19 outbreak (and other healthcare requirements).
In addition to utilizing blockchain technology to streamline routine processes, the Chinese government has been concentrated on developing a CBDC (central bank digital currency). Chinese e-commerce platform Meituan, which has more than 240 million consumers and operates with 5 million local merchants, has reportedly started operating cooperatively with various banks in China that are included in the development of the country’s CBDC (or digital yuan).
Bilibilibili, China’s largest video sharing site, is also operating on the nation’s CBDC project. DiDi, like the Chinese Uber, is reportedly proposing to set up a special task force that will execute a trial version of China’s CBDC on its transportation platform.
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