China’s national blockchain platform to go live in April

posted about 2 months ago
China’s national blockchain infrastructure expected to go live next month. Banks and government groups, as well as Huobi exchange is involved with the initiative. The system is reportedly aimed at servicing smart cities and the digital economy through the Internet of Things, AI, and 5G. China's Blockchain Service Network is meant to be a permissioned network where only approved members are allowed, notably there are “observatory nodes” for the authorities to monitor the network.

Several pilot projects have been announced. Hangzhou, the capital of Zhejiang Province in East China plans to explore use cases for blockchain in governance and smart city infrastructure. The list of the planned applications included a digital identity system, road health monitoring, a credit rating ledger for SMEs, and a project overseeing hotel disinfection with IoT devices. The system is expected to have a hundred city nodes across China and worldwide. Notably, China has adopted blockchain to monitor international border crossings, deal with invoices to fight tax fraud, and facilitate loans to SME’s. The Chinese government will be able to monitor all transactions within the network, therefore it isn’t an entirely alluring perspective for potential foreign users.
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