As the world struggles with setting up regulations for blockchain and cryptocurrencies, China has made major strides in blockchain application. It is one of the countries with the highest number of blockchain innovations and cryptocurrency users.
Through a government bulletin on 25th March 2019, local authorities in Jiangsu Province hinted at considering blockchain technology adoption as an option in implementing the ‘Promotion of Transportation Infrastructure Development’ plan. If successful, it will be one of the largest projects to implement blockchain technology around the globe. The project will see a major overhaul to freight and passenger transport network in the province to increase efficiency and also reduce pollution.
The Application of blockchain technology in China is nothing new. Actually, China has been at the forefront in championing the use of blockchain technology in mega projects. Apart from being the world leader in having the largest number of blockchain patents, cooperates as well as state agencies have adopted blockchain technology in a number of projects and they seem to be very successful.
Over recent years, we have seen Aerospace Information Co partner with Alibaba, a giant retailer, in a quest to enhance blockchain development. Also, Shenzhen adopted the use of blockchain network in its electronic subway invoicing.