Beijing releases first-ever blockchain blueprint

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Beijing has released its first blockchain blueprint, outlining how the city plans on utilizing the technology to digitalize its economy. The city has already integrated blockchain technology into 140 services for data sharing and secure electronic storage.

Through its Beijing Blockchain Innovation Development Plan, the city is aiming to become a blockchain hub in the next two years. The technology will be integrated in such industries as cross-border payments, real estate, supply chain financing and more.

According to a local news outlet, China’s capital is already using blockchain to avail 140 services to the public, reducing the associated costs by up to 40%.

One sector that has fully embraced the technology is the real estate industry. This industry has fully benefitted from the new data sharing model enabled by the blockchain. All the stakeholders – government departments, municipal and rural housing commissions, the tax bureau, the public security bureau, the banking and insurance supervision – can freely access data which allows them to plan accordingly.

“When the citizens use the electronic real estate registration process, the relevant departments compare and verify the electronic licenses presented by the applicants with the license information stored on the blockchain to verify the authenticity of the licenses,” the report explains.

Small businesses have also greatly benefitted from the integration of the technology, the report revealed. Through the use of blockchain, these businesses have been able to access financial services seamlessly, sharing all the pertinent data with their banks via the blockchain. This platform has helped cut down the time taken by up to 40%.

The blockchain blueprint has classified the blockchain applications into three categories: electronic certificate storage, data sharing and exchange and business collaborative management.

Other sectors where Beijing is applying blockchain include enterprise regulation, property management, e-governance and logistics.

The city also intends to involve the private sector, creating a fund that will support blockchain startups and develop blockchain development parks.

Beijing will be a crucial player in China’s blockchain adoption, being the country’s capital. With President Xi Jinping being behind the rally for blockchain adoption, the successful integration in Beijing could pave way for a national wave that could see blockchain underpin every other government service. Already, several cities in China have integrated the technology.