Blockchain developers in China to be rewarded as much as $290,000

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Fuzhou City, located in southeastern China, will reward blockchain developers with up to two million yuan ($290,000) for establishing blockchain research and development centers. The city, famous for its historic sites, will also offer rent subsidies for blockchain businesses in a bid to foster the development.

According to China’s People Daily national news outlet, the city has put in place three measures that it hopes will foster the development of blockchain technology in the country. One of these will be the offering of cash rewards to companies that establish industrial blockchain development platforms such as research centers and technology labs. Such companies, if recognized by Chinese authorities, will land the big reward. If these companies contribute to high-level meetings at the international or national level, they will stand the chance of winning up to one million yuan ($145,000).

The city will also offer rent subsidies to blockchain companies. Companies based in the city’s Southeastern Big Data Industry Park and the Fuzhou Software Park will be eligible for the subsidies. Each company stands to gain 600,000 yuan ($87,000) in subsidies per year for three years. Blockchain associations and alliances will also stand to receive a one-time payment of up to 500,000 yuan ($72,300).

The third measure will focus on encouraging businesses in the city to integrate blockchain technology into their operations. Those that do will be eligible for a 20% subsidy on the cost incurred in building the blockchain developments. The city will also encourage local firms to contribute to its Digital Fuzhou initiative by developing blockchain applications that solve the city’s major challenges. Furthermore, any local project that wins a national award for technology-related progress will receive up to 600,000 yuan ($87,000).

China has continued to support the development of blockchain technology as it seeks to become the global blockchain hub. As we previously reported, the Asian economic giant leads globally in blockchain patents, with Alibaba, JD.com and Tencent being among the individual companies with the highest number of patents globally. These companies have also integrated blockchain into many of their platforms.