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China receives its first blockchain-based tendering platform for public resources

June 26, 2020

Kunming cityin the Chinese province of Yunnan, has completed development and internal testing of the country’s first public resource bidding platform based on a Bockchain.

The tender for public funds This method is used by governments to allocate large resources to public and private companies that promise to complete a particular project.

Nickname “Kunyilian”, The tender platform uses the blockchain system as a service from Tencent and aims to solve the problems that arise from the current tender process for public funds. It is expected to help authenticate the credibility of the central bodies involved in the tendering process and to optimize data exchange and security.

China receives its first blockchain-based tendering platform for public resourcesChina receives its first blockchain-based tendering platform for public resources

During the platform pilot, almost 60,000 blockchain certificates were registered in connection with the official tender data. The aim now is to offer its services to the more than 30,000 Kunming public bidders.

The development of the platform is part of China’s initiative to promote its technological innovation by investing in new and emerging technologies.

China is in full swing when it comes to blockchain technology

Chinese technology companies, as well as state and national governments, are increasingly investing in the blockchain and cryptocurrency industry. Technology and internet giants like Tencent and Alibaba are leaders in this area with the full support of state actors.

Chinese companies have already outperformed others in terms of the number of blockchain patents registered in their names When Tencent recently filed new patents for blockchain-based consumer applications, hardware devices, and media storage systems.

Cointelegraph reported on June 22 that China has finished developing its central bank’s digital currency backend and is currently testing it for commercial use..

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