Wednesday, February 19, 2020

Chinese City Nanjing to Bolster Public Blockchain Projects with $1.5 Billion

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

The capital of Jiangsu, Nanjing for some time, has shown commitment towards investing in public blockchain Projects and the general token economy. 10 billion Yuan ($1.5 billion) has been put together by the city of Nanjing, for blockchain investment fund.

The city has partnered with the Zhongguancun Blockchain Industry Alliance, a consortium of independent blockchain firms and research institutes based in Beijing which is from the Chinese government in order to make this project possible.

Delegates from both independent Bodies made the announcement that the industrial public chain summit (IPCS) which is the first of its kind. The summit was attended by several leaders in the blockchain industry along with many top government officials like the deputy Secretary of the Community Party of China in Nanjing city, Mr. Luo Qun.

The fund’s vision is to promote and fund the use of blockchain technology in cross-border programs, content distribution, energy, healthcare, the transfer of ownership of intellectual property and environmental protection platforms.

An advantage of this fund is that it will prompt blockchain enterprises to move their headquarters to the city, to aid in the further development of blockchain prominence both locally and internationally, and also provide capital and unlimited resources for the recipients of this funding.

It was disclosed that the first entity to be beneficiaries from this funds is UDAP foundation, whose plan is to connect crypto assets and real-world Materials and the community encompassing the TokenX platform.

Blockchain: A Technological Breakthrough

The chairman of the Zhongguancun Blockchain Industry Alliance, Yuandao gave his comments about the development of the blockchain adoption, he stated that the application of blockchain would usher in new technological breakthroughs.

During the event, the Deputy Chairman of Tsinghua University’s Internet Industry Research Center, Wang Xiaohui said that incorporating blockchain with industries, among unity, worldwide partnership, and autonomy will be the driving force behind a vibrant and prosperous token economy.

A well-known Asian exchange platform, Huobi, just launched an identical program in a Chinese province not bigger than Jiangsu, they partnered with a home-based technology company to design a “Global Cultural and Creative Blockchain Lab,” which is focused exclusively on local blockchain startups.

China has recently been a hotbed for blockchain enterprises, and this is due to the fact that adequate support for this industry is provided by the Chinese government. A news article published in May revealed that president Xi Jinping of China personally supported blockchain technology at a meeting with Chinese Academy of Sciences and Engineering. Xi Jinping stated that blockchain technology had improved the rate of breakthrough application expressing that he sees the use of this variety of technology in traditional systems.

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