Newly-registered blockchain technology services’ applications (1,821 by 2022) are zooming in China, with a twist. Beijing is venturing its blockchain-led Baas future away from the traditional cryptocurrency utility by instilling in it the “Chinese (consortium blockchain) Characteristics.”
Yes, according to SCMP, the Asian giant is indeed willing to digitize old-age industries, but CAC registration of vertical blockchain projects is a must in China.
China’s Tencent Holdings, JD.com, Xiaomi, NetEase, Alibaba Group Holding, Ant Group, and Baidu have blockchain services registered with the Cyberspace Administration of China (the central internet regulator). The authorities also intend to merge blockchain with the industrial internet, cloud computing, AI, and big data.
The CAC now publishes new ventures’ lists every 2 to 4 months, instead of 6 to 8 months. The applications in the last 3 years stem from legal, financial, agricultural, and intellectual property protection services.
Trading cryptocurrencies and NFTs (Non-Fungible Tokens) on public blockchains aren’t allowed in China.
The process of registering the blockchain venture with the government in itself is simple. But China’s blockchain regulatory stance inclines more towards “Consortium blockchains.”
China’s Supreme People’s Court’s May statement states it intends to “build a blockchain alliance between the court and all trades of the society by 2025,” via the Baoquan Chain.
Also read: China Outlines the Role of Cryptocurrencies in Drug Trafficking
Beijing’s blockchain ambitions are of a controlled fashion, aligning with China’s national economic and technological roadmap. Baas essentially lets users implement in their businesses blockchain technologies (e.g., smart contracts) that are pre-developed.
The diversity of blockchain services registered in China’s tech capitals is apparent given its demographic dividend. Shenzhen and Guangzhou have 477 and 352 (registered) blockchain services. The blockchain entities in China are now developing standardized tools and applications, beyond fundamental technologies.
Per a June 2021 CAC and the Ministry of Industry and Information Technology statement, “fastening the develop
