China’s Yunnan province city of Kunming has completed the development and internal testing of the country’s first completely blockchain-based public resource bidding platform.
Public resource bidding is a method utilized by the governments to allocate large resources to private and public sector companies that promise to complete a particular project.
Kunming Launches Blockchain Driven Bidding Platform for Public Resources #ChineseBlockchain #ChineseFintech #KunmingBlockchain https://t.co/fdMalRgwij — China Banking News (@CBankingEditor) June 26, 2020
The bidding platform “Kunyilian” utilizes Tencent’s blockchain-as-a-service system. It intends to solve the challenges faced by the current public resource bidding process.
The bidding platform is expected to help authenticate the credibility of central entities involved in the bidding process and expedite data sharing and security.
During the pilot test of the platform, it registered almost 60,000 blockchain certificates related to the official bidding data. It now aims to provide its services to more than 30,000 bidding entities for public resources in Kunming.
The development of the platform is part of China’s initiative to further its technological innovation through investments into new and emerging technologies.
Tech companies in China as well as the state and national governments are increasingly investing in the blockchain and cryptocurrency industry.
On June 22 China reportedly had completed the backend development of its central bank digital currency and was currently testing it for business use cases.
Source: Cointelegraph | Image: Unsplash