The city of Nanjing which is the capital of the Jiangsu Province in China, has committed to investing a total of 10 Billion Yuan ($1.5 Billion) in a blockchain investment fund geared at promoting public blockchain projects and the general token economy.
The Zhongguancun Blockchain Industry Alliance that is based in Beijing, is teaming up with the city of Nanjing to launch the fund. The blockchain indsustry alliance was formed by government research institutes and blockchain companies in the country such as China Internet Network Information Center, China Unicom Research Institute, China Information and Communication Research Institute, Century Internet Group, Aerospace Information Shares, and Lighting Capital.
The Nanjing city blockchain initiative was announced at the first Industrial Public Chain Summit (IPCS) which was attended by high-level government officials such as the Deputy Secretary of the Communist Party of China, Luo Qun.
VeChain (VEN) partnership with the Gui’an New Area
Nanjing joins the Gui’an New Area in the Guizhou Province of China which partnered with the VeChain (VEN) project back in December 2017. The Gui’an New Area is part of a 5 year plan of the Western Development Program that is being pushed by the Central Government State Council of China. The plan is geared towards strategic development of new major cities in the Western inland region of the country.
Gui’an New Area is a unique economic development zone directly controlled by the Central Government with preferential policies, funding, and privileges directly by the State Council of the People’s Republic of China.
VeChain is therefore mandated to be the blockchain technology partner of the local government of Gui’an to plan, design and implement processes that will pilot the first truly smart city in the country.
Recent blockchain rankings in China
Despite the government of China placing a ban on all crypto related activities in the country, it has periodically published blockchain rankings through the China Electronic Information Industry Development (CCID).
The last rankings in late June placed the EOS and Ethereum platforms at the top of the list using the three categories of technology, applicability and innovation. The blockchain developments in the country of China are encouraging and could be the gateway to further blockchain adoption around the world.
[Photo, Nanjing City. Source, flickr.com]
