The Dawn of Blockchain in China: A New Era of Supervision and Innovation
On February 15, 2019, the State Council Informatization Office officially implemented the “Blockchain Information Service Management Requirements,” marking a significant milestone in China’s blockchain development. This move has sparked a flurry of activity in the industry, with a total of 197 blockchain information service names and registration numbers being released in the first batch. This article delves into the highlights of this development, exploring the role of traditional Internet companies, such as BATJ (Baidu, Alibaba, Tencent, and Jingdong), as well as other well-known enterprises, in the blockchain space.
BATJ Leads the Charge
As the largest players in China’s Internet industry, BATJ has been actively involved in blockchain development. Baidu, for instance, has launched its Baidu Engine Blockchain (BBE) platform, which enables developers to create mobile applications and blockchain-based applications. Baidu’s Super Chain is another notable project, aiming to solve copyright issues and provide a secure and efficient blockchain platform. Alibaba’s Ant Financial has also filed a blockchain project, the BaaS (Blockchain as a Service) platform, which provides a high-performance blockchain environment for developers.
Tencent, another major player, has filed five blockchain projects, including the TBaaS (Tencent Blockchain as a Service) platform, which enables customers to create and deliver business value through intelligent services. The company has also co-sponsored the BCOS (Blockchain Open-Source) project, an underlying open-source platform for blockchain development.
The Rise of Other Well-Known Enterprises
While BATJ dominates the blockchain landscape, other well-known enterprises are also making their mark. iQIYI, for example, has released a blockchain recruitment intern, indicating its internal development of a blockchain team. The company plans to use blockchain technology for information storage and copyright management. Qingdao Haier has launched a blockchain project, Haiersea Chain, which aims to improve supply chain transparency and efficiency in the housing rental market.
Jinshan has also filed a blockchain project, the Shun FengFeng Su, which relies on transparent, tamper-proof, and traceable blockchain technology to build a commodity supply chain traceability system. SF, another well-known enterprise, has filed a blockchain project, which aims to improve supply chain transparency and efficiency in the e-commerce industry.
A New Era of Supervision and Innovation
The announcement of the first batch of blockchain information service names and registration numbers marks a significant step forward in China’s blockchain development. The government’s support for blockchain innovation has led to rapid application in various fields, including supply chain finance, credit, product traceability, copyright trading, digital identity, and electronic evidence. This new format has brought new momentum to economic development, driving changes in business models and becoming an important support for building a trustworthy social system.
Conclusion
The dawn of blockchain in China has brought significant attention and investment from both traditional Internet companies and other well-known enterprises. As the industry continues to evolve, it will be exciting to see how these players contribute to the development of blockchain technology and its applications. With the government’s support and the rapid growth of the industry, China is poised to become a leader in blockchain innovation and adoption.
Key Players
- Baidu: Baidu Engine Blockchain (BBE) platform, Super Chain
- Alibaba: Ant Financial, BaaS (Blockchain as a Service) platform
- Tencent: TBaaS (Tencent Blockchain as a Service) platform, BCOS (Blockchain Open-Source) project
- iQIYI: Blockchain recruitment intern, internal development of a blockchain team
- Qingdao Haier: Haiersea Chain
- Jinshan: Shun FengFeng Su
- SF: Blockchain project for supply chain transparency and efficiency
Blockchain Information Service Management Requirements
- Implemented on February 15, 2019
- Total of 197 blockchain information service names and registration numbers released in the first batch
- Government support for blockchain innovation and application
- Rapid growth of the industry in various fields, including supply chain finance, credit, product traceability, copyright trading, digital identity, and electronic evidence.