As China’s president, Xi Jinping rallied his countrymen to seize the opportunities in distributed Ledger technology, China’s industry heavyweights were already leading hundreds of Enterprise blockchain projects. In total, the identities of 506 such projects have been published by the Cyberspace Administration of China, which starting January has required every entity that develops blockchain technologies to undertake registration of their projects for further supervision.
Information released thus far points to 197 projects named in March and the rest 309 in October of 2019 and offers true insight into hundreds of Enterprise blockchain projects under development in China. More names could be underway, but these large trenches already include some of the largest Chinese state-owned banks and commercial tech corporations. They also include many governments and public-sector projects that define the China economy today.
Several other potentially important developments were partially disguised by listing the projects under the names of related subsidiaries. Additionally, there exist many known blockchain projects that were absent from the tools, but that will possibly be published in another instalment. Trade finance, Asset Management, cross-border payments and supply chain financing were the four most common use cases in the financial services industry projects that were included in the unveiled lists.
Six banks constituting two major state-owned national banks and four local banks have also filed for 14 blockchain projects. The ICBC, the globe’s largest bank by assets and Ping An Bank, the banking arm of Ping An insurance have registered two blockchain projects each. The latter disclosed a data Analytics SAS platform and a blockchain-driven voting and decision-making system. The bank is the premier financial institution in the R3 Enterprise blocks in Alliance in 2016 to adopt a blockchain network called FiMax, that seeks to improve data sharing and privacy processes. The aim of the whole process is to increase efficiencies and asset-backed securities transactions and tackle challenges in supply chain financing.
Unionpay, which is a Chinese complement of Visa and Mastercard, also filed for two blockchain services, which include a digital certificate application and a blockchain-based tracking platform for cross-border Capital transfers.
Numerous more names were identified on the list even though it was hard to identify all of them completely. Two more from well-known companies include one from video streaming company IQIYI, which is China’s response to Netflix, and that filed that it is using Baidu Xuper chain supernode to improve its streaming service. Another was from BGI, which happens to be one of the largest life sciences and genomics companies in China and that registered BGI blockchain, BGI BaaS platform, to conduct genetic analysis.