Nanjing Becomes the Latest Chinese City to Adopt Blockchain-Tech
Nanjing is the most recent Chinese city to adopt and welcome blockchain technology. The government has dedicated a 10B Yuan investment fund to raise awareness and promote public blockchain startups and projects throughout the city.
The Zhongguancun Blockchain Industry Alliance (ZBIA) in Beijing is collaborating with Nanjing to create and release the blockchain-based fund. Several companies involved in blockchain-related endeavors contributed to the creation of the ZBIA, including CINIC, Unicorn Research, Century Internet and more.
The blockchain project planned by the city first came to light through an announcement at the IPCS with an audience consisting of some of the highest positions within the government like Luo Qun, DS of the communist party.
Hand in Hand
Nanjing has hopped on board with the Gui’an New Area (GNA) that collaborated with VeChain on its VEN project last year. The GNA is included in a five-year plan by the state council of China as part its Western Development initiative currently backed and considered a priority for the government. The initiative is meant to facilitate the development of large cities towards the Western region of China.
GNA is a one of a kind development project that falls directly under governmental control with favorable guidelines, as well as significant funding and privileges that are only enstated by China’s republic state council. As a result of the partnership, VeChain is under an obligation to cooperate with GNA’s government and provide blockchain-tech to act as the building foundations of the first fully digital city in China.
Even with the regulations that the government has placed, essentially banned any cryptocurrency activities, the CCID has occasionally released the rankings of blockchains. Last month, the CCID ranked EOS and Ethereum as the leading blockchains based on a few completed conditions including tech, application, and creativity.