As Chinese President called for commercial banks to assess the opportunities for wide blockchain network endorsement, China’s manufacture giants were in the first flight, leading many blockchain-based projects.
It was enrolled a number of 506 new projects based on blockchain tech since January 2019, when it was required keeping a tab on all businesses that involve this technology in China.
These lists are only two in total, as 197 projects relate to March 2019, while the rest of 309 identities were registered in October and represent hundreds of Chinese blockchain companies under current active development.
The lists figure might be larger, but still these two one encompass the significant part of publicly-owned banks and tech heavyweights from China. The lists comprise also public and government area businesses.
But still there exist some projects, which are not yet enlisted officially, but probably they may appear later, in the next installment.
The CoinDesk project may reveal some blockchain enterprises that are able to change completely the structure of Chinese tech manufacturing.
Here there is a small listing of those sectors, that presupposed the usage of blockchain tech: supply chain expenditure, international payments, trade banking and asset administration are among the most widespread branches.
One names several banks and namely six ones, which proceeded with an application for 14 new blockchain projects. For instance, the world’s biggest bank according to the assets amount - ICBC and Ping An Bank applied for 2 blockchain enterprises each.
The first one presupposed the banks’ clients transactions facilitation. Recall, ICBC bank came together in partnership with China’s main bank in 2017 to conduct a study regarding blockchain tech. Later its own financing platform, which was also based on a blockchain network and it was meant for medium and small businesses entered the market.
Ping An Bank went public with its analytical processing SAS project and a system of voting and rendering the decision, based also on blockchain tech. This bank was among the first institutions in China in the R3 enterprise blockchain coalition in 2016, that had accepted a blockchain network, which further was called as FiMax to improve data interchange and processing of personal records.
The target of this finance institute was to improve the performance in asset-backed shares operations, and meet challenges in supply echelon payments
One more Chinese firm, that deserves special mention was Union Pay, the so-called Visa or MasterCard analogue in China, entered the market with 2 blockchain projects: a digital certificate application and a tracking platform for international transfers of capital.
Two more banks, that were not in the higher mentioned lists, provided some detail on their blockchain networks, the CoinDesk report states. China Construction Bank is upgrading its blockchain trade finance service, because its trade volume amounted to $53 billion number. CCB’s tentative embodied rendering assistance to financial activities such as factoring and forfaiting, facilitating immediate cash for exporters in return of short-term accounts receivables.
The second company - Bank of China finalized its first foreign money transfer to South Korea in dollars via a proprietary blockchain payment service in 2018.
Widely-known Chinese Holdings
Baidu, a Chinese information search system entered the market with its Xuper blockchain-based project, goal of which was to provide the basic blockchain network infrastructure for tech services. The project is also on the list we already know.
Recall, the search engine firm unveiled two years ago a decentralized application or simply dApp - Letsdog, resembles the wide-known CryptoKitties project. So, it’s a perfectly designed game, which helps to get acquainted with Ethereum blockchain and assigned to the Baidu’s blockchain-based unit Duxiaoman.
In addition to this Baidu’s project, that relates to October list, the company has several more projects, that are in the March list. One of them, for example is Baidu Blockchain Engine, that provides cloud services, and the another - Token, which uses the blockchain network for protection of the digitized content.
The Alibaba Group continues its racing for the No1 company title along with such heavyweights as Tencent and Baidu, as well as tech company Huawei. The development of the most progressive cloud blockchain services in the China is envisaged.
All the listed companies have complied with all the rules for submitting registration information about its blockchain projects related to cloud technologies, where these companies will act as providers of blockchain services for third parties.
Alibaba is more interested in blockchain services than anyone else, as it tops another list of about 90 patent apps for blockchain-based projects, being ahead of such widely-known companies of U.S. as IBM and Bank of America in terms of number.
Tencent, the developer of WeChat, the messaging app, continues to advance a batch of blockchain-based projects since they were first mentioned two years ago. The aforementioned lists include applications for registration of such Internet heavyweight projects as Tencent Blockchain and Tencent Cloud TBaaS Blockchain. Another project of the company, called TrustSQL, is a platform assuming a 3-level structure designed to ensure the necessary functioning of various applications on the basis of blockchain.
It is worth noting that firm entered into a business agreement with Intel to make progress in the area of blockchain in particular for IoT applications, moreover in 2017 began testing financial platforms based on cryptographic ledger technology at the Bank of China.
Government digital ledger ventures
The Chinese government wasted little time and managed to bear a part in a lot of big ventures, the names of which are indicated in already mentioned lists and are already known to you, starting with communication highways and ending with innovation in land administration and legal administrative systems.
Union Pay emergence was nothing short of China's response to the global VISA-Mastercard companies. The company is also listed with an overseas payment project. Moreover, according to recent reports, Union Pay has launched a trial period of the Blockchain Service Network (BSN) project along with partner enterprises such as China Mobile, State Information Center and others. According to a BSN representative data, the project has already entered the testing phase in 55 cities situated in China and Singapore.
One affirms that such a network is a more economical one for this type of service than the cloud-based tools, being provided by such giants as Alibaba and Tencent.
There is some evidence that the authority directly uses cryptographic ledger technology to provide assistance related to legal arbitration, levying of taxes, even regularly management of the remittance tracking project for farmers who have moved to another territory.
The Beijing and Guangzhou Internet Courts both enlisted their own separate platforms based on blockchain tech. By the way, the 1st Internet court at the global level arose in Hangzhou, two years ago. Courts of this kind are empowered to review cases involving the Internet deployment, such as online financing, IP conflicts, and small credit agreement spats.
Compared to ordinary courts, this type of enterprise presupposes the same stages of all procedures available online.
legalXchain has established itself as a company developing distributed ledger projects individually designed for the China’s legal area These ones are as follows: LegalXchain, LegalFabric and Hyperledger.
Another project that deserves special attention is the construction of an additional city 60 miles from Beijing, since it has already exceeded the number of 21 million people. Resettlement of residents of this region will be paid through the cryptographic network to ensure full transparency of these transactions.
According to preliminary estimates, about $380 billion to allocate for such a project.
One of these projects designed for the new city is Xiong’an Blockchain Land Compensation Distribution Platform, which will be assigned for financial units assignment for resettled dwellers in the area.
The other governmental blockchain-based projects comprised Blockchain Electronic Invoice and Cross-Border Transactions Platform.
All the rest
At this stage, it is still difficult to identify all existing blockchain projects. It is also known about the project conceived for the development of a platform with streaming video, such as Netflix, called iQIYI and it is recognised that Baidu Xuper Chain Supernode is used to boost the platform performance.
BGI announced the launch of its enterprise simultaneously with the appearance of blockchain network in the field of science and genomics - BGI Blockchain BaaS Platform meant for the genetic research.
Another project involved the usage of a blockchain technology as part of a charity lottery in Shenzhen to check and track prizewinning tickets.