Kelly Robertson
We have already talked extensively about China’s plans to embrace the blockchain technology, despite banning IPOs. Now the world’s most populous country is taking another bold step forward with launch of the Blockchain Industrial Park in Hangzhou which raised over $1.6 billion to spend on blockchain projects, 30 percent of which will be funded by the local government. The rest, in case you wonder, will come from Hangzhou-based venture capital firm Tunlan Investment.
The promising initiative has managed to attract such prominent advisors as Zhenfund founder Xu Xiaoping, who has invested in projects like the Ethereum-based content distribution platform Steem and Lino.
Startup incubator
The Hangzhou Blockchain Industrial Park will act as a startup incubator that aims to attract both local companies as well as those from other parts of the world. Those accepted to the program could benefit from the vicinity of Alibaba Group, at least in case their technology could be tested by the world’s largest online B2B portal or one of its many online properties.
We are not aware of the curriculum of the incubator — or whether there is one — but chances are all that money will be used to come up with a program that could be of use to companies trying to decentralize the world’s information and services.
At the opening ceremony of the blockchain park, ten blockchain projects were announced which deal with sectors such as community engines, digital asset trading, cloud computing, information, digital asset quantification management, and more.
China is filing for more blockchain-based patents than any other country
According to Thomson Reuters and the World Intellectual Patent Organization, during the past two years China has filed for around 400 blockchain-related patents, making it the leading country in the world. The US and Australia hold the second and third spot with 110 and 40 patents, respectively.
Among the Chinese companies testing/embracing blockchain are such giants as JD.com, Xiaomi, Alibaba, Baidu, and Tencent, among others.
It is obvious that Chinese government and businesses are undergoing a learning curve, and they are getting better (and faster) with the day. They have acknowledged that blockchain is a disruptive technology that could revolutionize a wide range of industries, and they want to become a leader in the space. And for better or worse, they are up for the task.
