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Blockchain Integration Boosts Information Loops Across Government, Financial Institutions, SMEs

By RAN ZHENG|Jan 31,2024

Chongqing - China’s blockchain technology is gaining importance in sectors like public services and the real economy. Nationwide, regions are leveraging this momentum to swiftly adopt blockchain in areas such as economic development, public services, and digital twin technologies. This integration is fueling a new wave of growth and innovation.

This was highlighted by the China Blockchain Innovation and Application Development Report (2023) released at the National Blockchain Innovation and Application Pilot Summary and Exchange Meeting in Chongqing on January 29.

The event brought together numerous industry experts and enterprise representatives to share insights on the evolving landscape of blockchain technology.

Hyperchain Technology’s blockchain technology equipment is displayed in its western headquarters in Chongqing. (Photo/Cui Li)

Ren Changrui, deputy director of the National Blockchain Technology Innovation Center and president of the Beijing Academy of Blockchain and Edge Computing, underscored the widespread application of blockchain in government services and economic scenarios, such as document registration and food safety tracking.

“Blockchain is a foundational technology that silently ensures data safety,” Ren said. “Chongqing’s pioneering role in blockchain development and its strategic position in the New International Land-Sea Trade Corridor (ILSTC) makes it a critical player in leveraging blockchain for trade and financial sectors.”

For example, Yuzhong District collaborates with the Chongqing Municipal Administration of Press and Publication to unveil the Blockchain Deposit and Verification Public Service Platform. Archiving over 100,000 cultural and creative contents in the city’s blockchain repository, this initiative strengthens data integration with the judicial system, laying a solid groundwork for subsequent rights protection and validation. 

The city’s initiatives, particularly in Yuzhong District, have been groundbreaking in embedding blockchain technology into sectors like financial services, e-services, and healthcare, creating 28 scenario applications. Ren announced plans to establish a center in Chongqing, expressing eagerness to collaborate and propel the country’s digital economy, particularly in confidential computing technology.

Experts at the conference also emphasized Chongqing’s strategic opportunity in the Chengdu-Chongqing economic circle. They advocated for using blockchain to foster information loops among government, enterprise prices, financial institutions, and SMEs, thereby enhancing the integration of the two regions.

“We are connecting Chengdu, Hangzhou, and other pilot cities to optimize data center layouts and foster economic development in Western China through cross-regional blockchain applications,” said a person in charge of the Yuzhong District government.

Chongqing introduces the Blockchain Accumulation Fund Service Platform, addressing data limitations across 12 commercial banks and utilizing blockchain technology for innovative solutions. This includes facilitating certificate-free and paperless processing of accumulation fund loans between Sichuan and Chongqing. 

On the same day, the Office of the Central Cyber Affairs Commission announced the “2023 Blockchain Innovation Application Cases Short List,” which further solidified Yuzhong District’s status as a frontrunner in blockchain innovation. The district’s “Blockchain Information Sharing-based Provident Fund Multi-Cross Collaborative Science and Innovation Service Platform” earned a coveted spot on the list, underscoring its pioneering role in blockchain applications.

Chongqing’s commitment to becoming a digital powerhouse is evident. Significant strides in technological innovation, application integration, industry cultivation, and ecological construction characterize its robust blockchain industry. The city’s comprehensive competitiveness in blockchain is among the nation’s best.


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