The semi-final of the Blockchain Application Innovation Competition under the 2020 Smart China Expo Online was held in Chongqing on Sept. 1, 2020. This article goes down to explore some of the most profound implications for hosting such an event, the advantages and potentials for Chongqing to develop blockchain industries, and, basically, what will it bring to the city's economic development.

Blockchain Application Innovation Competition (BAIC)

Compared with other domestic blockchain competitions held previously, this year's BAIC holds some distinctive new features.

For one thing, this year's event sees more professional teams from universities and medium- and large corporations, and less grass-roots startup teams; more hybrid projects incubated from conventional enterprises, and less pure blockchain technology companies. Some of the biggest names in the business and academic worlds such as IBM and the Chinese Academy of Sciences also have their professional teams ready to compete at the event. This goes to show that the booming blockchain industries are entering the mature phase, with a growing number of enterprises ready to apply the technology to various areas and industries.

For another, this year's BAIC has reached beyond the limited few areas such as finance, intellectual property, and law to cover the entire chain of industries. There are also some highly segmented areas for vertical scenarios such as elevator safety management, flexible employment market, and the protection of migrant workers' rights and interests.

Finally, when it comes to the reviewing process, the focus of judges has been expanded from products and technologies to include business models and materialization levels. Contests are faced with questions like "Why are you using blockchain technology?" "Is it indispensable in your project?" "Who is your target audience?"

Chongqing has an edge in deploying blockchain industries

Firstly, Chongqing has rolled out a series of preferential policies to lure in more talents and professional teams. The BAIC itself should serve as a perfect example of Chongqing's welcoming attitude towards blockchain industries.

Secondly, Chongqing has demonstrated its commitment to building blockchain industrial parks. According to the 2019 China Blockchain Industrial Park Development Report released by CCiD under MIIT, Chongqing's overall competitiveness of blockchain bases ranks among the top five in the country, dwarfing almost all other second-tiered cities.

Last but not least, Chongqing has created its own blockchain innovation platform called "Yukuailian," which is oftentimes ignored by the outside world yet is of great importance in this industry. Similar to the traditional IT industry, the lower-ground blockchain platform incorporates operating systems and cloud services, supporting upper-ground applications with PC and mobile operating systems and providing network transmission and trusted nodes services with its cloud computing capabilities.

From industrial parks and blockchain competitions to independent blockchain innovation platforms, Chongqing has explored a whole new path for developing blockchain industries, one that suits its own conditions and with distinctive Chongqing characteristics. By following this "Chongqing Model," the city is expected to emerge as one of the pillars of China's blockchain industries, boosting the long-term development and ultimately contributing to the transformation and upgrading of the whole industry chain.