China Approves 224 New Blockchain Projects From Big Name Brands

China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has announced its third series of blockchain projects which approved by the country’s regulators. A large part of the approved projects is fintech-related, and almost 40% are based in Beijing.

29 April, 2020 | AtoZ Markets – The blockchain ecosystem is growing in China, and the state seems to maintain this momentum. People will likely see various prototypes in China by the end of the year. According to the announcement, the Chinese state has approved 224 new projects related to blockchain. 224 projects have been added to the Commission’s register, which includes the major technology companies Alibaba, Baidu and China Mobile.

New Batch of Blockchain Projects Approved in China

China has approved 224 blockchain projects that will soon go into production. This approval is the third batch to pass state censorship, around 40% of projects approved from Beijing. The main activities of the projects are finance, construction of blockchain framework and blockchain traceability. OCCAC has published three series of service filing numbers, and a total of 730 blockchain companies in China now have blockchain service filing numbers.

Many of the approved projects came from major Chinese brands. For example, Walmart China has approved its blockchain concept for food security traceability. Alibaba, Baidu, JD, Suning, China Mobile, China Merchants Bank, and others also mentioned on the approved list.  Some of the entities have been authorized to pursue multiple DLT projects. Moreover, China Merchants Bank has obtained five approvals for financial services.

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China is betting that technological innovation will push it forward. Now it has the COVID-19 pandemic under control, or so it claims. In the past month, the state has again focused on blockchain technology. Moreover, the ultimate goal is to create a “sovereign blockchain” for the country and transition the yuan to a blockchain ledger.

Recently, China also announced the commercial launch of its long-awaited Blockchain Service Network (BSN). The central government said more than 2,000 developers built on the BSN in the six months before its beta in October 2019. It includes apps designed to help distribute public welfare, track goods and digital billing.

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