China has launched its first blockchain-based bidding platform for public resources. According to a local news report, China’s Yunnan Province City of Kunming has developed the country’s first blockchain driven public resource bidding platform. Dubbed Kunyilian, the public resource transaction blockchain platform officially started operation in Kunming on June 23.
The developers of Kunyilian claim that the project is China’s first ever bidding platform that fully incorporates blockchain technology with public resource transactions. The platform utilizes Tencent’s blockchain-as-a-service system and intends to solve the problems facing the current public resource bidding process. Kunyilian is expected to assist in authenticating the credibility of central entities involved in the bidding process and accelerate data sharing and security.
During the internal testing of Kunyilian, the platform registered almost nearly 60,000 blockchain certificates related to official bidding data. Moving forward, the platform aims to encompass almost 30,000 bid participants for public resources in Kunming.
Public resource bidding is a method employed by governments to allocate large resources to private and public sector firms that promise to complete a particular project. The Kunyilian platform is part of China’s initiative to further its technological innovation through investment into new and emerging technologies.
The Chinese government, as well as tech giants in the country are increasingly investing in the blockchain and crypto industry. Giant companies such as Tencent and Ali Baba are leading the innovation with full support from the government. Tencent in particular had recently filed more new patents related to blockchain-based consumer applications, hardware devices and media storage systems.
A former vice chair of the People’s Bank of China has recently revealed that the country has completed the backend architecture development of its central bank digital currency (CBDC). According to him, the country is currently collaborating with a number of multi-national companies to test its digital yuan in 4 cities.