China’s Yunnan province city of Kunming has reportedly finished building and put the nation’s first blockchain-based public resource bidding platform.
Specifically, the new bidding project – goes by the name “Kunyilian” – reportedly employed blockchain-as-a-service system developed by Tencent, and has a primary target to offer solutions for the issues troubling the current public resource bidding process.
It reportedly is planned to be used as an authentifying tool for the credibility of central establishments associating with the the bidding process, as well as for accelerating data sharing and security.
Upon the pilot phase, the platform has reportedly finalized registration of nearly 60,000 blockchain certificates, in connection with the official bidding data. At present, it reportedly looks to roll out its services to over 30,000 bidding establishments for Kunming-based public resources.
The design of the platform is reportedly a phase in China’s masterplan to advance its technological innovation, via investing into new and emerging technologies.
China-based tech firm, along with the state and national authorities are reportedly putting more and more investment in the blockchain and crypto sector.
Tech and internet heavyweights, nominally Tencent and Alibaba are reportedly pioneering the innovations in the sector, which are fully supported by the local government.