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China’s Hunan Province Plans to Generate $423M Through Blockchain Adoption

Central China Hunan Province is planning to lead the nation’s adoption of blockchain technology, which would see it become the center of China’s blockchain industry by 2022. 

According to a Monday report by Global Times, Hunan rolled out China’s first provincial-level blockchain outline, comprising of what it plans to achieve in the next three years, through the use of blockchain. 

The report revealed that the Hunan Province would utilize the blockchain technology to boost various industries, including finance, logistics, public services, as well as the cultural sector. 

However, emphasis will be placed on social governance, supply chain, intellectual property rights, education, poverty alleviation, among others.    

In addition, the province is planning to generate 3 billion yuan ($423 million) as revenue in the next three years from the development of a blockchain industry, which entails the construction of 5 blockchain industrial parks that would help in connecting 30,000 firms to the blockchain. 

As per the report, Hunan will further make provision to increase the number of firms that can connect to its blockchain in the future, as efforts will be channeled to developing more blockchain incubation hubs and also explore other ways the tech can be deployed in the real economy. 

China’s support for blockchain 

While China is currently testing its central bank digital currency (CBDC) also known as DC/EP, the country is also bullish on blockchain technology, tagging it as a game-changer.

Last year, China President Xi Jinping in a study session conducted by the Central Committee of China’s communist party, said that the tech should be adopted across different sectors to boost the nation’s economy.  

Xi Jinping stated at the time that the nation has a solid foundation to build with the blockchain than other countries, and should take the leading position in the emerging field. 

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