Xiangcheng District, one of the urban districts of Suzhou, Jiangsu province of China, has recently received the green light to create a blockchain industry development cluster in the region.
According to a Monday report, the project, which is the very first of its kind, will seek to explore and develop research pertaining to blockchain technology, set clear standards, spur the creation of industries, and provide solutions to real-life scenarios.
The sole purpose of developing this chain of blockchain industry development enterprise in the entire district of Xiangcheng is to ensure that there is a series of research conducted in order to further advance blockchain technology and create more and more blockchain-related industries in the province.
As per the current statistics, the Xiangcheng district has been able to develop and launch about 36 different blockchain-related industries with a primary focus on providing real-life solutions and applications using the technology.
Among these industries are the Aershan Digital Technology, Tongji Blockchain Research Institute, the Xiaowei Cloud Chain, and many more.
China becoming a blockchain hub
China has always had a favorable attitude towards the series of blockchain-related initiatives in the country and that is one of the major reasons why the industry is booming there.
Late in December last year, the Hainan province of South China had raised a total of 1 billion yuan in special funding round, which was exclusively kept for supporting blockchain-related startups and improving technological applications. The province had also launched one of the fastest-growing blockchain clusters in the country.
The project to develop a blockchain industry development cluster in Xiangcheng, Suzhou will go a long way to accelerate the development of the industry in the province.
Just a few weeks ago, it was reported that plans were being put in place to give civil servants in the Xiangcheng district about 50% of their transportation subsidies using the country’s newly developed digital currency starting from this month.