As reported by Finance Magnates, China’s internet regulator recently revealed a list of names of companies that have received permits to use blockchain-powered services in the strictly regulated nation.

Most approvals went to firms in the medical, logistics, and government sectors. Nevertheless, the Cyberspace Administration of China (CAC) reiterated that licensed companies may not offer blockchain technology for commercial purposes.

Subsidiaries and affiliates of internationally recognized companies from China – Tencent, Baidu, and Alibaba – were among those on the list, along with other startups. Some of the firms included in the group were Tencent Blockchain-as-a-Service (TBaaS), JD.com’s BaaS, Baidu Blockchain Engine (BBE), and Alibaba Cloud BaaS.

In the first quarter of 2019, the Chinese administration approved certain regulations for blockchain services, which were put into effect in February. The regulations are strict, with Chinese officials warning that companies that fail to comply with the rules could be fined depending on the offense.

Moreover, the regulators said government officials must be granted access to data on the blockchain as necessary. Firms are to strictly record transactions and immediately notify authorities in cases of illegal usage.

China alarmed blockchain developers worldwide with its ban against cryptocurrencies and initial coin offerings (ICOs) initiated in September 2017. Still, investors in China have sought ways to continue trading with virtual assets through alternative channels.

However, the Chinese government has also promoted the development of blockchain technology, which has the potential to disrupt multiple sectors. The Chinese administration has also added blockchain technology to its national development roadmap for the year 2020.

Source: www.financemagnates.com