Over 500 enterprise blockchain projects developed by major companies in China have been registered with the country’s Cyberspace Administration, according to Coindesk, highlighting Beijing’s support for blockchain.

A total of 14 blockchain projects have also been registered by six banks in China. Most of the projects use the technology for trade finance, asset management, supply chain financing and cross-border payments.

Financial Sector Blockchain Projects

Among the Chinese banks that have filed for blockchain projects are Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, China Construction Bank (CCB) and the Bank of China, which owns a patented blockchain payment system. Other major banks with blockchain projects include China Construction Bank and Ping An Bank.

Apart from banks, Union Pay filed two blockchain services for tracking cross-border capital transfers and digitizing certificates.

Tech Giants Are Ahead Of The Game

Baidu, Alibaba, and Tencent are some of the largest tech conglomerates that have filed blockchain-based services. Blockchain projects by Baidu include its patented Xuper Chain, a game called Letsdog, Baidu Blockchain Engine, and Token. Alibaba has a total of 90 projects.

Tencent registered its Tencent Blockchain, Tencent Cloud TBaaS Blockchain and TrustSQL, a blockchain platform for digital asset management and authentication. The internet giant also partnered with Intel to develop blockchain-based Internet of Things (IoT) apps.

Blockchain Projects By Government

In China’s government sector, blockchain projects can be found in areas such as communications, law and land development.

The Blockchain Services Network (BSN), a nationwide infrastructure project, is considered one of the largest blockchain projects led by the Chinese government. BSN claims to be better than cloud services developed by tech giants such as Alibaba, Huawei and Tencent.

Other projects led by the government include Blockchain Electronic Invoice and Cross-Border Transactions Platform.

Source: www.coindesk.com

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