The Chinese city of Fuzhou is offering rent subsidies to blockchain firms as part of efforts to accelerate the industry’s growth.

Firms Will Be Encouraged to Build Blockchain Applications

As reported by Cointelegraph, the subsidies are part three measures aims at bolstering the sector and will allow companies to receive up to 600,00 yuan (US$86,800) in annual relief on rent bills for three years. Traditional firms will also be encouraged to develop blockchain applications, with eligibility to receive a 20% subsidy on development costs.

Companies that deliver industrial blockchain platforms, such as technology labs or research centers, could potentially land a windfall of 2 million yuan (US$289,000) if they are recognized by Chinese authorities. Furthermore, they can receive up to 1 million yuan (US$144,500) by contributing to high-level meetings at the “international, national, and provincial levels.”

China’s Largest Companies Have Started Embracing Blockchain

Many of the biggest firms in China have already begun embracing blockchain technology, including e-commerce giant JD.com, which was reported in May to have applied for over 200 blockchain patents.  

That same month, it was revealed that China’s biggest e-commerce company, Alibaba, was planning to integrate blockchain into its intellectual property (IP) system.  This would allow electronic deposits from international brands to link directly to the Internet Court, thereby providing a basis for litigation rights protection.

Additionally, the Intellectual Property Center of China Information and Communication recorded that Chinese internet giants Tencent and Baidu applied for 80 and 50 such patents, respectively.

The center also named China the global forerunner in blockchain applications, with the country filing 4,435 blockchain patent applications from 2013 to 2018.

Source: cointelegraph.com

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