In recent years, blockchain and its safe distributed ledger technology gained popularity among China’s financial industry. This popularity led to regulators turning their attention to setting regulatory standards for the blockchain industry.
On March 30th, China’s National Cyberspace Information Office (国家互联网信息办公室) officially released the first batch of registered domestic blockchain information services companies. Among the first official blockchain adopters are the BAT giants (Baidu, Alibaba, and Tencent), Chinese e-commerce retailer JD.com, Zhejiang Merchants Bank, fintech blockchain enterprise ZhongAn Technologies, etc. For most insiders, the registration filing is highly beneficial to the overall development of the blockchain industry. It indicates that, for the Chinese market, blockchain technology has taken the first step of standardization and broader adoption.
Beijing Business Today (北京商报) reported that the first batch of 197 blockchain information service providers includes companies from 18 provinces and autonomous regions. The three areas with most participants are Beijing, Guangdong, and Zhejiang.
The most prominent companies on the list are the BAT internet giants and a number of traditional financial institutions. For example, Baidu has three registered projects: Baidu Blockchain Engine (BBE), XuperChain, and the blockchain photo service PicChain. JD.com also registered three projects: a Blockchain-as-a-Service (BaaS) platform, an Anti-counterfeit traceback system, and a cloud blockchain data service. Alibaba and Ant Financial registered the Ant Blockchain BaaS platform, and Tencent registered Tencent Blockchain and Tencent Cloud TBaaS blockchain service platform.
Among the traditional financial institutions, many banks and insurance institutions have also carried out blockchain information filing registrations. Zhejiang Merchants Bank has five registered projects, including a financial product transfer platform, an accounts receivables tracing platform, a warehouse management solution, etc. Other interesting participants in the first blockchain registration are ZhongAn Technology, Ping An Insurance Group, and China’s first digital bank – WeBank, initiated by the Internet giant Tencent.
What Does That Mean for Propy?
Although the introduction of a lengthy, time-consuming, and detailed inspection and registration process might not sound like good news for the libertarian mass of blockchain enthusiasts, for the individuals who are more familiar with the specifics of the Chinese market, it comes as a change for the better. China is a place where everything takes more time and more effort; thus, a healthy attitude involves celebrating small wins on the way to achieving higher goals.
The open and welcoming attitude of the Chinese regulators toward blockchain technology is great news for Propy. Blockchain adoption in multiple industries, including the digital, financial, and even agriculture industries, shows the first step of a long journey that China is willing to take toward a blockchain-powered, safer economy. Propy, as the frontrunner of the blockchain real estate revolution, is ready for the potential challenges that come with these changes.