It is a well-known fact that China wants to go all-in on blockchain technology. Launching a public resource bidding platform based on this technology is one way of pushing that agenda.
Various blockchain projects are under development in China today.
Using Blockchain to Allocate Public Resources
If everything goes according to plan, many more will be added to this list over the coming years.
One project is currently of great interest, as it highlights the potential of distributed ledgers.
Following successful internal testing, this public resource bidding platform is expected to go live very soon.
For governments, public resource bidding is a sensible way to allocate large amounts of resources to companies working on specific ventures.
For now, the project is known as Kunyilian, albeit that name may be subject to change.
It is built on top of Tencent’s BaaS system and should have ample throughput to accommodate all needs.
Given how there are over 30,000 potential bidders in the province of Kunming alone, speed and efficiency will prove crucial.
Chinese companies are currently pouring a lot of money and resources into blockchain development.
If these efforts fail to pay off, it may very well be the end of the entire distributed ledger hype altogether.