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Beijing Says Blockchain Adoption Is Already Yielding Tangible Results

Beijing Says Blockchain Adoption Is Already Yielding Tangible Results 101
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China’s blockchain kick is starting to leave a noticeable mark on the nation’s capital with the Beijing government reportedly deploying blockchain technology in 140 different use cases.

Per a report from The Beijing News, blockchain-powered alternatives have helped do away with paper-based processes in 253 scenarios involving enterprises and 65 matters pertaining to regular citizens.

The news outlet quotes the capital’s Beijing Municipal Bureau of Civil Affairs as stating that paper-based certificates are no longer required for over 60 processes, including opening bank accounts, applying for loans and providing proof of identity.

The bureau also stated that in many areas, the amount of paper documents submitted has been “reduced by an average of 40%.”

Many of the capital’s blockchain initiatives are still in the pilot stage, but Beijing said it has also built a “comprehensive” blockchain platform that will be able to allow residents to do away with paper tax and finance-related bills in favor of digital alternatives, with similar healthcare and charity donations platforms set to follow.

New blockchain-based electronic identity authentication information systems, claimed the bureau, is also allowing companies and individuals to fill in 80% fewer forms, and have reduced the amount of time needed to open a bank account by 40%.

A forthcoming blockchain service platform to be deployed at the capital’s biggest airport will also “integrate customs, commerce and taxation” for both commercial and cargo flights.

Late last month, the city announced a wide-ranging blockchain plan for the period 2020-2022, pledging to create a blockchain technology talent training authority and set up a city-run fund that will invest in high-potential blockchain industry firms.

The People’s Government of Beijing Municipality said its goal was to nurture a series of blockchain “unicorns.”
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