Zhejiang is an eastern coastal province of the People's Republic of China and thanks to high agricultural yields it has grown to be considered one of China's wealthiest regions, ranking fourth in GDP nationally and fifth by GDP per capita, with a nominal GDP equivalent to US$849 billion as of 2018.
Zhejiang's current economy is based on electromechanical industries, textiles, chemical industries, food, and construction materials; however, the region is also gaining an excellent reputation in the world of Blockchain education. Zhejiang University, located in Hangzhou, offers a blockchain and digital currency course teaching students the technology behind blockchain platforms like HyperLedger, while also investigating case studies in blockchain application and digital currencies. And the university has been a remarkably successful incubator of talent for the blockchain industry, graduating the founders of excellent startups such as Hyperchain and Yunphant.
Back in 2016, Hangzhou Qulian Technology Company came into existence after being co-funded by seven teachers from the School of Computer and Software of Zhejiang University. In no less than 3 years Qulian has applied for 109 patents and obtained nearly 40 software copyrights, ranked 11th in the world global ranking of patents in 2017. Qulian has also published several professional blockchain works, participated in the formulation of multi-blockchain standards, complied the White Paper, Blue Paper of CITIC, the People's Bank of China and other authorities.
And the research team are also actively trying to patent any Blockchain applications developed on campus such as a cloud-based blockchain system which facilitates cross-border payments. They say that imitation is the greatest form of flattery and the universities success is being emulated in Suzhou, a city of Jiangsu province. The city raised a special fund valued at US$157.7 million to support the development of a "Blockchain Valley" in collaboration with Tongji University. The hope is that the Blockchain Valley will attract a whole host of blockchain-related enterprises and the brightest minds in the sector to apply cutting-edge technology to all aspects of public services.
With excellent transport links such as the Shanghai to Hangzhou High-Speed Train which connects these two major cities with G class trains which cover the 169 kilometres (105 miles) in about 45 minutes and three international airports, the region is expected to thrive. This is just one of many areas across China which are leading the way in blockchain innovation make sure you come back to the Dragon Blog soon to discover more about the way that China is influencing the world of blockchain.