China seeks to transform Beijing into a global hub for private blockchain innovation and cultivate a group of unicorn enterprises and with a worldwide influence through its initiatives including cryptography, high-performance computing, and chip technology.

Dragon co-founder, Paul Moynan welcomes the ambitious plans saying that, “once again we are seeing China ramp up the tempo for innovation and continue to lead the way in the development of Blockchain technology. President Xi Jinping is ensuring that China remain bullish on Blockchain and is now looking to increase investment in several areas to accelerate the development of Blockchain and industrial innovation.”

The Beijing Blockchain Innovation Development Action Plan outlines how the city will establish a "blockchain industry innovation development base" spanning the city's top districts for financial and tech innovation.

Galaxy Soho Building, Beijing

In addition to fostering private innovation, the plan outlines numerous public applications, including developing a blockchain-based directory system, digital ID platform, government data-sharing platform, and unified social credit applications. All of which will be capable of cross-chain interaction.

China are pushing ahead with the unification of systems via DLT.

Beijing will also invest in traceability projects to promote public safety for "food, hazardous waste, emergency equipment, rescue funds," and medical records, among other areas but are expected to initially focus on real estate registration and unification of bills to via DLT.

To keep on top of all the innovation coming out of China, all you need to is to stay tuned to the Dragon Blog – why not head there right now?