The city of Kunming, located in the Yunnan province of China, has reportedly launched the first blockchain-based public resource bidding system in the country.
Dubbed as “Kunyilian”, the platform allows public and private companies to bid on government projects and secure resources allocated by the government. Those resources include capital, technology, and infrastructure.
Since its testing phase, Kunyilian registered nearly 60,000 blockchain certificates. The system will allow more than 30,000 organizations to bid for government resources in the province of Kunming, reports China Banking News.
The launch of Kunyilian coincides with China’s plan to create a new, state-of-the-art infrastructure and rebound from the economic losses of the coronavirus pandemic.
Kunyilian relies on blockchain as a service technology (BaaS) developed by Chinese tech company Tencent. The platform is expected to facilitate data sharing and increase security while validating the credibility of the entities involved in the bidding process.
In 2019, Tencent filed over 700 patents for media storage software, hardware, and blockchain technology. The company’s filings represent 12% of the estimated 5,800 blockchain patents filed in China last year.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/ktsdesign