Blockchain technology has taken off in a number of regions around the world. Apart from being applied to a number of MNCs and agencies, technology has now entered the field of practical applications in countries like China.
Just recently, the Chinese newspaper Xinhua News Agency reported that the Yunnan Blockchain Center had been established in Kunming on March 15. This setup comes as proof that China was serious about the decentralized sector.
The center is located in the Kunming Wuhua Science and Technology Park, a budding area for new technology companies. The Yunnan Blockchain Center will focus on promoting applications of blockchain technology as well as the concept of an ecosystem that revolves around it.
Another main reason for the establishment of the center was that China was ramping up its footprint in the cryptocurrency industry. Sources close to the center’s development have said that the first batch of 24 domestic and foreign enterprises include Alibaba Technology and Hangzhou Quchain Technology.
The blockchain center is expected to build a network where consumers and clients can monitor products to their exact location and time. Beijing based blockchain-as-a-service [BaaS] provider Uni-Ledger will be another member of the new blockchain center.
This will include traceability of Yunnan green food, electronic medical record information sharing, blockchain electronic vouchers, and tracking cross border e-commerce products.
The organization also plans to look into blockchain supply chain finance as well as judicial depository evidence. Developers from the Yunnan Blockchain Center expect the operation to be of gigantic proportions and have developed the Peacock Code to keep up with it.
The new code will work on the same principle of maintaining the traceability of the blockchain. According to the developers, the code will upload information on all commodity circulation links. This feature is set to help with anti-counterfeiting and keeping transactions safe.
Yunnan is typically known as an agri-producer in China, exporting items like tobacco, tea, sugar, and coffee to different parts of the world. The province has been slowly experimenting with blockchain for some time now as evidenced by the blockchain-based invoice for tourist attractions. During a blockchain forum held in July 2019, Yunnan talked about a blockchain-based system that tourists could utilize to submit applications for invoices.
