China Gets Its First Blockchain-Based Public Resource Bidding Platform

China’s Yun­nan province city of Kun­ming has completed the development and internal testing of the country’s first completely blockchain-based public resource bidding platform.

Dubbed “Kun­y­il­ian,” the bidding plat­form utilizes Tencent’s blockchain-as-a-service system and intends to solve the challenges faced by the current public resource bidding process. It is expected to help authenticate the credibility of central entities involved in the bidding process and expedite data sharing and security.

The development of the platform is part of China’s initiative to further its technological innovation through investments into new and emerging technologies. Chinese technology companies as well as the state and national governments are increasingly investing in the blockchain and cryptocurrency industry. Recently China had completed the backend development of its central bank digital currency and was currently testing it for business use cases.