Nanjing, the capital of China’s Jiangsu province, has just launched a Fund worth 10 billion Chinese yuan ($1.48 billion) for public blockchain projects.
The Nanjing blockchain investment fund was unveiled during at the inaugural Industrial Public Chain Summit (IPCS) held in the city on July, 23. The funding project is being conceived in collaboration with Zhongguancun Blockchain Industry Alliance, a Beijing-based association created by various blockchain companies and government research institutes.
In attendance at the high-profile inaugural Industrial Public Chain Summit (IPCS) was Luo Qun, deputy secretary of the Communist Party of China in Nanjing, among other high-level local government officials.
The funds will be used to promote public blockchain projects in China and also to facilitate the so-called “token economy” in legacy systems. Two projects have already been selected for the blockchain fund, the UDAP Foundation, and TokenX Community. UDAP Foundation is working on designing a decentralized asset management platform which will help users tokenize assets. While TokenX Community project is yet to be disclosed.
Improving the Society with Blockchain Technology
While speaking concerning the development, Yuandao, the chairman of the Zhongguancun Blockchain Industry Alliance, stated that the use of these technologies is “like a snowball effect, with adoption resulting in even more innovative technological breakthroughs.”
He explains that the primary goal of the selected blockchain technologies is to improve the society in the area of cross-border platforms transactions, content, healthcare, energy, intellectual property, and environmental protection.
Despite its hard stance on cryptocurrencies, China is has actively pursued blockchain innovations and was recognized as leading in the number of blockchain-related patents filed in 2017 at the World Intellectual Property Organization (WIPO).