According to chinanews.com, Beijing, China’s capital territory has the intention to intensely promote the reform of the blockchain-based information sharing system.
It plans to promote the application of blockchain technology in more than 20 fields, such as the implementation of real estate registration, a permit for electricity, electronic livelihood cards and other fields.
This information was inferred by reporters on 13th January 2020, from the first press conference of the third session of the 15th People’s Congress of Beijing.
The focus of the Congress was centered on the pain points and difficulties of enterprises, starting and investing in businesses. Regarding these, the report says that Beijing had to issue 318 task and measure in 2019.
Blockchain-Based Information Sharing to Get Intensely Promoted in Beijing
As aforementioned, the promotion of blockchain-based information sharing will be implemented in over 20 areas in Beijing. Adding to the earlier mentioned areas, blockchain technology will also be promoted in house leasing, notarization, building permit, credit settlement, and others.
According to the report, the application of blockchain technology by Beijing is presently paying off in real estate registration, business start-up, and other areas.
In Beijing, Haidian District has launched a pilot application of real estate transaction, thanks to blockchain technology. Since it gained traction, it has been able to achieve 12 types of data sharing at the municipal and national level.
The report also stated that a total of 1,560 real estate transactions have so far been processed since May 2019, using blockchain technology.
Due to the application of the nascent technology, blockchain, the time needed to verify each material was drastically reduced from 15 minutes to 2 minutes.
In conclusion, the use cases embedded in the blockchain technology is starting to set it apart. China is the most populous country in the world, and Beijing is its capital territory. Blockchain functionalities may soon take over the whole of China if it keeps solving their complex problems on a daily basis.