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.
So Public resource bidding is a method used by any particular government of any country to allocate large resources to the private and public sector firms that promise to complete a particular project.
“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.
Chinese companies and the technology companies as well as the state and national governments are increasingly investing in the blockchain and cryptocurrency industry.
The internet giants of china such as Tencent and Alibaba are leading the innovation in this space with full support from government officials.
The Chinese giants were already outpacing others in the numbers and the field of Blockchain Patents registered under their names when Tencent recently filed more new patents related to blockchain-based consumer applications, hardware devices, and media storage systems.
The development of the platform is part of China’s initiative to level its technological innovation through investments into new and emerging technologies.