Kunming, a city in Yunnan Province, has successfully developed China’s first blockchain-driven public resource bidding platform.
According to local news, the bidding platform was officially launched on Tuesday, June 23.
The platform, named “Kunyilian”, will allow the Chinese government to strategically allocate public resources such as funds, infrastructure, and technology to organizations in the private and public sector, through its transparent bidding process.
The Kunyilian successfully registered up to 600,000 blockchain certificates during the testing phase. Now fully launched, it is expected to handle over 30,000 bidders for the region’s public resources.
The project integrated a series of rising technologies. The developers partnered with Beijing Zhulong, an indigenous technology company that specializes in bidding and procurement solutions, to provide technical support on the project. On its backend, Beijing Zhulong uses Tencent’s TBaaS system to connect and maintain the blockchain network.
Kunyilian is one of the first products to be launched since China increased its investment in blockchain technology to revive its economy amidst the COVID-19 pandemic.
The Chinese government, as expected, is turning to technology to not only boost its economy but also to solve its public resources problems. Already, Alibaba and Tencent have the support of the government. It is expected that the government will invest up to 26 trillion yuan this year for infrastructure development.
Image Credit: Pixabay
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