How Beijing is building a blockchain empire

If further evidence was needed that the anti-cryptocurrency measures did not have a negative effect on the country's blockchain scene, Alibaba provided it by entering the global entities that filed the blockchain patents. Alibaba came first with 90 patents, beating IBM with 89, and MasterCard with 80, as reported by iPR Daily, a media organization specializing in intellectual property.

According to a Reuters report at the beginning of this year, the number of new blockchain patents reached a record 406 in 2017, compared to 134 in 2016, and 56% of these patents in the 2017 came from China.

Developments have arisen despite the Chinese technology giant Baidu joining Tencent and Alibaba to impose new anti-cryptocurrency measures, in line with the Beijing's hard line on digital currencies. Alipay by WeChat Pay and Ant Financial monitored cryptocurrency transactions platforms.

Yet, with Beijing trying to further develop the country's technological space, blockchain is seen as an essential element. This is particularly true in the south, where it is sought to develop a so-called Greater Bay Area linking Hong Kong, Macau, Shenzhen, Guangzhou and other Pearl River deltas at a power plant to rival the Silicon Valley.

Asia Times reported last week that the Shenzhen Central Sub-Section of the People's Bank of China, the central bank of the PRC, officially started the testing phase of the Baycha Trade Finance Blockchain Platform project.

The system will conduct commercial and financial activities, including trade receivables and financing, while providing a regulatory system that allows real-time monitoring of various financial assets.

In addition to financial applications, media reports indicate that the blockchain can be used to authenticate evidence in a legal framework, according to the guidelines issued by the country's Supreme People's Court.

"Internet courts recognize digital data that is presented as evidence if the relevant parties. By hypothesizing and archiving this data via blockchain with digital signatures, reliable timestamps and verification of the hash value or via a digital deposition platform, it is possible to demonstrate the The authenticity of this technology used, "said the Supreme Court in an announcement translated by CoinDesk.

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