SBI is planning to launch a digital stock exchange based on blockchain technology. Image: iStock

The city of Kun­ming in China’s Yun­nan province has completed the development and internal testing of the country’s first entirely blockchain-based public resource bidding platform.

Public resource bidding is a method utilized by governments to allocate large resources to private and public sector companies that promise to complete a particular project, Cointelegraph reported.

Dubbed “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.

During the pilot test of the platform, it registered almost 60,000 blockchain certificates related to official bidding data. It now aims to provide its services to the more than 30,000 bidding entities for public resources in Kunming.

The development of the platform is part of China’s initiative to further its technological innovation through investments in new and emerging technologies.

China goes full throttle on blockchain tech

Chinese technology companies as well as the state and national governments are increasingly investing in the blockchain and cryptocurrency industry. Tech and internet giants such as Tencent and Alibaba are leading the innovation in this space with full support from government actors.

Chinese companies were already outpacing others in the number 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.

China has completed the backend development of its central bank digital currency and is currently testing it for business use cases.

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