Another great news about the acceptance of bitcoin by one of the most regressive nations of the world. In recent news, it is being said that Huawei and Beijing are jointly developing the Municipal blockchain directory.
Although China was initially sceptical about using blockchain technology, now the nation is gearing itself to use blockchain technology even at the grassroots levels.
Both these municipal governments are developing the blockchain directory for efficient urban governance.
What’s the buzz?
As per the latest report, it is being said that the adoption of the technology is still in trial period and it is being said that the technology will help the municipal bodies to provide the government services in a better way and it is also expected that the technology will boost and influence the city’s business environment.
Why are these municipal bodies interested?
Beijing got interested in blockchain technology as it wanted to research about the smart city approach to enhance urban innovation and governance. In addition to blockchain technology, different other innovative approaches are also looked in like Artificial Intelligence, Cloud Computing, and 5G.
Since the year 2019, Beijing, as well as Huawei, have explored the possibility and positives of using blockchain technology. They have come up together to create a blockchain directory that will help them in linking the city’s 50 Municipal corporations, and it will also support cross-departmental sharing and management of big data.
How will the system be used?
The application of the bitcoin system will range from real estate management, effective communication, and also better levels of feedback from citizens. As per a statement made by Beijing municipal governor, people and the common citizens will be the direct beneficiary of this newly adopted application of blockchain technology.
What is the role of Huawei?
The main role of Huawei is that the blockchain will help them in their Huawei Cloud Blockchain. This system will support real-time data management and real-time feedback.
It is expected that the use of Blockchain technology will play a major role in integrating the new-generation technology and it will also fulfil the strategic goal of urban modernization and in getting the digitized version of municipal services.
In a parallel universe. China is boosting blockchain development, and they are going for numerous projects based on blockchain technology. China is planning to integrate Stablecoins as a measure of payment in the blockchain space.