Several free trade zones (FTAs) in China have proposed the application of blockchain technologies in various sectors, with a focus on blockchain-based transactions. The proposal aims to improve administration efficiency, enhance trade convenience and increase mutual trust among companies.
The Jinan pilot free trade zone in East China's Shandong Province has granted the first digital business license for blockchain-based storage and information transmission, Zheng Deyan, deputy mayor of Jinan, said recently at a forum.
Next, the city will promote the development of blockchain application scenarios and other new technologies, and will encourage companies in the FTA to use blockchain, Zheng said, according to a report from the Securities Daily.
In the Jinan FTA, a smart approval management system based on blockchain and big data was launched in October. Within this system, businesspeople don't have to go to the government agency in person to register their companies. Within one month, 1,421 new companies have registered in the FTA, the Securities Daily said.
Blockchain can be widely used in government administration, including in the management of licenses and certificates, it said, noting that the technology helps improve efficiency and speeds up approval processes.
In September 2018, the FTA in South China's Hainan Province launched a blockchain pilot zone, encouraging companies to be bold in their innovation and application in order to fight for a dominant position in the blockchain industry.
