According to Beijing’s blueprint, 140 government services applications are already on blockchain and are divided into three categories, including data sharing and exchange, business collaborative processing, and electronic certificate and certificate storage.
According to a local report, blockchain is a breakthrough technology that allows data sharing to be more efficient, with electronic certificates stored on-chain, while improving the credibility and verification efficiency.
One sector for blockchain-based use cases includes the real estate registration system, which involves 11 units, including the Municipal Planning Self-Commissioning Committee, Housing and Urban-Rural Development Commission, Taxation Bureau, Public Security, Market Supervision Bureau, Civil Affairs, Banking and Insurance Supervision, amongst others.
With the blockchain-based real estate registration system, relevant departments would be able to ensure that the electronic licenses would be credible and would allow for traceability during the sharing process.
The report explained, “The paper materials that need to be submitted by the clerk in the past will be directly pulled on the chain, and the electronic evidence will be formed and retained. It can be traced back and does not need to be submitted by the clerk.”
China previously announced a new 15-year blueprint as part of the country’s global technology push, to set the global standards for the next-generation of technologies, including blockchain.
China Standards 2035, the ambitious plan by Beijing is expected to be released this year, as standards have been crucial for emerging technologies. Technologies such as 4G mobile networks and Wi-Fi follow specific technical standards, such as enabling the use of mobile networks abroad.