China’s Xiong’an New Area is going to use blockchain for project fund management

1 min read

雄安用区块链技术管理超10亿元工程款,可有效防止资金挪用 – 36Kr

What happened: China’s Xiong’an New Area launched the country’s first blockchain-powered project fund management platform to fight misappropriation and interception of project money. The new platform requires all participants in Xiong’an’s construction projects, both entities and individuals, to have digital records and prepare to upload the information to the blockchain.

Why it’s important: Despite the fact that Chinese authorities have been against cryptocurrencies, they are very open to blockchain, the technology that cryptocurrencies are based on. According to local media reports, Xiong’an not only wants to use blockchain for construction project fund management, it wants to extend the tech to manage residential relocation compensation and other resource allocations. Blockchain can improve transparency in fund management. Before Xiong’an, China’s Crowdfunding platform Qfund used blockchain to record fundraising and signed an MoU with Consensys to consult on blockchain projects.