China is expected to be the market leader in blockchain, according to this PwC report. The country seems to have accepted blockchain on a mass level, with a Chinese county now planning to use blockchain to develop agriculture industry.
The Beichuan Qiang Autonomous County, located in the northern Sichuan province, has signed a deal to develop a blockchain corporation in order to maintain the forestry industry, according to a local news report.
The contract was signed last week in Hangzhou, Zhejiang Province.
The report, originally published in Chinese, said, “The Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group have jointly established a new company, Hangzhou Yi Shu Blockchain Technology Co., Ltd for forestry economic development and industrial poverty alleviation.”
The Hangzhou Blockchain Industrial Park
China’s Hangzhou Blockchain Industrial Park opened on April 9th, 2018, with a $1.6 billion innovation fund. The aim of the project is to provide funds to growing blockchain startups and make China an industry hub.
This new company is said to join other 19 companies in the Hangzhou Blockchain Industrial Park. The company intends to use blockchain to improve the work of agriculture and farming industries.
The Country Seems to Be Moving Fast
The local government seems to be in a hurry to improve the agriculture sector. It recently joined hands with Alipay to create a blockchain based solution to help check the authenticity of rice, according to this report.
The deal between AliPay and the government in Wuchang in Heilongjiang Province is designed to prevent the sale of counterfeit versions of branded rice.
However, China is not the only country that intends to use blockchain to improve the agriculture sector. We earlier wrote about how the sector is on the verge of a breakthrough with different governments and businesses planning to use blockchain to improve processes and improve the supply chain.
Based on the growth of blockchain in the country, it will not be wrong to state that China is among the fastest growing countries in terms of blockchain acceptance.