The central Chinese mega-city of Chongqing has teamed up with leading tech companies from China and abroad to establish its own blockchain innovation league.
10 April saw the establishment of the Chongqing Municipal Blockchain Application Innovation Industry League (重庆市区块链应用创新产业联盟) with the participation of over 110 enterprises including IBM, Huawei, Tencent, China Mobile, China Unicom and China Telecom.
The Chongqing municipal government is also formulating the “Chongqing Blockchain Digital Economy Industrial Park Development Coordination Measures” (重庆市区块链数字经济产业园发展促进办法) for the purpose of expediting the growth of the domestic blockchain sector.
The League will make use of Chongqing’s blockchain sector innovation base to create a platform for blockchain exchange, cooperation, innovation and application, as well as expedite upstream and downstream innovation and cooperation between industry and researchers.
The Measures will provide research and development subsidies of up to 3 million yuan, as well as awards of between 500,000 and 1 million yuan for the commercialisation of blockchain research.
Qiao Hong (乔宏), vice-head of Chongqing’s big data development authority, said that support would focus on independent innovation in the areas of core technologies such as blockchain encryption algorithms and digitised verification,