China Applies Blockchain Technology to Revitalisation of Rural Economies

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Firms operating in China are turning to the use of blockchain technology to help advance the central government’s call for the reinvigoration of rural economies.

Earlier in the year Beijing called for the greater use of technology to help drive the growth of rural economies, with the issuance of the “Opinions on Comprehensively Driving Rural Village Revitalisation and Accelerating Agricultural and Rural Village Modernisation” (中共中央国务院关于全面推进乡村振兴加快农业农村现代化的意见).

The Opinions call for “accelerating the application of modern information technologies in the agricultural sphere.” Companies operating in China have since stepped up their application of blockchain technology to the issue of rural development specifically.

A report from China Construction Bank (CCB) highlights a range of projects undertaken by companies in China to apply blockchain technology to rural development.

Company ProjectBlockchain Application
Ant GroupAntChainTracking of production, supply and sales, development of rural household credit system.
ZA TechBubuji (步步鸡)Tracking of production, supply and sales.
Cangzhou Tech (仓舟科技)ChainChat agricultural product blockchainMatched transactions.
WeBank Financial poverty alleviation supportFinancial support for impoverished rural households.
Shenzhou Maimaiti (神州买卖提)Half-mu garden (我有半亩园)Tracking of production, supply and sales.
OliviaCoinOlive oil (橄榄油)Tracking of production, supply and sales. Financial support for rural households.
WalMartPorkTracking of production, supply and sales.
NestleMelonsTracking of production, supply and sales, and regulation and management.

CCB said that the application of blockchain technology can help resolve problems in China’s rural economies including information asymmetries between the supply and demand sides, the excessive concentration of rural village supply chains, and the development of rural village credit systems.

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