Blockchain to underpin digital economy in Fujian

The application of blockchain in the real economy is set to be a significant driver for the future of digital economy in Fujian, noted a government official.

Fujian has a solid foundation in information industry and it has also achieved robust growth in the modern service industries including finance and logistics, which will provide the tech support and application scenarios for blockchain, said Chen Julei, inspector of the Fujian Provincial Department of Industry and Information Technology.

Chen made the remarks at the inaugural Global Blockchain Industry and Entrepreneurs Summit in Fuzhou on Dec 13.

Echoing Chen, Lin Fei, deputy mayor of the Fuzhou Municipal People's Government, pointed out that blockchain, an integral part of digital economy, is giving rise to a new round of technological and industrial transformation worldwide.

Fuzhou attaches great significance to the development of blockchain and is planning to construct a blockchain comprehensive pilot zone in the city, he added.

According to Lin Duanxiong, director of the office of Fuzhou blockchain promotion leaders group, Fuzhou has now formulated a system to support the development of digital economy such as internet of things and big data. It has also rolled out a three-year action plan, aiming to build itself into a hub for blockchain development.

On the sidelines of the meeting, the facilities including a lab and an business incubator focusing on promoting blockchain tech innovation and its application in industries in the region were also inaugurated.

According to a report from global consultancy International Data Corp, worldwide blockchain spending is expected to hit $1.5 billion in 2018, double the figure in 2017, and it is projected to reach $11.7 billion by 2022.