Shanxi to cultivate blockchain unicorn enterprises

North China's Shanxi province will cultivate a batch of blockchain innovation and unicorn enterprises and build innovative digital economy industrial clusters, according to a recently released circular by the Shanxi Department of Industry and Information Technology.

The circular put forward essential tasks for enhancing blockchain technology's innovation capability, developing demonstration applications in the blockchain industry and building a blockchain industrial system integrating blockchain with new-generation information technology, including the internet of things (IoT), big data and artificial intelligence (AI).

To enhance blockchain tech innovation capabilities, Shanxi will integrate the R&D strengths of universities, scientific research institutions and key enterprises inside and outside the province, increase R&D investment and accelerate tech upgrading in consensus mechanisms and smart contracts.

The province will encourage third-party organizations to carry out product function and performance testing to improve blockchain usability, scalability and security. It will also support research institutions and enterprises in incubating and working on products and solutions integrating blockchain, AI, IoT, big data and mobile internet.

In terms of developing blockchain demonstration applications, Shanxi will promote blockchain tech applications in energy, cultural tourism, government affairs and smart city development.

For example, in the field of smart city development, the province will implement anti-counterfeiting and traceability projects focusing on industrial manufacturing, farm production, consumer products and pharmaceuticals, based on local industrial leaders.

The province will encourage key IT enterprises to increase industrial integration and application practices in the blockchain field to form a blockchain industrial system. It will also introduce leading domestic blockchain research institutions and enterprises.

Two key industrial parks in the province will be selected to build innovative blockchain application platforms and digital economy industrial clusters.