China’s city of Loudi in Hunan province is proposing the use of Blockchain to combat crime. According to the city’s mayor, Yang Yiwen, blockchain technology is a powerful weapon in fighting crime.
In a recent meeting of Loudi’s Municipal Public Security Bureau, the mayor gave an update of the trial blockchain project’s progress in partnership with a local technology company to combat crime.
The project has integrated blockchain technology with big data and multi-party computing to offer reliable and trusted data exchange and channels for tracing information on multiple collaborative networks. The new platform brings together banks, telecommunication network operators, and public data from municipal departments like electricity and water.
China’s blockchain boom
China’s blockchain and the crypto industry has continued to grow despite the pandemic. According to a recent report by LongHash, more than 10,000 blockchain companies were registered in the country between January and July.
According to the report, China’s current number of blockchain-related companies is heading above the 2017 total figure. The report indicated that this year’s figure is likely to surpass 18,500 reported in 2018.
In total, there are 84,410 Blockchain registered companies in China, out of which 29,340 are operational. China’s Guangdong Province has the highest number of blockchain companies, followed by Yunnan Province in the southwest. Many of the blockchain companies registered have a small capital base. According to the report, the maximum registered capital is around $717.
The municipal authority is working with Hunan Chain City Digital Technology Co. Ltd in developing the project prototype and its implementation. Yiwen noted that blockchain technology, together with big data is the right weapon to fight illicit activities. He added that the two technologies improve in-depth and coordinated investigation and improves the accuracy of data.
China seeking to become a powerhouse in digital currency
The Chinese government is implementing various blockchain projects aimed at bringing efficiency in government services. The Central Bank of China has been allocated $4.7 million to develop its blockchain trade platform in the next three years. In addition, a total of 224 blockchain projects have been approved in the country from major companies, including Baidu, Walmart, China, and JD.