The Bureau of Economics and Information Technology in the Chinese city of Wuhan plans to cultivate more than 100 blockchain companies within three years.

Fast facts

  • Authorities in Wuhan issued a document outlining the blueprint, according to which rewards of up to 2 million yuan (about US$309,000) and blockchain technology research program subsidies of 500,000 yuan (US$77,250) would be offered to “fast-developing blockchain companies.” 
  • Authorities emphasized that they would encourage the application of blockchain technology to public services and the real economy.
  • In March, Wuhan announced the use of blockchain to track real estate taxation. According to local media reports, more than 35,000 real estate transactions have been recorded on the chain.
  • On June 7, two central government ministries and commissions jointly issued a document aiming to boost blockchain technology nationwide.