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Guangzhao City issues Business License tapping Blockchain and AI


As reported by local news agency Sohu, Chinese City Guangzhao has recently issued a blockchain license using blockchain and AI. The license has been reportedly issued at the administrative center of Huangpu District. Further, this is the first business license issued using blockchain and AI in China.

The report further mentions that Huangpu District piloted its commercial service blockchain platform and it has reduced the bid submission time and has also helped avoid double submissions.

The license purportedly allows startups to file application, and simultaneously open a bank account. In addition, to submitting a tax invoice application using a WeChat mini-program.

In early March, China issued it first blockchain-based electronic invoice for a subway ride issued in the the Shenzhen Metro through a project developed by the Shenzhen Municipal Taxation Bureau.

In late December 2018,  Guangzhou, along with Beijing and Shanghai,established their prominence as the biggest concentrated areas of relevant blockchain legislation in China. Also,  Guangzhou was selected as the headquarters for a new local blockchain alliance. The alliance involved 54 companies focusing on blockchain’s use in finance and trading.

Recently, executive chairman of the Blockchain Research Institute Donald Tapscott made a prediction that official Chinese currency, the renminbi (RMB), will become a cryptocurrency.


Blockchain Adoption on a Rise

Recently, KT Corporation, South Korea’s Largest Telecom firm launched its blockchain -powered fifth-generation (5G) network brand.

KT developed GiGA Stealth technology that prevents hacking attacks as a part of the new brand. The technology prevents hacking by successfully hiding the IP addresses of the connected devices. Per the report, blockchain-enabled technology makes the addresses invisible to hackers.

Switzerland-based food giant Nestlé, French supermarket chain Carrefour have partnered with IBM for tracking supply chain of Mousline. Once the pilot is rolled out, shoppers will be able to know where exactly the potatoes came from by scanning a QR code in their smartphones. In addition, to their journey to the specific Carrefour store.

Samsung SDS recently announced that it  is all set to collaborate with IT giant Tech Mahindra to make a grand entry in the overseas blockchain market. SDS, the systems integration arm of Korean tech behemoth Samsung has plans to take Nexledger blockhain to India, the United States and Europe.

More recently, Samsung SDS announced that it will soon be launching its own blockchain accelerator technology, Nexledger Accelerator, following a successful test with Hyperledger Fabric, which will improve transaction processing speed.