The government came to agreement with THEKEY startup. Blockchain-based apps aimed to improve the system of social insurance will appear in China. This was initiated by the government, as a result, it has partnered with THEKEY startup. The company has already announced creation of research fund worth of $20 million needed to support development and usage of blockchain in this field. It is worth noting that Chinese government is not positive about development of cryptocurrency market and take hard line on investing in digital assets. However, it puts high hopes on blockchain. In particular, China’s President Xi Jinping calls blockchain a revolution technology. According to experts, the government will keep interacting with the startups working on creation of blokchain apps. It is not unthinkable that the technology will be used not only for improvement of social insurance system, but also in other fields, for example, in agriculture. Let us recall that Chinese government make big contribution in development of blockchain. The government of Hangzhou and Shenzhen launched investment funds to support blockchain startups this spring. |
