China’s County Forms Blockchain Startup To Develop Forest Industry

The Beichuan Qiang autonomous county in China’s northern Sichuan province has entered into an agreement with Beijing based Sinfotek Group to establish a startup blockchain company named Hangzhou Yi Shu Blockchain Technology Co., Ltd to develop the forest industry.

According to China Net, both parties signed the partnership agreement in Hangzhou, Zhejiang Province on August 19. The new company will work for “forestry economic development and industrial poverty alleviation.”

Notably, Hangzhou Yi Shu Blockchain Technology is one of the 19 blockchain firms to have cleared the first batch of 700 project releases in the Hangzhou Blockchain Industrial Park. The company is planning to use blockchain technology for the improvement of farming and agriculture industries. China Net’s report states

“[The company’s strategy] will be closely integrated with the national development strategy, and [will] fully promote the application of blockchain technology to realize the parallel development of enterprise value and forestry industry.”

It can be remembered that the Communist Party of China (CPC) had released a guide on blockchain technology and its potential applications two weeks before.

Likewise, China’s Ping An Insurance company, one of the largest insurance groups in the world, has released a “White Paper on Smart Cities,” campaigning for advancement of blockchain technology and “promoting the development of smart city.”