The first blockchain industrial park was opened in Shanghai’s Baoshan District in November 2016 with the goal of not only developing blockchain technology for government-related work, but also for connecting the technology with finance, insurance, real estate, intellectual property and other industries.
Shortly after the launch in Shanghai, blockchain industrial parks emerged in other cities across China, such as Hangzhou, Chongqing, Suzhou and Changsha, with a total investment of more than 170 billion RMB ($24 billion) and a large amount of this funding coming from the government. With this amount of investment and distributed “playgrounds” to explore the country’s future with blockchain technology, it is natural that China is aiming to become a leader in the blockchain space.