China puts public resource bidding on blockchain

The city of Kun­ming in China’s Yun­nan province has completed the development and internal testing of the country’s first entirely blockchain-based public resource bidding platform.

Public resource bidding is a method utilized by governments to allocate large resources to private and public sector companies that promise to complete a particular project, Cointelegraph reported.

Dubbed “Kun­y­il­ian,” the bidding plat­form utilizes Tencent’s blockchain-as-a-service system and intends to solve the challenges faced by the current public resource bidding process. It is expected to help authenticate the credibility of central entities involved in the bidding process and expedite data sharing and security.

During the pilot test of the platform, it registered almost 60,000 blockchain certificates related to official bidding data. It now aims to provide its services to the more than 30,000 bidding entities for public resources in Kunming.