Wuhan Incubator Plan Aims To Boost Blockchain Sector

The Bureau of Economics and Information Technology in the Chinese city of Wuhan plans to cultivate more than 100 blockchain companies within three years.

Fast facts

  • Authorities in Wuhan issued a document outlining the blueprint, according to which rewards of up to 2 million yuan (about US$309,000) and blockchain technology research program subsidies of 500,000 yuan (US$77,250) would be offered to “fast-developing blockchain companies.” 
  • Authorities emphasized that they would encourage the application of blockchain technology to public services and the real economy.
  • In March, Wuhan announced the use of blockchain to track real estate taxation. According to local media reports, more than 35,000 real estate transactions have been recorded on the chain.
  • On June 7, two central government ministries and commissions jointly issued a document aiming to boost blockchain technology nationwide.