Hangzhou's blockchain project to push innovation, mayor says

Hangzhou's Blockchain Industrial Park is already attracting industry players, underlining the eastern city's leading role in advancing China's new economy, the city's mayor, Xu Liyi, said on Sunday. The city announced the park's launch on April 9 and said 10 blockchain technology companies had signed agreements, with many more expected to follow.

In February, Hangzhou, Zhejiang province, listed the blockchain industry in its Government Work Report as an essential emerging sector, along with artificial intelligence, virtual reality, quantum technology and commercial aviation and aerospace.

A blockchain is a public ledger of all transactions that may be applied in a wide variety of settings to provide security. It was developed for the cryptocurrency Bitcoin, but many other applications are possible.