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Chinese Province Sees First Official Blockchain Zone

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China's Hunan province, a major blockchain hub in the country, is now establishing its first provincial blockchain zone in the city of Loudi.

The central Chinese province of Hunan has approved the establishment of the Wanbao blockchain zone in the city of Loudi. It is the first provincial blockchain zone in Hunan province, according to a local news report from March 4.

Hunan punches above its weight among Chinese provinces housing blockchain work

According to China’s 2019 blockchain zone development evaluation report, Luodi ranks at 17 among domestic blockchain zones.

Luodi blockchain zone has already attracted a number of industry-leading enterprises including Shareslink, Hyperchain, Incite Data and Shenzhen Defang Technology.

There are a total of 788 blockchain enterprises established in Hunan, ranking the front in the country, according to the report.

The province has preliminarily plans to build three major blockchain zones: blockchain industrial parks in Wanbao’s new district of Loudi city, and other special zones in Jingkai district and Gaoxing district in the city of Changsha.

The Chinese government is investing heavily in the blockchain sector

As Cointelegraph reported, Hainan’s blockchain pilot zone received a fund worth 1 billion yuan ($142 million) from the government.

As blockchain continues to go mainstream in China, long-term investment forecasts estimate Blockchain investment at $2 billion by 2023.

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