Beichuan Qiang Autonomous County of Northern Sichuan province signed a business partnership with Hangzhou Yi Shu Blockchain Technology Co., Ltd, a new blockchain company to support their goal of developing its forestry industry. The agreement was reported by the local news outlet, China Net, on August 24.
The agreement is generally aimed for forestry economic development and industrial poverty alleviation. China Net reported that it was signed on August 19 in Hangzhou, Zhejiang Province.
The head of the Beichuan County Party Committee and Cheng Feng, chairman and general manager of the blockchain company were signatories of the agreement.
It was reported that the blockchain technology is said to be the foundation that has gives possibilities to trigger the fifth wave of disruptive revolutions after steam engine, power, information, and internet technology.
The company is newly established and it is reported to be one of the 19 blockchain companies that have passed the requirements for the first batch of 700 project declarations in the Hangzhou Blockchain Industrial Park. The company is focused on applying the blockchain technology to farming and agricultural industries.
The networks report stated that the company will be working closely with the national development strategy and it will fully promote the use of the technology to reach the equal development of their profit and the forestry industry.
Cointelegraph reported, on August 13, that the Communist Party of China had published a book explaining the technology and its possible applications in the early days of this month. Ping An Insurance, a leading Chinese insurance company released a "White Paper on Smart Cities" which is reported to patronize blockchain technology development and the promotion of the development of "smart City".
The company also plans to bridge remote areas in the west to improve the development of their local forestry industry. The country is reported to be a poverty-stricken county in China's western region. The province is famous for its rich regional resources and its respectable ecological environment. The province's situation coincides with the poverty alleviation plan of the company. The company plans to use the technology to determine the constitutional basis in the sales of forest rights in acres to the tree-based tree. It is also directed to be used as a medium to attract tourists from all places to visit the province.
Blockchain, especially Bitcoin, is one of the most talked about technology in recent years. The digital currency Bitcoin has, at one point, reached a value close to $20,000.
