Biz / Tech

Wutiao blockchain platform debuts in Xi'an

Wutiao and the Xi'an government sign a strategic cooperation deal to develop blockchain technology as both parties seek to tap the huge market potential.

A blockchain platform debuted today in Xi’an in Shaanxi Province and the company behind the platform signed a strategic partnership with the Xi'an government to develop the blockchain technology.

Blockchain, which distributes a data base network, provides a tamper-proof data structure for virtual transactions. The technology, used mainly in Bitcoin previously, is now adopted in a wider range of industries including media, game and retail industries. 

Wutiao, which means Five Lines in English, will offer users content on news, short video, games, novels and audiobooks based on blockchain, said Ning Bingyang, chief executive of Wutiao.

Readers and content contributors can share income with Wutiao platform, which will be officially commercialized next year, on a 70-30 proportion. 

Wutiao and the Xi'an government also agreed to cooperate strategically to develop blockchain technology.

Companies like Alibaba, Tencent and Pingan Group have increased investment in the promising blockchain technology and also the huge market potential.

In 2018, blockchain spending in Asia Pacific excluding Japan will hit US$281.69 million, almost double the 2017 level. China leads the market growth in the region, said researcher IDC.

Blockchain is a new growth engine for Shenzhen-listed Kingnet, a major investor in Wutiao.

Zhu Shenshen / SHINE

Ning Bingyang, CEO of Wutiao, releases the new blockchain platform in Xi'an today.



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