It is now common for cities around the globe to show interest in blockchain technology. Not just in a bid to enhance the residents’ lives and boost local economy, but mainly out of the love for innovation as seen in the Chinese village of Yuedong.
The village in the Wenzhou Zhejiang region recently attracted the attention of the media after it showcased the concept of the Blockchain village.
Yuedong is known for its residents’ affinity with cryptocurrencies and Blockchain technology according to a report. It is estimated that about 70% of the local population know about cryptocurrencies and have invested Bitcoin.
According to a reporter from the area, the crypto awareness and interest as seen in Yuedong could be attributed to co-founder of the first cryptocurrency exchange in China who was from the village.
Yuedong is fast becoming a Silicon Valley in the remote mountain region for many enthusiasts of Blockchain according to Lin, a reporter. He stated:
“Things can be seen in Silicon Valley, but they appear in our remote mountain village. We Wenzhou people dare to be the first in the world.”
A Village Moving Ahead
Also, the resident explained that cryptocurrencies have become a part of their lives as seen with logo of prominent digital currencies such as Bitcoin all around the place.
There is a ‘ Blockchain theme park ‘ in construction, funded by crypto enthusiast visiting the village. There is also Block Producer for the EOS network in the village – “EOSWenzhou”.
The village harbors many Blockchain-related features. There are other Chinese regions considering the Blockchain concept using various approaches such as sealing partnerships with smart city networks like IOTA to resolve their issues.
The Chinese central government has been anti-crypto but with the decentralized features, there is little the government can do to limit the adoption as seen with the Blockchain Village concept.