Cyberspace Administration of China

existCyberspace Administration of ChinaIn order to solve these problems, Xiong'an New District introduced a blockchain-based project fund management platform developed by Yifan Digital Technology Co., Ltd. during the construction process.

Since the 18th National Congress of the Communist Party of China, fighting corruption and promoting integrity has become one of the main themes of political life. In practice, the government's funds must be earmarked for specific purposes, and the ins and outs must be clearly understood. In traditional engineering projects, if the whereabouts of funds is unknown, it may lead to subcontracting in breach of contract and unclear responsibilities; if funds are embezzled, it will lead to delays in the construction period, hidden dangers in project quality, and project arrears of wages, etc.

In order to solve these problems, Xiong'an New District introduced a blockchain-based project fund management platform developed by Yifan Digital Technology Co., Ltd. during the construction process.

Since it was put into operation in August last year, the platform has been connected to a number of projects, managed more than 1,000 enterprises, and managed funds of about 2 billion yuan; a total of 40,000 builders have issued funds with an amount of about 200 million yuan.

How does this system work?

According to the relevant person in charge of Xiongan Group, the project fund management platform adoptsBIM (Building Information Modeling) + CIM (City Information Modeling) technology, first provide digital identities for legal entities (developers, construction parties, supervisors, operators) and individuals in the construction industry chain to prepare for the chain.

After the project is started, each subject of the project needs to hold a private key to sign and confirm the capital circulation to ensure that the capital circulation is well documented. After it is issued, it will be broadcast on the chain. Therefore, it is clear at a glance on the chain where the project payment has arrived, to whom, and when it is issued.

Blockchain can effectively solve the problem of transparency in fund management. Therefore, in addition to managing project funds, blockchain technology will also be used in fund management and control in other areas of Xiongan in the future, including resource allocation projects such as demolition compensation.

It is understood that two months after its launch, the Xiongan blockchain fund management platform also added a "builder's salary guarantee fund" system to improve on-chain governance and protect the rights and interests of builders.

The "Constructor's Wage Guarantee Fund" stipulates that the wage guarantee fund is jointly established by the Xiong'an Group and the construction company (bidding consortium) respectively. Xiong'an Group will deposit 10 million yuan in a one-time bank account, and the enterprise will pay 0.5% of the project contract amount as a deposit (the upper limit for each contract is 3 million yuan). At that time, if the construction company fails to pay the wages according to the time stipulated in the contract, the Xiongan blockchain fund management platform will issue an early warning to the related departments/enterprises and set aside a deposit to pay the wages of the builders.

Finally, what is the background of Yifan Digital Technology Co., Ltd., which is responsible for developing this Xiongan blockchain fund management platform? There are few relevant introductions that can be seen in the newspapers.

(I am the author Xuejiao, you can add WeChat hxjiapg for mining and blockchain reports/communication, please note your position and reason)

(I am the author Xuejiao, you can add WeChat hxjiapg for mining and blockchain reports/communication, please note your position and reason)